and Industry

Pacific Commerce and Industry

Tralasian Petroleum Co.; Reported

ber Kcmewu No. 1 well was abandoned, /u II will spud-in, early December. 9 began at Puri, October 29. Barikewa en deepened to 8,008 ft. * * * OLO GOLD DREDGING; An interim divi of 25 Canadian cents per fully paid has been declared and will become due /ember 14. Interim dividend is same as when final dividend was also 25 cents, e is now only one dredge in operation 1010 but on a value-per-yard basis the iy is doing better in 1957 than in 1956. le quarter ended August 31, 8,123 oz ild were recovered from 1,282,000 yards d. Value per yard was 22.18 cents mparison with 14.65 cents for same last year. « PHILP AND CO., LTD., has announced srim half-yearly dividend of 5 per cent. is unchanged. (Last year interim 5 Jnt.; final 5 per cent.). Dividend is ; November 25.

Irprise Of New Guinea Gold And

.EUM DEVELOPMENT: Mine manager re on October 31 that a yield of 46 oz jrted gold bullion from 20 tons of de ent ore resulted from mining operations obe district, NG, during October. ;port on the oil survey work in early ier stated that traverses of 15 miles of lauser River area had been completed; at Limestone Hill had reached a depth ft. in siltstone; and that photographic of permit area would commence shortly al general meeting of the company will 1 in Sydney on November 11 to receive ■ sheets and accounts and to elect two rs. Shareholders will be asked to con he resolution that full power be given ctors to convert from time to time into units of 5/- each, all fully paid heretofore or hereafter taken up or He %

Aki Para Rubber Estates, Ltd.:

rs reported that production in year June 30, fell by 7,586 lb rvbber due to heavy rains. During the period, stage 60 workers broke their agree and left the plantation, causing dis to production. Profit at 30 per cent, per cent, less than previous year. * * * MA (FIJI) GOLD MINES; Half-year d 1/- per share including 7d tax-free, December 11. Dividend in unchanged. * * *

Guinea Goldfields, Ltd.; September

ion was. Golden Ridges, 774 oz fine ?94 oz silver. Golden Ridges alluvials, : fine gold. Koranga alluvials, 447 oz Id. Tributes, 114 oz fine gold. Timber, 5 super ft.

EL COMPANY (New Caledonia): Directors s at end of September decided to in capital 3£ milliard francs to 8 milliard (a milliard is 1,000 million). The new -general of the Nickel Co. is M. Dewez, icceeds the late M. Laffont. M. Dewez I known in New Caledonia where he en an admirer of the East Coast, and o make a tourist centre at Poindimie. /e hotel installations had been made jplanes bought to carry tourists to the oast centre. However, the most im item, the tourist, was not forthcoming e company folded up. The Nickel Co. most of the installations a year or two id use them as a holiday centre for *es. * * * MO OIL CO.; Holders of 65 per cent.

of the stock units in this company > qqo units) have accepted the exchange 0 f Oil Search, Ltd. Oil Search has accep this as ratifying the agreement and will i the Oil Search stock units (four 5/- OH earch for five Oriomo). Oil Search offered . buy all Oriomo shares; the offer was conditional on 76 per cent, acceptance of Oriom . stock holders—or at Oil Search discretion Holders of the other 35 per cent, of shares still have up to November 23 to consider the exchange.

PACIFIC ISLANDS MINES, LTD., is in course of formation. Object: to prospect for lead zinc deposits at Misima Is., Papua (See article p. 33, this issue).

Papuan Apinaipi Petroleum Co Ltd •

The company spent £200,000 on development for the year ending June 30 and £71,835 on plant. There is a credit balance of £420 930 Drilling will begin on the first exploratory well’ at Kaufana (near Lakekamu, Papua) shortly.

The company has obtained a three years ex tension of its permit.

Placer Development, Ltd.: The Annual

general meeting will be held in Vancouver BC, on November 12, 1957. As well as usual business of the meeting, shareholders will be asked to consider alterations of articles of association that are designed to accomplish the following; (1) The appointment of a chairman of the Board, the abolition of the office of manag ing director and the transfer to the presidency of the duties thereof. The president will thus become the chief executive officer of the company. (2) The abolition of the right to a second or casting vote at present given to the chairman at meetings of both directors and shareholders in case of an equality of votes. (3) The divestment by the directors of their right under the Articles to appoint from among their members for a period of years a president, managing director, and one or more vice-presidents, who thereupon by reason of their tenures of these offices would not be subject to retirement from the Board in the ordinary course of rotation. (4) Increasing the maximum number of directors from eight to nine. * * *

Sandy Creek Gold Sluicing, Ltd.: The

22nd annual general meeting will be held at 5 Bligh St., Sydney, on December 4 to consider directors' report and statement of accounts for year ended March 31, 1957.

During October, Morobe mining operations resulted in 151 oz fine gold recovered from 19,750 cu. yds. treated.