page_title: Dalgety plc
section_title: 1960s
hierarchical_section_title: Dalgety plc / 1960s
caption_attribution_description: English: Mactaggarts Cooperative Woolstore at 53 Vernon Tce, Teneriffe, Queensland
context_page_description: Dalgety plc—as Dalgety and Company—was for more than a century a major pastoral and agricultural company or stock and station agency in Australia and New Zealand. Controlled from London it was listed on the London Stock Exchange and Australasian exchanges.
  With the mid-20th century decline of the pastoral sector, particularly where Dalgety held the leading position in the synthetics bedevilled slumping wool trade, new investment was made in different sectors in other countries and Australasian investments sold down until it became a foods and agricultural business of the northern hemisphere.
  A successful conglomerate its core businesses were badly damaged by the wholesale slaughter of British beef animals following the discovery mad cow disease did, as suspected, move from cattle to humans. In 1996 and 1997 Dalgety sold 75 per cent of its whole business leaving its principal investment in animal biotechnology. Renamed PIC International after its own biotech subsidiary it merged in 2005 with a matching business Genus plc for a market valuation in the same league as Dalgety had attained in the 1990s.
context_section_description: By 1961 Dalgety's core business was the operation of wool stores in the state capital cities along with wool broking in which it had built its position and become the world's largest wool-selling house. As stock and station agents Dalgety arranged the sale of livestock and maintained  a strong merchandise operation. It also operated freight and passenger agencies for leading air and shipping lines. There was a substantial business as insurance agents.
  Business was carried on at 446 centres; Australia 275, New Zealand 154, Kenya 7, Tanganyika 6, Uganda 3, Zanzibar 1 together with numerous subsidiaries. A United Kingdom subsidiary was developing the group's agricultural and trading interests within the UK.
  To shore up declining profit margins various decisions were made. Multi-storey wool stores on valuable sites were sold off and replaced with single storey buildings on city outskirts. The single storey stores allowed the operation of modern more efficient handling machinery but the sale of old stores did not pay for new wool stores and Dalgety raised more capital by issuing debentures to investors in London.
caption: (former) New Zealand Loan and Mercantile wool store, Mactaggart place, Brisbane built 1926
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