and Industry

Ct. Summary

[?] Pacific Commerce and Industry

Petroleum Co. Pty., Ltd., &

’Loration Co. Pty., Ltd —Ln Mid

was reported than Kuru No. 2 had >ned to 3,960 feet, and 9|-inch I been cemented at 3,465 feet, “ached a depth of 674 feet. Most month was occupied in recovering and much difficulty was experienced ious formation. Morehead spudded ber 5, and has reached a depth of GOLD DREDGING, LTD.—The yield i for the quarter ended August 31, 8,838 ounces from 2,112,000 yards, at 35 US dollars an ounce was liars (about £A138,440). dividend No. 34 of 25 cents lurrency) per fully paid share was i October 11, payable to share istered in the company's books at •usiness on October 24. Payment y office will be made in Australian the rate of exchange ruling on Dividend payable to non-residents vill be subject to Canadian absentee per cent. * • * YNEYS. —TotaI sales of the Penneys' year exceeded £6,000,000, lifting ales of the Coles-Penneys chain to £43,000,000. Penneys' turnover was the chairman of G. J. Coles and [Mr. G. J. Coles), at the annual Melbourne. G. J. Coles took over July 2 in a share-exchange and worth more than £4,000,000. s said that Penneys' self-service ly foodstuffs) would provide Coles uable proving ground for develop stralia of new ideas of merchandis pidly gaining ground overseas. ’LANTATIONS, LTD.—New Guinea , Ltd., is getting £190,000 for its i Dylup Plantations, Ltd. Dylup ered 317,997 10/- ordinary shares subscription. New Guinea residents 3,000 shares. Dylup estimates that ’ 10 per cent. p.a. from profits an 20 per cent. p.a.

Se Of New Guinea Gold And

DEVELOPMENT, NL.—August re d 16 tons of development ore for gold bullion. reported early this month that operations to determine depth of overlay and basic strata were in uppliers of drilling equipment in snt one of their senior technicans e company. nment has intimated that the work the International Boundary as re the company, is to be carried out s arrangements with the Dutch are completed. > labour line has been co-operative h the area is inhabited by some es, the company is now operating ulice patrol protection. This Jt the company has overcome one ior problems associated with oil in this area, in that friendly have been established with local *d that further evidence will soon ing as a result of geophysical, !r, core drilling and arial surveys gress. * * * LS, LTD.—Mr. M. M. Brodie, of been re-elected to the board of -td., Sydney, and will continue to company's important Pacific Islands he net profit for the year ended

June 30 was £62,153, after providing for taxation and contingents, and writing off £19,236 depreciation. The directors recom mended that the profit be dealt with as follows: (1) A final dividend of 6J per cent, be declared, payable on October 9, 1956 on stock units issued before that date. With' the interim distribution of 6| per cent, the full year's dividend was 12£ per cent, and absorbed £37,500; (2) The balance of £24,653 be added to the balance brought forward of £72,677 leaving the final amount carried forward at £97,330. * * *

New Guinea Goldfields, Ltd.—August R*

fT : i i G ft°l de r RidgCS /If' 11 treated 3 ' 454 GolHon' BD-/"e 8 D -/" e *°m 901 . d ' and ’- 471 oz silver, tributes 173* S oi " V,alS pr< " lucell 26 01 ani

Norfolk Island And Byron Whaling Co.,

in ? U i lss V e of 417 -497 £1 shares n Norfolk Island and Byron Bay Whaling Co., nIV °P. ened and dosed on September 12, underwriters report. * * * m D «lc~ Th . e u e ha - ve been interesting develop senlfrJn*5 en IfrJn* the r a|or . 01 ' P r °specting companies tinnirf*/h ee t S- A Muey financial expert tipped that shareholders, who had already

heavy exploratory bill, would be ip into their pockets again, g to one rumour in Sydney late in Oil Search will make a new capital e Christmas. Market observers place irements at £600,000, and probably Jl the market will stand up will m overseas buyers, who have shown bottomless purse this year. Hopes oil in Papua are probably higher before. They are pinned immediately iress of Kuru No. 2 and the Barikewa d Freney Oilfields NL., has reached reement with Papuan Apinaipi Co., Ltd., to join in the New search. Freney will sell its National plant for fully paid shares, and will 1,000,000 contributing shares in inaipi. e Graham, MP, chairman of Papuan :aid that the joint venture would project to be developed on a large- Associated Freney would be en ise the plant, pending its delivery, the Sisters Terrace, Western Aus- Apinaipi will close its issue of /-shares on October 31, and possibly i Minister for Territories, Mr. Paul vealed early in September that four ting companies in Papua and New )ld spend a further £4,000,000 in for oil in the current financial year, bring the total expenditure by the to £22,000,000. anies held more than 45,000 square id in the Territory.

