and Industry

Pacific Commerce and Industry

Iociated Australian Oilfields, Nl,

Associated Freney Oil Fields, Nl

oil prospecting companies are to offer shareholdings in Papuan Apinaipi eum Co., Ltd., at 6d each. Associated alian's offer will be on the basis of 40 is for 100 shares held on July 24, and involve 1,420,000 options. Associated f is to offer 2,400,000 of the options it in Papuan Apinaipi on same terms, h option allows the holder to take up r one 5/- share in Papuan Apinaipi at me up to July 26, 1961. ions were granted to the companies in sue made by Papuan Apinaipi last year, uan Apinaipi holds oil drilling areas west of Port Moresby.

C. A. Byrne retires from the boards of iree companies on June 30, and several directorates, and has joined the board isolidated Zinc Pty., Ltd. :;< * H:

Tralian Gold Development, Nl.—

R. Victor, a director and mining con , and the managing director of Golden i, NL (Mr. A. B. Clarke) recently went t. Gold Development's New Guinea option inspection. Mr. Victor has been asso with all the company's previous successes, chairman (Mr. Wallace H. Smith) at the meeting said that AGD had obtained ition from a very experienced, reliable :tor, whom the directors had known for years. prospector had said the area contained s deposit carrying fine gold with out amples ranging from 15 to 20 dwt a 0 finance the option the company would the outstanding £5 on the contributing port early this month said that results jys from the area being prospected in re disappointing. They varied from a 1 1 up to 18 dwt a ton. These did not substantially values obtained in dish ts. * * *

Ralasian Petroleum Company Pty.,

flr. Eric F. Griffin, chairman and manag ector of Oil Search, Ltd., resigned as tor of Aust. Petroleum and Island Ex n Co. Pty., Ltd., on June 30. Mr. G. er has been appointed by Oil Search, 1 his place. * * * S PHILP (SS) CO., LTD.—There is an ' in the market for Burns Philp (SS) ires, writes a Sydney financial expert, ly paid shares are selling for 44/-. he cost of entry through rights to the ares is 1/- dearer. To accentuate the :e, the old shares are entitled to 1/1 dividend. Rights are selling for 22/6, 3/- Fijian currency (about 22/6 Aus to pay to the company on the new a total cost of 45/-. aps there is some confusion over the to be remitted for the new shares," nmentator writes. "Are some people of the fact that payment on the new s expressed in Fijian currency?" * * *

Ual Sugar Refining Co., Ltd—The

i, Sir Edward Knox, announced on June a bonus issue on the basis of one

for-three held would be made at a date to be announced. The new issue will have the effect of raising paid capital by £4,680,000 to £18,720,000. The directors expect the dividend on the increased capital to be 8 per cent.—the present rate is 10 per cent.

The bonus issue will be financed from a surplus from revaluation of assets in Fiji and from the share premium reserve. The Fiji fixed assets were valued at £5,895,521 in the balance sheet as at March 31, 1957. Share ■premium reserve stood at £819,000.

Sir Edward said; "The company's land, buildings and plant in Fiji stand in the balance sheet at values very much below their true worth in the currency of to-day. These assets were not revalued in 1934 (when 292,500 £2O shares were allotted on the basis of one-for-one held); moreover, it now costs three and a half to four times as much to instal sugar-milling equipment in Fiji as before the war.

"It should be understood that a share issue of this kind is not something for nothing for shareholders. It results in part from a

restatement, as share capital, of cash pre viously contributed by shareholders in the form of a premium on the last issue of shares, and in part from a restatement of the value of existing assets in up-to-date monetary terms following inflation.

"Already shareholders as a whole own the assets of the company and the revaluation and share issue will not affect the intrinsic value of those assets. Speaking generally, each shareholder will own the same proportion of the same company, the same assets and the same enterprise as before." * * * CSR CHEMICALS PTY., LTD.—This subsidiary of the CSR Company has been appointed sole Australian agent for British Geon's nitrile rubbers. These special synthetic rubbers have been produced for some years in the US by the B. F. Goodrich Chemical Co., of Cleveland, Ohio, and are known in the rubber and allied industries as Hyear.

British Geon, Ltd., which is 45 per cent, owned by Goodrich, is beginning production

hese rubbers in Great Britain, and CSR icals will handle the Australian sales, sse nitrile rubbers are resistant to oil, I and other solvents. This makes them »le for fuel and oil hoses, and in a wide of uses as gaskets, oil seals and packings achinery.

Si! jjc *

Terprise Of New Guinea Gold And

ILEUM DEVELOPMENT, NL.—Permission has granted the company to extend its gravity f. The survey will now cover a limited n of the eastern part of Dutch territory ing the company's permit area. The my is at present gravity surveying in the y of the Sepik and August Rivers.

