and Industry

Pacific Commerce and Industry

Fralasian Petroleum Co. Pty. Ltd

Sland Exploration Co. Pty., Ltd.—

derating companies for Oil Search, Ltd d on April 10 that Kuru No. 2 was at Feet. At Komewu the drilling outfit was finished and the hole was expected to about half-way through April. * * *

Lo Gold Dredging, Ltd.—Lnterim

I of 25 cents (Canadian) was declared I 26 and will be paid from all offices company on June 5. Payment from the office will be made in Australian calculated at the rate of exchange >n May 15. Dividends payable to non t of Canada will be subject to the i Absentee Tax of 15 per cent, le three months ended February 28, oz of fine gold were recovered from 0 yards dredged. The value of the 35 US dollars an ounce was 474,775 In the nine months to February 28 iz were recovered from 6,324,500 yards! e of the gold recovered was 1,382 535 rs. , PHILP AND CO., LTD.—Net profit year ended March 31 was £536,023 if £62,600 or 13.2 per cent, on the year's profit. Profit remained after depreciation (down £49,432), £250,000 for tonnage replacement (steady), for property replacement (steady), and tax. vidend in unchanged at 10 per cent 'orbs £375,000. Gross profit was 1, an increase of £74,465. irectors said that merchandise sales to improve, but high operating costs 1 competition reduced profit margins. 1 motor vessel, "Montoro", began in February. This ship, of 3,000 o weight, was built in Norway for rs may place an order for another 8,000 tons early next year if they n reasonable delivery. Cost of this uld be about £1,500,000. sale of Penneys, Ltd., to G. J. Coles Ltd., Burns Philp received 3,600,000 ary shares and £1,025,000 in cash, ult, the company received 1,080 000 ius shares and will be entitled to 1,404,000 new shares at par. * ❖ .

Philp (South Sea) Co., Ltd.— Gross

the year ended January 31 was B/5 and the net was £136,509/1/5 profit, together with £64,069/13/8 irward from the previous year made 15/1 available for distribution. An vidend of 1/- a stock unit paid on 2 amounted to £37,500. A final f 1/- will take another £37,500. Of -e £50,000 is added to the reserve c/i t °^? l L reserve of £525,000, ”8/15/1 will be carried forward. * * * PLANTATIONS, LTD.- A four per aend was announced at the first feting held in Rabaul last month, hn Douglass and lan Walton went •ey to attend. The two retiring Messrs F. N. Warner Shand and B

;e re-elected.

irman, Mr. J. W. Douglass, in his I: The result of the trading period • l l , o hs shows a net profit (after pro '29 for depreciation and £947 for remuneration) of £13,083. This re

ndered most satisfactory, particularly

as in this, our opening trading perioa has been considerable reorganisation ne' * * *

Enterprise Of New Guinea.—The

the two months to March 31 was 2 retorted gold. ❖ ❖ GUINEA AIRWAYS, LTD.—Net profit! year ended February 28 at £42,649 re|‘ an increase of £6,178. A final divv £24,000, comprising £12,000 on ordii preference shares, will be paid to the company, Guinea Holdings, Ltd.

Information on the holding compam accounts relates only to the issue o to subscribers of the memorandl articles.

On completion of the proposed exc: shares with Guinea Airways shareholil holding company will pay a dividem a share (5 per cent.). The dividend £21,000 of the holding company's c: £420,000. The interim payment of 5 on Guinea Airways shares required £8 Total dividend amount will, there £29,000, compared with £20,000 for vious year. This confirms the directoi tations of a 10 per cent, rate when tH reconstruction was announced.

The latest result is after tax £27,0( £1,000) and depreciation £15,000 £1,725).

Loloma (Fiji) Gold Mines, Nl.—

pany, with King Island Scheelite (19< and United Uranium, NL, has been i 24,000 square miles prospecting an of the Mt. Isa Mines northern leai liminary geological investigation was ing. United Uranium reports. On thi Star lease, under option at Tennan sampling has given gold assay v further investigation. * * *

New Guinea Goldfields, Ltd—Ti

ing director of NGG, Mr. J. Hohnei Pt. Moresby recently that the swing fn ground methods to open-cut mining at leases would mean the progressive of about 1,700 native employees. Hoi felt that the company's coffee project in which NGG has been engaged years would absorb some of this lab: company recently imported a coffees their Wau plantation). The company* been interested in mining in the Kain (NG Eastern Highlands) for the past and native and European miners wanted there. The company will leases they have pegged. Kainantu sidered a low-grade ore proposition.

Papuan Apinaipi Petroleum Co

The directors have made a second c: a share on the whole of the contribut of the company, making these shares?

The call is due and payable on Mai * * *

Placer Development, Ltd. —An

dividend of 50 cents (Canadian) a declared on April 30, payable to holders registered in the company's: May 23. The dividend will be paic offices on June 20. Payment from t office will be made in Australian! calculated at the rate of exchange May 24, 1957. Dividend payables residents of Canada will be subject tl Absentee tax of 15 per cent. * * *

Sandy Creek Gold Sluicing, Lit

February and March about 67 oz of : recovered from about 4,000 cubic: material treated. * * *

Sangara (Holdings), Ltd—Thir

company for Papuan rubber and coco is paying an ordinary dividend of cent, for the year ended January the first ordinary dividend paid Sengara venture began in 1938.

The operating company, Sangara i

evelopment Co., Ltd., made £33,345 net for the year ended October 31, after ( off £4,483 depreciation. Of this, 1 was paid as a dividend to the holding iy which shows a net profit of £24,014 year to January 31. operating company's profit for 1954-55 18 618, of which £10,361 was paid to Iding company in dividends. During the he holding company paid arrears on nee shares, requiring £13,768. rence dividend of 6 per cent, for 1956joires £4,589 and ordinary dividend £14,626. This leaves £493 carried , compared with £9,463 brought in.

Jirectors say that rubber output for the ise by 106,000 lb to 475,218 lb, and output by 1,400 lb to 4,453 lb. A 10,000 high yielding rubber seeds were d from Malaya and established in a ’ 37 acres were planted out with this elding rubber and some areas which imaged by the Mt. Lamington eruption so been replanted. directors added that in January two ders, Messrs. J. Wallace and E. H. gh, visited the plantation and said re satisfied with its operation.

OIL, LTD —The 3,993,000 5/- shares for public subscription have been among 6,500 shareholders in Australia seas, the directors report.