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The Age from Melbourne, Victoria, Victoria, Australia • Page 6
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The Age from Melbourne, Victoria, Victoria, Australia • Page 6

The Agei
Melbourne, Victoria, Victoria, Australia
Issue Date:
Extracted Article Text (OCR)

S.TJW 'Ag; Thursday, April 7, 1966 Gas loan limit rise Deficit trend in trade checked Australia's exports showed a healthy rise during March, despite the lower primary production resulting from the drought. of $20m 'THE borrowing powers of the Gas and Fuel Corporation will be increased by $20 million to $120 million under legislation introduced in the Legislative Assembly yesterday. The effect of natural eat in close touch with develop on the briquette industiy was likely to be much greater. It was estimated that bv June 30 the total borrowed inis inausiry faced titlon. nttrtlrn.

severe competi the corporation would be 198.706.000. which was close injiy nam muitrce mei oil. rlv irom iur to the nresent limit of $100 There would be more in. million. MR.

RED). C.Dital requirements in tense competition in the future from petroleum! New South Wales black coal-and by the end of the decide, natural gas. the current year and for the next two years, excluding expenditure on natural for by the value of HMAS Perth, which arrived In Australia last month. This meant the effective trade deficit was only $500,000. This is the second month in which there has been a reversal of the trend of big trade deficits due to heavy imports.

In February, the deficit was $100,000, folowing de-ficttas of $34.4 million. $24.9 million and, earlier in the financial year, $55.9 million and $72.3 million. Bureau of Census and Statistics figures issued yesterday showed March exports at $231.5 million $17.2 million more than in February. In March last year exports were worth $231.4 million. There was a trace deficit of $39.4 million last month after paying for imports valued at $270.9 million.

However, the oureau pints out that $38.9 million of the deficit was accounted gas, were estimated at $24,374,000. The deficit for the nine months ended March was $270.5 million compared with $174.5 million in the same period in 1964-65, However, after excluding the Government transaction for HMAS Perth, the trade deficit is currently only about $55 million more than at the same time last year. This Is a far more favorable position than was sug- ested at the end of Novem-er, when there was already a deficit of $166 million for the first five months of the financial year, and imports showed no sign of abating. This Included construction of a liquified petroleum gas refinery and gas pipeline jrom end point to Dande-nong terminal station at an estimated cost of $4 But the Minister for Fuel and Power (Mr. Reldj cautioned that this did not mean the Government was committed to any decision on the corporation's future.

In his report to the Government on Victoria's natural-gas discoveries, a Canadian expert, Dr. Charles HetherUigton, recommended that the corporation should revert to private ownership. Both the Labor party and the Country party are opposed to the recommendation and will use the debate to oppose any such takeover. Mr. Reid also introduced a bill yesterday to increase the Electricity Commission's borrowing power by $100 million to $860 million.

Explaining the bill to increase the borrowing powers of the Gas and Fuel Corporation Mr. Reid outlined the corporation's expenditure for the current year and the two succeeding years but It also provided for the normal expansion of the corporation, such as expenditure on mains, services and meters. ments. Although none of the plants completed was more econohical than conventional power generation the margin between the two systems was telosing rapidly. The installation of power plants in the 500-1000 megawatt range could be a reasonable proposition by 1980 Reid said the discovery of natural gas opened up far-reaching possibilities for Victoria.

He would make a statement on this after the Government and his department had examined Dr. Hetherington's report. However, much work had to be done before it would be possible to gauge the effect natural gas would have on fuel use for electricity generation. "In countries which have been the main producers and users of natural gas, electricity demand and the use of natural gas had developed side by side," Mr. Reid said.

"Natural gas may have some impact on the electricity market but the general effect is likely to be small." Mr. Reid said the possibility of using natural gas for base-load generation had been examined but supplies were not likely to be sufficiently deevloped for the commission to plan to use it in the period to 1974. The outlook had been confirmed by Or. The Bulletin I have refrained from Camp and contests for Scouts About 2600 boys front scout troops throughout Victoria will attend a camp at Gilwell Park, Qembrook, during the Easter vacation. The camp will be many scout' camps to be held in various parts of 'the State.

i The Gembrook camp' will enable the scouts to participate in the Cohen Shield and Stradbroke Cup competitions. The Governor (Sir Rohan Delacombe), who is Chief Scout for Victoria, will pre-sent prizes at the camp on Monday. any reference to the possible expenditure on the use of natural gas," Mr. Reid said. "I want to make it clear that this bill is a periodical step to authorise the extension of the corporation's borrowing.

It is not regarded as committing the Govern DR. HETHERINGTON. ment to any decision on the COVER: "THE FLAGEUATI0N OF CHRIST" by Giovanni Bologna CONSCRIPTION WHAT ARE THE ISSUES? IS IT MILITARILY HECESSARY? IS THERE A MORAL QUESTION? OTHER FEATURES INCLUDE: FROM 10ND0N Alexander fraier turns up the British election campaigns and describes the arrival of Play boy clubs. NOW big a food producer Is British Tobacco? ALAN MID on Trading with the Enemy. THf K00V0NG BVfiECTION.

