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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
May 27, 1971
Page
3
The former managing director of Mineral Securities Australia Ltd, Mr T A Nestel, attributed yesterday the crash of Mineral Securities mainly to Patrick Partners failure to honour its promise to provide at least 5 30 million in bridging finance.
The hearing revealed Patrick Partners lould obtain 535 million in bridging finance for Mineral Securities Australia Ltd and related investments in Kathleen Investments and Queensland Mines Securities Australia Ltd. Key figures, including Mr Nestel and Mr Dowling, described promises of funds, shares purchases, and the impact on the market as the Senate Select Committee probes past equity deals and misstatements.
Three Canberra Foodland outlets Pauls ir Pearce Payless at Chifley and Farrer Foodland announced price cuts with bacon down 12c and pantyhose at 39c. The move follows a broader chain competition while asserting quality and value amid fluctuating prices.
Sydney Channel 10 general manager Leslie Peard will meet ACTU to explain cancelation of the program Red Garter. The show, due to end June 22, faced a demand from ACTU president R J Hawke to keep it on air until actors find alternative work. Peard defended the decision, citing viewer reception and production costs over 100000 pounds. Bobby Limb supported cutting the program saying it is not acceptable to viewers.
One million Australians have selected Hoover washing machines, signaling strong demand for the brand across the country. The milestone reflects Hoover's growing market share and consumer confidence in its reliability and efficiency.
At the annual conference the New Zealand Labour Party voted for withdrawing from SEATO if they form government. The motion argues SEATO is unnecessary for NZ defence and that functions could move to non military bodies while Labour remains committed to regional security and mutual aid until an alternative is established.
In Canberra Labor's shadow minister for primary industry Dr Rex Patterson urged blunt UK pressure on Britain to accept a five year phasing out for Australian rural products after joining the European Common Market. He warned of compensation claims if Britain delays decisive action.
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