News in brief

Press, Volume CXI, Issue 32588, 23 April 1971, Page 16

News in brief

Wattle Gully queried The Melbourne Stock Exchange has asked Wattle Gully Gold Mines NL to elaborate on the wording “sufflciently encouraging results” in the company’s report on the progress of drilling at Warriedar, Western Australia. The Exchange has asked whether or not assay results were obtained for the percussion drilling, and if so for details of those assays and other pertinent drilling details to be made available. Offer “regretted”

The Australian Prime Minister (Mr William McMahon) said that he regretted the take-over offer made by Phil l lip Morris, Ltd, for Lindeman (Holdings), Ltd. He did not think that present guidelines on overseas investment should be changed or that local interest rates should be lowered, but he thought that the Phillip Morris had an advantage over local bidders because of its access to money at lower borrowing rates on the Eurodollar market.

Smelter gets lead

Broken Hill Associated Smelters Proprietary, Ltd, has negotiated the purchase of some lead concentrate which is not normally available to it. This will enable the major part of the company’s lead operations, at Port Pirie, to be continued for a further term, the company says. In this time it is hoped that operations at the Broken Hill mines will be resumed, and normal supplies of concentrate will be received for treatment.

Much higher profit

Benefiicial Finance Corporation, Ltd, earned a group net profit of $814,699 in the year to March 31, compared with a net profit of $574,700 for the previous year. The final dividend of 5J per cent makes a total of 11 per cent for the year compared with 10 per cent for the previous year. The profit is after taxation of $778,856 compared with $555,747 previ- < ously. The dividend on capij tai increased by a 1 for 4 share issue in December, is ’payable on May 27; ex dividend, May 18. _____