and Industry

Pacific Commerce and Industry

Uan Apinaipi Petroleum Co., Ltd

mpany expects to start drilling in Papua gust or September, according to the an (Mr. B. W. Graham, MP). Plant, in a National T 32 driller, is to be shipped pua. First drilling will seek oil at te depths.

Graham said last month that the base rt Moresby was nearing completion, and barges for sea and river transport it to drilling sites had been acquired, e under construction, igical and geophysical work preparatory cting drilling sites was near completion, rate of exploration has been stepped up of participation of Mines Administra ir., Ltd., an associate company, following rangements completed last year with ted Australian Oilfields, NL, and Asso- Freney Oil Fields, NL. issue, which closed last October, was ul. A total of 3,007,841 shares was representing £751,960 when fully ddition the company acquired modern rigs which, at landed cost, would be at more than £600,000. were acquired from Associated Aus- Oilfields and Associated Freney for lid shares. directors made a first call of 1/- a i the whole of the contributing shares :ompany, making these shares 2/- paid, was due and payable on March 5. * * *

' Creek Gold Sluicing, Ltd—The

return was about 39 oz of gold from 400 yards of mineral treated. * « *

Ra Plantation And Development

This company, the operating com r Sangara Holdings, Ltd., reported a it, subject to audit, of £33,310 for \ to October 31, after providing for ion and amortisation. Rubber pro was 475,000 lb, and sales brought

Enough will be handed to the holding com pany to pay 6 per cent, on its preferences, and 6\ per cent, on the ordinaries, provide for staff bonuses, and carry £4,500 to reserves.

After a long and unhappy wait, Sangara ordinary shareholders now have reasonable hopes of getting 10 per cent, or better as the plantations extend, provided prices and costs maintain their present relationship, comments a Sydney financial writer.

Last year's earnings, allowing for pref. div. requirements, were equal to 13.1 per cent, on the holding company's ordinary capital.

The scrip is not yet listed. * * * TIMOR OIL, LTD.—An issue of 3,993,000 57shares at par vo prospect an oil concession covering most of Portuguese Timor opened on March 11, and is to close not later than March 29. The shares are payable in full on application.

Of the issue the vendors have reserved the right to apply for 200,000 shares: Oil Drilling and Exploration Ltd. has applied for 200,000 and CommonViealth Mining Investments (Aus tralia) Ltd. ha. applied for 20,000; and share holders of ODi have the right to subscribe for 500,000 shares and shareholders of Com monwealth Mining for 500,000 shares.

The underwriters, Charles A. Ord and Minnett, have reserved about 400,000 shares for public subscription and the remainder for clients.

The acting-chairman (Mr. K. A. Cameron) said that seepages of natural crude petroleum occur in several places in the area. Shallow wells drilled up to 1928 appeared to have had positive results, although they fell short of a conclusive test of the commercial possibilities.

Timor Oil will be the first deep test on sites scientifically chosen. The company has bought a drilling rig f.om ODE.

ODE will carry out, under contract, all field operations, including drilling. Operations will begin as soon as the equipment is available at the sites already chosen.

The Portuguese Government will receive about 10£ per cent, of the calculated value of any petroleum extracted. * * * W. R. CARPENTER AND CO., LTD.—An interim half-year dividend of 5 per cent., plus 2£ per cent, bonus (last year interim, 7\ per cent., including per cent, bonus) is payable on March 29. (Continued Overleaf)

Australasian Petroleum Co. Pty., I

And Island Exploration Co. Pty., Ltd

Morehead test well in Papua has abandoned at 8,087 feet. The decision abandon was made after the drill pipes came stuck and could not be recoveredb seismic velocity survey had indicated thatti bottom of the hole was already in proximity to the basement.

Construction of the base camp for Komewu location is well advanced and copters were expected to start flying inn drilling equipment early this month, helicopter is capable of carrying a 4,00 load. They will lift heavy drilling equipq across dense jungle from the company's bank wharf at Komewu to various sites..

The company is drilling at two other in Papua. Reports from these at the mrr of February were; KURU NO. 2. —The side-tracking holes been deepened 1,141 feet to 5,707 feet M ' 7-inch casing has been cemented at i feet to shut off the caving formating v caused difficulties in the original hole.

BARIKEWA. —16-inch casing has cemented at 1,470 feet and the hole has i deepened 1,139 feet to 2,720 feet. * * *

Bulolo Gold Dredging, Ltd —Ln The

months ended November 30, 1956, 17,09? fine gold were recovered from 2,555,600 dredged, compared with 8,647 oz fine from 2,873,800 yards dredged in the co ponding quarter of 1955. The return i 5U5598,395, against $U5302,645 in 1955,c the value in US cents a yard was 23.4 t the quarter ended November 30, 1956, a«( 10.53 in the corresponding quarter of For the first six months of current fiscal I (which opened on June 1) 25,936 oz fines have been recovered from 4,667,600 ' The value is $U5907,760, and the value ae is 19 45 US cents. .

