and Industry

Aug.-Sept. Summary

South Pacific Comme and Industry

Bougainville Co., Ltd.—Mr. Dudle*

chairman of directors, reported to the i general meeting at Rabaul on August : the company had had a successful yeas profit was 14.2 per cent, on subscribed However, in view of the company's i policy of building up reserves for futt pansion, the board recommended a 6 of 5 per cent, on both A and B class During the year the company's motori "Polurrian", had continued to maintt strictly scheduled service to Bougainvii which it had earned a high reputation service had been supplemented by the vessel, "Nuguria", recently acquired company, and chartered vessels.

The Vacuum Oil Co., Ltd., had appoim company its selling agent for Boug.i and a branch office had been opened all The general meeting elected the fo to the board for the coming year: CW Mr. Dudley Jones; managing director, W. Hallam; directors, Messrs. J. Jon Mason, R. Stuart, R. McKay (Bougainvii H, V. Quinton (Sydney). ❖ * * BURNS PHILP.—Part of the company's; Imperial Arcade property was passed i auction in August. The lot offered 17 ft. 9 in./22 ft. x 101 ft. irregularly' site fronting Pitt Street. The price was £90,000, but the reserve was n nounced. A Sydney financial writer com that BP had a nice prospect for a profit and the provision of substantial • to liquid reserves in the property.

Dylup Plantations, Ltd—This O

will make a public issue of 317,99; shares at par. The issue will acquisition of a group of plantations al miles north of Madang, NG, from New Estates, Ltd., at £190,000. The plan produced about 1,200 tons of copra an Cocoa produced 1956 is expected to tons and should be 800 tons by 196 residents have already taken up 220 r the new issue. ❖ * * KEREMA RUBBER, LTD.—The compas nounced a higher interim dividend of cent. Last year an interim of 5 per ces followed by a 10 per cent, final, maH per cent, for the year. ❖ * * MARIBOI RUBBER, LTD.—The companyy 76 per cent, more profit and raised the o from 10 per cent, to 15 per cent, for tt ended June 30. Profit was £47,050 £26,665. The dividend took £30,1771 duction rose by 98,009 lb to a record ! lb.

The company sold 607,800 lb at an of 43.13 d oer lb. The previous year's was 27.87(i. Directors say that increas output of synthetics, at lower prices,, it difficult to forecast the trend in prices. But they expect the recent eas restrictions on the sale of natural rul Russia and China to stimulate demai

prices.

Ng Gold And Petroleum Develops

Test drilling in its Sepic River area was i by Enterprise of New Guinea Gol Petroleum Development NL on August 111 will test the depth of sedimentary oven basic strata. The open cut mining M closed payable ore about 40 ft. wide, company has not yet determined its value.

Norfolk Island And Byron Bay W*

CO., LTD.—This company was formed fo i the assets of Norfolk Whaling Co., Lit the Byron Bay Whaling Co., Ltd. It •» £170,000 cash for the Norfolk island cw

buy the Byron Bay company from Meat Industries for £150,000. capital will be £1,000,000, and the be handled by Brisbane and Sydney Fhe company also plans to build up trade in lobsters. It hopes to make £174,000 for the 1957 season before depreciation. An issue of 417,000 hares which was made to the public I closed September 13, oversubscribed, details see article elsewhere in this * * * RCH. —London buyers came back into >t for Oil Search shares early in er a short absence. But there was ;e. In many instances the London e forestalled by locals who, sensing ;e, got in first. The market rose to the UK influence was not as in a few weeks previously. Buying was aller scale and bidding was less t. The market fell again in the >k of August, and at the end of last : round about the 15/10-16/- mark. * * * APINAIPI.—This company's options ed to be one of the market's most oil speculations. Shares now traded arket, unlike those in the current do not include the one-share-one lor. At 4/- they are 1/- below the price of the new shares. So options y are worth 1/-. A speculator could in the new issue, sell them on the current levels, and retain the In prospect he would have the of a several hundred per cent, rise - on a favourable NG oil develop sd Freney Oil Fields, NL, has joined Btroleum Co., Ltd., in its search for pua. Associated Freney previously Western Australia without success. )w put 1,000,000 5/- contributing he current issue by Papuan Apinaipi. pinaipi will buy from Associated

