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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jul 25, 1970
Page
11
In Brisbane the Royal Commission heard about 40 1000 miles of sea bottom pipeline delivering oil from wells off Louisiana. Prof Joseph Connell of California warned reef damage varies with storms and fresh water and coral can adapt but long recovery follows severe dredging and boat passages. More ecology research needed.
Australians warned of complications from Britain joining the European Economic Community. Russell Prowse said trade, immigration, culture, capital inflow and living standards could be affected, urging Australia to seek new markets and consider beef exports as wool declines with cheaper imports and synthetic fibres growth. He spoke at the Victorian Young Farmers conference.
Western Mining Corporation Ltd reports consolidated net profit for year to June 30 rising to about 14.05 million from 2.6 million. The surge stems from nickel operations and iron ore, plus a maiden 500,000 dividend from Alcoa of Australia stake. Audit notes include impact from a subsidiary write-off and mining income adjustments. The result translates to roughly 2.6 cents per share versus last year’s 19 cents.
Tasminex NL cautioned investors against speculation until accurate data on its Mt Venn diamond drilling program in Western Australia is released. The article notes a drop in tax free dividends as nickel and other minerals rise, with potential phasing out of gold mining if demand shifts, and reports on Beach Petroleum NL tin and hydrocarbon exploration developments in Turkey and Australia.
Acceptable-Finance Corporation Ltd has changed its name to Esperance Bay Co Ltd and will enter mineral exploration, mining and investment. Shareholders in Sydney unanimously approved the name change and shift toward mining, with an amended resolution to rename. The proposal to become First Mining and Finance Ltd was not put to the meeting for technical reasons. Directors foreshadow an increased issued capital to fund mineral development.
Channel ECN 8 TC Taree NSW faces receiver action after Fast Coast Television declares a debt balance of 495134 and an accumulated deficit. Directors report a plan to keep trading with the bank while a receiver may be appointed. the firm has operated since 1961 and served Manning Valley and New England regions.
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