Plywood Helps BCD's
pp. 147-148 · Read in the full issue
Total Earnings
PROFIT made by Bulolo Gold Dredging on gold mining in New Guinea dropped in the year ending May 31, 1955, by almost 30 per cent, on the previous year, but still amounted to £A317,200.
Dividend was declared at 75 cents on the $5 share.
Profit On Plywood
Bulolo’s plywood venture in asso ciation with the Commonwealth Government (Commonwealth New Guinea Timbers) earned a net profit of £A169,610 in its first full year of operations up to June 30, 1955.
The company has a paid-up
capital of £li million, of which the Commonwealth has subscribed 51 per cent, and BGD 49 per cent.
The company was formed about three years ago and began opera tions in January, 1954. In the last year under review, 32 million square feet of plywood were produced and went to markets in the United States, Australia and New Guinea.
It is now felt that the company has been established on a satisfac tory earning basis, and that the saw mill and joinery sections will be more profitable in the current year.
t A party of fourteen Sydney teachers will tour New Caledonia during January. They will travel by Messageries Maritimes ship and special rates have been made for them in Noumea hotels.