GOVERNMENT LOAN —The Government of ipened a public cash development loan 1,250,000 on June 24. The loan was to not later than July 23. issue price was at £99, and rates i were: (a) £5 per cent, per annum, ng November 15, 1962-64, effective rate out £5/3/3 per cent.; (b) £5/7/6 per jer annum, maturing November 15, 1972- Ffective rate of about £5/9/3 per cent, erwriter for the whole of the loan is )tter and Co., of Melbourne and Sydney, s believed to be the first time an ex loan has been underwritten by an Aus underwriter. of the issue will be available as death itock—stock will be acceptable at par, ccrued interest for the payment of death or an estate's income tax, the under said. * lEA HOLDINGS, LTD.—Net profit for the snded February 28 was £42,649 after ng £15,000 for depreciation and £27,000 come tax. In the previous year the was £36.471. The income from invest was £38,390, an increase of £6,716 previous year, ea Holdings was formed to acquire all ued shares in Guinea Airways, Ltd. The las now been completed and Guinea s. Ltd., owns the whole of the capital lea Airways, Ltd. ebruary 28 Guinea Airways, Ltd., held ents worth £667,519. Ordinary shares ed for £445,551, preference shares for •5, and debentures and registered notes 1,573. ❖ * * I TIMBER CO., LTD.—The half yearly I was held at 3 per cent, to February i new issue shares participated in ice with the terms of their issue, directors, in their half-yearly report, at conditions throughout the building mtinued to be unfavourable and resulted derably less profit throughout the corn operations. ❖ *

Iki Para Rubber Estates, Ltd.—The

i (Mr. P. Pring) announced at an extra meeting that the company proposed a bonus issue of ordinary shares. The vill be in the proportion of three Sp lits for each one unit held. The issue made from a revaluation of assets, npany recently made a capital return a share. Paid capital is now £18,751. msed issue will involve £57,653, raising to £76,404. * * * ROBERTSON (AUST.), LTD.—The company nt nearly £lOO,OOO on its 1,250-acre n at Wanaru, near Lae, in New Guinea ibertson's is the only Australian con y company growing its own cocoa, ilantation has been steadily developed

since it was acquired two and a half years ago. Already more than 60,000 trees are flourishing. When the plantation is fully productive it is expected to yield about 300 tons of beans a year.

Although this will not meet the company's requirements it will provide a useful contributi°n of premium grade beans.

Mr Geoffrey Brewer, purchasing director for Mac. Robertson's recently paid a visit to Wanaru and other plantations, MORRIS HEDSTROM, LTD —Morris Hedstrom, Ltd., in its first full financial year as a sub sidiary of W. R. Carpenter and Co., Ltd., showed

a net profit of £F152,336, an increase £7,896 or 5.4 per cent. Ordinary divide is raised from 12£ to 15 per cent.

The ordinary dividend requires £78,061, e the preference 6 per cent, charge is £13,1 The total amount required for divider £91,213, is £61,123 less than the profit.

The earning rate is 26.7 per cent, ordinary capital, after allowing preferei dividend. The result is after tax, £178,! (up £6,183), and depreciation, £76,832 (dc £10,864).

W. R. Carpenter and Co., Ltd., acquired per cent, of the ordinary capital in Janui 1956. * * *

Norfolk Island And Byron Bay Whal

CO., LTD.—The directors say that the comp has ample to ''complete operations" bei the end of the current whaling season, was intended at first to complete the c< at Norfolk Island and later carry out wha operations at Byron Bay. Because of a si technical difficulty and bad weather at Nor Island, a delay had occurred, and operat were to have begun at Norfolk Island June 29.

Sandy Creek Gold Sluicing, Ltd—Ouri

April about 56 oz of gold were recovei from about 5,250 cubic yards of matei treated. « ❖ ❖

Steamships Trading Co., Ltd—The C(

pany has issued 22,860 ordinary 20/- sha for freehold and leasehold property and sha in a local company at Port Moresby. t The 10 per cent, increase J

freight imposed by the Messager

Maritimes Line between Sydney ai Noumea is one of the factors wni has sent the cost of living md up by 4 per cent, in May. Otfl factors were increases in prices! meat vegetables and fish.

Mr. J. B. Leslie (above), former Vacuum Company representative in Fiji, has been i pointed manager of the company's Paci Islands Branch. He was in Fiji from 19 shortly after he returned from war service the NG area, until 1951. He succeeds Mr.

A. Hennessy, who retired on June 30 af 46 years' service with the company. In new appointment, Mr. Leslie will be statior in Melbourne.