Simplify the following text for a Grade 5 native English-speaking person.
Original: It is the northernmost town on the East coast of Australia , and was founded in 1873 , around the site of Cook 's landing , as a port to service the newly discovered Palmer River Goldfields .
Simplified: It was first settled in 1873 , at the site of Cook 's landing . It was a port for the newly discovered Palmer River Goldfields .