Late News

■|3APUAN Chief’* (see page 7) was re- A floated, repaired, afid continued her run. But heavy weather re-started leaks.

Ship beached at Wolverine Passage on September 7, .and abandoned to under writers.

Australasian Petroleum co., Pty., Ltd., which is carrying on an ex tensive oil search in Papua and New Guinea, proposes to increase its sub scribed capital from £405,000 to £750,000 by the issue of 345,000 one pound shares.

As described in an article on page 62, the stage of deep drilling has now been reached and drilling equipment, capable of going to a depth of 10,000 feet, has been sent to Port Moresby.