BUSINESS ABROAD: You Got to Be in It

When it comes to gambling on wildcat stock schemes, Australians take a back seat to few other people. They have tossed an estimated $202 million into 16 oil-exploration companies, although only three have sunk wells and only one (controlled by the California Texas Corp.) has struck oil. They have also invested $22 million in twelve uranium companies, of which only three are producing ore. A speculative boom sent stock prices so high this year that government officials felt compelled to issue warnings against the excesses. Last week the warnings proved wise.

In Western Australia, near Exmouth Gulf, oil drillers struck...

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