and Industry

Pacific Commerce and Industry

Guinea Goldfields, Ltd—Net Profit

he year ended June 30 jumped sharply by 44 from £48,390 (in nine months) to 734. Dividend of 3d a 4/3 share paid g the year takes only £55,904. Dividend, ;ual, is paid from profits reserve (leaving 92 in reserve). The whole of the profit us added to the carry forward, making 1)6,301. The latest profit includes £27,917 ed in gold subsidy for the 1954-55 year. \ share capital reduction (£111,808) was on November 30. >aking at the annual general meeting in y on November 28, the Chairman, Mr. J. chnitt, said that he could not forecast the profits would be at June 30, 1957 lepended greatly on the outcome of tests made at Golden Ridges mill of a greater |e of Golden Peaks ore, and whether or le P-NG Administration could be persuaded lax restrictions on the company's logging lawmilling operations, ember return.—Golden Ridges: 965 oz gold and 1,142 oz silver. 2,691 tons of reated. Koranga AII u via Is: 552 oz fine Golden Ridges: 18 oz fine gold, es: 152 oz fine gold. Timber: 161,102 feet. * * *

Uan Apinaipi Petroleum Co., Ltd.—

iairman, Mr. Bruce Graham, MP, reported lonth that the company's recent £750,000 issue was fully subscribed. He did not applications had been received in excess I minimum. Directors had the right to a further one million 5/- shares. Asso- Australian Oilfields now hold one-third inaipi's capital. AAO shares are quoted I 1/1.

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Folk Island And Byron Bay Whaling

LTD. —The Federal Government has med sperm-whaling for the company, iairman of directors (Mr. P. A. Conrad) iced at the annual meeting held on ber 16. company will hunt for these whales in ry without any specific quota. This is lition to the regular whaling season Company will receive a £42,500 dividend Is subsidiary, Norfolk Whaling Co., Ltd., Is first season's operations.

Conrad said that marketing prospects ale oil this year appeared to be good. * * *

It Creek Gold Sluicing, Ltd—During

ber and October about 90 oz 15 dwt I were recovered from about 9,000 cubic rf material treated. * * *

Inial Sugar Refining Co., Ltd.—In A

letter to shareholders on November 8 neral manager, Dr. R. W. Harman, said he board had decided to pay interim ds in respect of the year ending March 57 of 20/- a share. This was payable ember 5.

"9 with the position in Fiji, Dr. Harman iat the crop being harvested had been y affected by abnormally wet conditions early months of the year. The raw utput was expected to be about 143,000

1 very disappointing result,

scord acreage had been planted this ■he appearance of the young cane was ory and if weather conditions con ic be normal there should be a good of raw sugar next season. * * * pmcwt ?m ng gold and petroleum r wtNT, NL.—There was a return of 16

oz gold from 13 tons development ore treated m October. Plant worked 60 per cent, of the time because of lack of rain. Development work to search for a payable lode below present workings where high values had been discovered at the surface has so far proved inconclusive. Development will now turn to the east of the present location while rises to the west and north of No 3 adit will be driven to try and intersect the rich leaders met at higher levels. The mine manager re ports that there will be enough ore to cover expected costs for about two years. c • C . Om I . P^ ny ? oil-search permit area 'Sepik district, NG), the gravity meter oil survey had confirmed the existence of a sedimentary fault trough but it is too early yet to form a clear idea of the area's potentialities, directors say. * * * GUINEA GOLD, NL.—Dividend of 2d a share paid on December 13. * * *

Australasian Petroleum Co. Pty Ltd

AND ISLAND EXPLORATION CO. PTY 'LTD —' Kuru, on December 11, had been deepened 592 feet to 5,838 feet. Barikewa had been

deepened 917 feet to 1,591 feet. Difficulties Wa contmued to be experienced with caving from upper cavernous formation. More nead had been deepened 2,876 feet to 7,782.

The companies expect to spend £A\ million 1? „ ap . oa th . e com,n 9 year—£l,ooo,ooo more an m the last 12 months—bringing total £24,000*000 m Papoa " oil search t 0 * * * mmna SE » RC jj' LT P-— ln order to enable this P rlh«w f ? -* kaep ,tS ’P per cent - Interest in 4PC (above) it is currently making a one-for-four £ f 67 .’ so °) which should maintain the proportional interest well into 1958—by which time, according to the directors in an " ual report issued late November, "it is hoped that conclusive results will have been obtained in Papua". * * *

Bulolo Gold Dredging, Ltd.—For The

quarter ending August 31, 1956, the company dredged over 2 million yards of material for ? n r ftn U nn ft ° f , 8,838 Gne ° z of * old - This ■* under 1,000 000 'ess yards dredged than in the same penod « n —l* u t the gold recovered was over 2,000 or more in 1956. Value per yard.

in the period under review, is double 1955. * * *

Placer Development, Ltd.—It Is (

that the company will in the yea August 31, make a net profit of $2 Hs * , * EMPEROR-LOLOMA. —There were mu earnings from these associated Fiji the only profit being from Loloma's in’ which yielded £114,418. Loloma's operations in Fiji showed a loss of It is not expected that underground < will last for more than a couple of Dividend was declared at 2/-. Empen ings fell to £27,951—a drop of £5 1955. No dividend will be paid—cash being conserved to finance developmi

prospecting work.

* * * SANGARA HOLDINGS.—At the ann ing on December 7, in Sydney, sh carried a motion demanding the resit managing-director, Mr. R. Wylie. I fused, they threatened to apply ‘ Court to wind up the company. C holder said that they had waited for for a dividend —6 per cent., t £285,000 had been invested in the and he wanted to know where it Mr. Wylie claimed that since he over he had cleared up a bank ov £17,500, and the company's acct Burns Philp was "largely in credit" one stage, being in debit to £ll,oo'