News in brief

Press, Volume CXIII, Issue 33384, 16 November 1973, Page 14

News in brief

Dalgety U.K. Dalgety, Ltd, U.K. is expecting a further rise in net profit for the current year. The chairman (Mr R. A. Withers) says in the annual report that trading conditions have remained buoyant and profits earned in the first few months of the current year show an encouraging increase on those for the same months of the previous year, and that he is confident that the improved profitability of the group is likely to continue in the current year. In the previous year to June 30, Dalgety more than doubled profit from $5.5m to $12.7m. Interest rates rise Custom Credit Corporation. Ltd, a major Australian* financier has raised its top interest rate for debenture stock and unsecured notes to 10 per cent, J per cent to } per cent above the: rates offered in its pros-1 pectus of October 19. The firm will raise its interest: rate on unsecured notes fori “three months then at call" to per cent. Joint gold venture M.I.M. Holdings, Ltd, and] Thiess Holdings, Ltd, have j farmed-in on the promising Queensland coal prospects of Lone Star Exploration N.L. Through Brigalow Mines ’ Pty, Ltd, M.I.M. and Thiess have taken up a 20 per cent carried interest, with Brigalow agreeing to spend up to $400,000 on exploration. Lone Star expects to start gold mining operations at Maldon, Victoria, in March and to have crushing and milling facilities completed by June. Finance of $650,000 for construction and working capital for the first few months of operation, has been approved by Partnership Pacific, Ltd. The loan is repayable within 3J years. Inferred reserves have been estimated at 1.3 m long tons, averaging 2.3 cwt of gold a ton.