THE CRISIS. THE Dublin Easier Rebellion of 1916. BUSINESS AND FINANCE The detailed weekly analysis of a leading company; the regular pointers to the stock market; a new weekly survey of the World Commodity Trends. iubure ox me corporation." EXDlainmfif tne Increase. of $100 million in the borrow ing powers of the SEC, Mr.

Reid said this would finance the commission's capital Object perhaps balloon An unidentified flying object seen over the Clayton-Moorabbln area yesterday morning might have been a weather balloon. Hundreds of children and a number of teachers at Westall School, Clayton, watched the object during morning break. They said a number of small aeroplanes circled around It. However, a check: later showed that no commercial, private or RAAF pilots had reported anything unusual in the area. The Weather Bureau released a balloon at Laverton at 8.30 a.m., and the westerly wind blowing at the time could have moved it into the area where the sighting was reported.

works programme until 9. In February, the total bor Development site for $48,500 A development site Princes Bridge, was sold yes. omitted any reierence to expenditure on natural gas. He said: "As members are aware the report of Dr. Hetherington raised the question whether the corporation or some private company might take over the distribution of natural gas when it becomes available for general use.

No decision "The Government at this stage has no decision on this question," Mr. Reid said the borrowing power of the corporation had been increased from $20 million In 1953. to $100 million in 1961. rowed by the commission had reached $729 million and by July 1, the remaining authority would be only about $15 million. U.S.

trip for RAAF man CANBERRA. The Director-General of Medical Services, Royal Australian Air Force (Air Vice-Marshal Trudlnger) left yesterday for the United States and Canada where he will study medical developments In the armed services of those two countries. Air Vice-Marshal Trudln-ger will also attend the annual conference of the American aerospace medical association at Las Vegas, Nevada. it was necessary, therefore, to increase the limit hv teraay lor $48,500. The auc.

tioneers were McGee, O'Cal' laghan and Gill. E' Z0 MOW EASTER $100 million during the current session of Parliament. Mr. Reid said the commission would be spending $3uo million on new capital works until June, 1969. About $195 million would come from its own resources CITY SOUTH.

71-7S. City Road, bk. building, subject to expiring tenancy, land 20.000 square passed in $110,000 reserve undisclosed (McGee, O'Callaghan Se SOUTH MELBOURNE. 77-79 City site, subject to expiring tenancy, land 39 149 sold. $48,509 (McGee, O'Callaghan GUI).

TOORAK. 396 Toorak Road, five V.P., passed In (15.500. reserve $16,500. LILYDALE. cnr.

Main and Clark streets, bk. commercial building, subject to tenancy, land 134 28 200 138 sold, $65,000 (R. B. Noble Parliament STATE. Yesterday.

Legislative Assembly. Daylesford Springs Land Bill, Companies Bill both passed. Gas and Fuel. Cor- oration (Borrowing) Bill, eymour Racecourse Land BUI, State Electricity Commission (Amendment) Bill, adjourned. Legislative Council.

Companies (Defaulting Officers) Bill, Indecent Publications Bill (private members' bills), adjourned. Marketing of Primary Products (Producers) Bill, Labor and Industry (Sheltered Workshops) Bill, Summary Offences Bill, Vegetation and Vine Diseases. (Amendment) B1U, Loch Public Hall Trust Bill, Crimes (Dangerous Driving) Bill, all adjourned. ana tne otner $105 million from public loans, private loans, from savings banks, Treasury advances and superannuation funds. N-power Discussing the future dp.

veloDment of the State's THOBNBURY. 467 St. electricity system Mr. Held said nuclear power was now well proven as a practicable alternative to more conven George's Road, bk. factory.

passed In $42,000, reserve u. w. styles de son and tional power generation and the commission was keeping w. oiyics ana Don Wltn Hutchinson). No decimal "bonus9 vH for railmen v.

A DEMAND by the Australian Railways Union for a $10 a wee currency handling allowance was refused by Commonwealth Arbitration Commissioner H. G. Neil yesterday. with which the conversion was introduced. "However, on all that has been put to me, I have concluded that, because the change was a national one.

in which everyone was involved in some way, the pressure nas not oeen as great as if it had been confined to railwaymen, he added. Toyota Lite Stout is the tough 1-ton truck you've been looking fir to replace that 'passenger-cat9 utiles 1 The demand was made against the Railways Commissioners of Victoria, NSW, South Australia and Tasmania. It was Intended to apply to officers and employes responsible for handling cash during the first six months of the decimal changeover period. The case was seen as a test case on union claims for special allowances for workers handling two currencies during the changeover period. In his reserved Judgment.

Commissioner Neil' said the union claims were framed before C-Day. Union predictions of probable confusion' and irritation between the travelling public and railway employes, though reasonable when made, had been proved by subsequent events to be unduly pessimistic, said Commissioner Neil. He was satisfied that the general public in Melbourne and Sydney suburban areas had responded so well to the appeal to obtain their periodical tickets prior to C-Day that there was less activity at suburban booking offices on this day than on a normal Monday. Commissioner Neil said railway staff deserved high commendation for the smoothness and efficiency A further union demand that officers and employes snouio not oe required 10 pay cash shortages found to be genuinely due to the decimal changeover was also refused. According to the evi dence, there was no increase in cash shortages In the initial stages of the changeover period, he said.

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