A MAN CHECKS HIS WATCH WHILST ON TELSTRA TELEPHONE IN SYDNEY, 1997-11-17 (photo)

A man checks his watch as he talks on a public telephone outside one of Telstra Corp's Sydney telephone exchanges November 17. The government partly-privatised the telecommunications group today. One-third of the company was sold to investors, bringing in A$14.3 billion (US$10 billion), making it Australia's largest ever privatisation. Almost two million Australian and overseas investors were handed an instant 30 percent paper profit, with the instalment receipts sold to personal investors for A$1.95 (US$1.37), and opening this morning on the stock exchange at A$2.60 (US$1.82). AUSTRALIA TELSTRA