Freney the National 55 drilling plant and ancillary equipment at present in WA. Assodated Australian Oilfields, NL, previously agreed to take up about 1,400,000 shares in Papuan Apinaipi. This included about 900,000 shares for the sale of a National 132 drilling rig and ancillary equipment. * * *

Sandy Creek Gold Sluicing, Ltd.—During

June and July about 45 oz of gold were recovered from about 4,300 cubic yards of material treated. In August approximately 33 oz. 10 dwts. of gold were recovered from approximately 3,250 cubic yards of material dredged. * * *

Southern Pacific Insurance Co., Ltd -

The gross premium income for the year amounted to £1,157,228, compared with £1,028,210 in the previous. year, the directors reported. After deducting re-insurances, £489,555, claims commissions and management expenses amounting to £626,444, the balance was £41,229.

From this £29,712 was transferred to Premium Account, the additional amount required to maintain the reserve for unexpired risks. The reserve account now amounts to £319 810. Net profit for the year was £22,597 to which is added balance brought forward in the proflt and , oss account £99 668 making £122,265 available for distribution.

Further funds were invested during the year, and investments now total £752,601. The income from '"vestments returned £29,080. 0n February 28 an interim dividend at the rate of 10 P er cent - P er annum was P aid The directors recommended a final dividend at the rate of 10 per cent, per annum, absorb ing £5 000 be declared and payable on August 24 for the six months ended March 31. it was proposed to carry forward the balance of £117,265 remaining at credit of the profit and loss account. The directors reported that the branch office, opened in Suva in 1953, had made satisfactory progress, and that the office was now well established It was announced on August 31 that the

company would issue £lOO 000 of now nrHinor, capital The comoanv offered registered on September* 14 one new 20/ H <h*' ' at par for each one held The s h a V« » f payable 5/- on application by October 5 5/ on December 31 5/. on March 31 fosl' i 5/- on June 30 1957 They will Jank for dividends 6n the amount D aid un mol 1, 1956. P P oer ’ * * * cnn-rur,**. , T n^n- RN CROSS MARINE INSURANCE CO., L j * . com P a "y». registered in New Guinea, f nd ' h *°u Ut th * Ter c r i' af £ net profit, providing £1,700 for taxation, had a

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nrofit”nd lo«J 5 a l d ,n . * he pi L°£ ac .' cou " t ' was added ' mak,n 9 f “J' 7 * 1 - 3 ti,l f ° j th ru P ° f ° f this

subsSdiarv Southern rn®

s L V; s,d ' ar Y of Southern Pacific Insurance Co., * * * ... , w R - CARPENTER & CO., LTD.—Net profit f ° r the year ended June 30 was £242,019, against £193,889 in the previous year, when P rof,t jumped £47,840. The acquisition of Morris Hedstrom raised capital by £445,321 to £1,305,321. Latest profit is equal to an earning rate of 18 6 P er cent - on the higher capital, compared with 22.8 per cent, earned in the previous year Dividend remains at 15 per ce ! lt ' i"' l oud 0 ud ' n 3 5 r P er r cent - . bon " s ', and re ’ qu,res £l7B - 72 4 Carryforward is £317,466 (up f 6 J' 295) Th c e . .an n al ™ etin 9 wi " he held in S V dne V September 28. _,T , „ . t Exports of fresh and canned fish from American Samoa during the past financial year were worth S 4 596 402 The Van Camn Sea Food rn fe nmi pynPrim.ntZ with the Co - experimenting \Vlth the C&nnlng 01 Other types 01 IlSh De sides tuna.