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Wednesday, 1 December 1976

Mr Sullivan asked the Minister for Defence, upon notice:

How many cadets from (a) the Royal Military College, Duntroon, (b) the Royal Australian Naval College, Jervis Bay and (c) the RAAF Academy, Point Cook, have graduated with recognised university degrees from those establishments in each of the years 1 970 to 1 975 inclusive.

Mr Killen - The answer to the honourable member's question is as follows:

The following numbers of Australian cadets graduated from the Service colleges with recognised university degrees in the years 1 970 to 1 975 inclusive:


The first year in which recognised university degrees were awarded to cadets at the Royal Military College and the Royal Australian Naval College was 1971. In addition, the following numbers of cadets from other countries have received recognised university degrees at Royal Military



Australian Industry Development Corporation and Poseidon

Mr Malcolm Fraser - On Wednesday, 20 October, the honourable member for Blaxland (Mr Keating), asked me whether the Government would look at the role of the Australian Industry Development Corporation in respect of both its appointment of a receiver to the Poseidon Company and its approach to the international market for a loan raising in Australian dollars.

I am advised by the Australian Industry Development Corporation that:

The AIDC acted at the request of the Board of Directors of Poseidon Ltd in appointing a receiver to the company to stabilise the situation and enable negotiations concerning the future role of Poseidon in the Windarra Nickel joint venture to be settled.

The AIDC's loan to Poseidon is an important investment in the Corporation's financing of Australian Development, though by no means its largest.

The AIDC's investment is secured by a first charge over Poseidon's share of a valuable resource, being developed in association with Western Mining Corporation as operational manager of the venture. The AIDC's financial position is thus not materially affected by the immediate financial difficulties of the Posiedon company.

It follows that any imputation that the AIDC acted improperly in not referring to Poseidon's financial difficulties in its loan documentation is without foundation. It is not the function of the AIDC to make public comment on the affairs of a client company whose situation does not affect the financial position of the Corporation itself.

The AIDC did not advance $250,000 a week to Poseidon. In fact, from January 1976 until after the loan had closed, the AIDC had only advanced a single amount of $ 1 1 7,000 of bridging finance which was subsequently repaid. Now that the company is in receivership, the AIDC is of course providing the Receiver Manager with funds as necessary to maintain contributions to the Windarra development while Poseidon 's future is being determined. '

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