Mr. J. D. Simpson, who presided ate annual meeting, said that profit fon current year should be approximately 500 Canadian dollars (£A238,095), against 39? dollars last year.

Burns Philp (Ss) Co., Ltd.—An Issu

250,000 20/- ordinary shares at par is made to shareholders on the basis ofi for three shares held. The issue, whiii the company's first since its registratiii 1920, will raise paid capital to £1,000,00 Shares are payable in full, 20/- in currency (22/6 Aust.) on application July 31. J They will rank for the dividend oes in May, 1958, pari passu with existing s Based on the last sale price (March If theoretical ex-rights price of the shares be 42/4J, yielding 5.2 per cent. Pnoi the rights would be 19/10J.

The company's dividend is 10 per ces rate maintained since 1950. Discloses profit last year was £126,851 (up £l3 equal to an earning rate on capital of per cent. * * ❖ EMPEROR MINES, LTD —This, a holding pany, normally receives the bulk of its i from the wholly-owned Emperor Gold Co., Ltd., Fiji. Last term, however, the company's net earnings fell sharply, a £27,942 were £49,766 below the pie term's effort. Two-thirds of the parentr pany's £6,478 (down £94,351) incomes from a £75,000 holding of Custom Creis benture stock.

During the year ended June 20, 19E operating company treated 149,029 to; ore (down 7,019 tons) and, although thei was a little richer, gold production wass by 1,519 oz. There was little change reserves, which, at the end of the ternm calculated at 680,100 tons, of 8 8 dw* with another 265,000 tons (7.5 dw indicated ore.

iceeds from the sale of bullion were down 119,933, but several other factors also ibuted to a big drop in mine earnings, ents a Sydney financial expert. The st season on record caused a large in > in maintenance expenditure and the nsion of mining work for a week, while rt strike, increased wages and the large growing) ratio of underground ore to :ut ore all added to operating costs, in the last three years have risen from to 88/- (Fijian) a ton mined. iv..ne de nent and exploitation also took an extra )4, at £166,748. ;n the books closed the subsidiary held t assets of £495,796, of which £294,420 ented stores. Current liabilities amounted 4,992. the first 24 weeks of the current term > oz of gold have been produced, as t 61,484 oz for the year to June 20, parent company showed a net profit of I (down £94,687) and no dividend was >n its 1,915,000 fully paid 1/- shares, ids of 1/- (100 per cent.) had been paid earnings from the three preceding terms. * * *

Erprise Of New Guinea Gold And

■ Eum Development, Nl— In January,

is of development ore were treated for gold bullion. * * * RNATIONAL NICKEL.—The president said f that the world output of nickel jumped 27 million lb in 1955 to 450 million lb 6. International Nickel delivered 285 lb, Falconbridge 42 million lb, Sherrit 19 million lb, Nicaro, of Cuba, 30 lb, American Hanna Nickel 14 million the French Co., Le Nickel, 22 million Jnous small companies furnished 26

million lb, and most of this came from nickel ore exported from New Caledonia, principally to Japan. ❖ * * KEREMA RUBBER, LTD—This Papuan plan tation owner is raising the dividend rate from 15 per cent, to 20 per cent, for the year ended December 31. A final dividend of 12£ per cent, follows an interim of 1\ per cent.

Last year the company paid interim 5 per cent, and final 10 per cent.

The rate was 12| per cent, in 1952 and 5 per cent, in 1953.

Profit for the year was £36,541, a fall of £1,618. Dividend requires £14,582 on the capital of £72,912. Earning rate on capital is 50.1 per cent., against 52.3 per cent, in 1955. ❖ ♦ *

Koitaki Para Rubber Estates, Ltd—A

return of capital of 15/- a share will be made. The repayment will involve £56,255 and will leave paid capital at £18,751.

The directors say that the company's re sources will be satisfactory after the return.

Investments in Commonwealth loans and other companies would still be greater than the present paid capital of £75,007. * * *

New Guinea Goldfields, Ltd.—January

production: Golden Ridges Mill, 842 oz fine gold and 1,048 oz silver from 2,564 yards of material treated. Tributes, 87 oz fine gold Timber, 190,046 super feet. * * * f Mr. and Mrs. G. Bristow have left Vila, New Hebrides, on vacation leave in the United Kingdom.