DEVELOPMENT, LTD.—The company ommonwealth-New Guinea Timbers, w a satisfactory profit for the year \ the Placer Development chairman Banks) said at the annual meeting, ter allowing for the initial expense the introduction of marine and

waterproof grades of plywood. The net profit of Clutha Development, Ltd., was £A8,350 representing net earnings from the open cut coal mine at Foybrook, NSW, less the prospect ing expenditure incurred in Australia and the Pacific Islands. Since May 1, 1956, coal pro duction from Foybrook open cut had continued at a higher than previous average rate because of increased coal consumption during the Aus tralian winter.

"This wholly-owned subsidiary's prospecting activities include drilling and analysis of a sand deposit containing rutile and having an area of 5,000 acres at Harrington," he said, "the continuation of diamond drilling on a copper property in North Queensland, and, on Guadalcanal in the British Solomon Islands, surface examination of a gold mine prospect."

Mr. Banks said that audited accounts for the year ended May 31, 1956, were not yet available. The production figures for the year showed a decline of 695,345 dollars in the gross value of production, when compared with the previous year—1,404,690 dollars against 2,100,035 dollars. The progressive re duction in dredging activities had been antici pated and indicated in previous reports.

Dredge No. 7 capsized and sank in May.

A satisfactory insurance settlement had been negotiated. It was expected that Dredge No. 4, having exhausted its reserves, would be finally closed down during the current year. Sluicing of bench gravels above river level should continue to be mined at a profit for some years.

Minister for Territories said early in Sep tember that the output of Commonwealth-New Guinea Timbers, Ltd., was now about 32,000,000 square feet of plywood, for which there were markets in Australia, America, and the Territory itself. * * *

Sandy Creek Gold Sluicing, Ltd.—Net

profit for the year to March 31 was £1,879, Director's report said that difficulty of secur ing suitable European staff had continued to be a problem. At the beginning of the financial year on April 1, 1955, the company

and ™t th ° Ut J?, ny Euro P ean P'*nt operator and not being able to engage any reolace m?ni f nn 'll 35 f .° rC ?, d to tem POrarily suspend mining, from April 1 to June 30, 1955. Dor wire f 36 ' 3 ?u° CUb ' C yards ° f rT,aterial were treated for the recovery of 479 oz of gold which realised £6,298.

STEAMSH |ps TRAD| NG C 0„ LTD.—Net profit J t 1 eam R S Jl ps , Tra f "9 Co., Ltd., rose by £9,147 are Sfdv Z % year to Ju| V 31 • Dividends are steady at 12£ per cent, on ordinary absorb ISJ.2M. ""

W. R. CARPENTER & CO., LTD., AND ASSO CIATED SECURITIES, LTD —WRC have bought a substantial interest in Associated Securities, Ltd., hire purchase financiers. WRC are al ready in the finance field through a subsidiary, Terms and Credits. The market for Asso ciated Securities at the beginning of this month was S/6-8/7. It includes a 9d dividend pay able this month. Associated Securities capital is £515,092, and the dividend has been 15 per cent, for the last four years.

A Sydney financial expert commented that the link should yield substantial advantages by way of dividend, besides improving access to financing facilities.

Mr. R. Symonds and family have sold their interests in Associated Securities. Mr. Symonds has resigned from the Associated board and Mr. C. W. Fletcher has been appointed. * * *

Koitaki Para Rubber Estates, Ltd.—

This Papuan company is lifting the dividend from 30 to 35 per cent, for the year ended June 30. Final dividend is 20 per cent.

Net profit is £39,405, an increase of £11,796 or 43 per cent. In the previous year profit rose from £1,896 to £27,609. Result, disclosed in a preliminary statement, is equal to an earning rate of 52.5 per cent, on capital. t An exceptionally hot summer in

Japan has seriously damaged the

culture-pearl industry at Mie, where

about three million oysters, worth $500,000, have been killed by the warm sea temperatures. t The United States Agriculture Department estimates the 1955-56 world cocoa bean production at

1.801.479.000 lbs, compared with

1.812.844.000 lbs produced in the 1954-55 year.