and Industry

Pacific Commerce and Industry

Jlolo Gold Dredging Ltd.; Report Sub

ed to shareholders at the annual general ling in Vancouver, BC, on November 29 /ed that the company made a net profit $966,500 for the year ending May 31, f —about $500,000 more than the previous The increase was due to the increased all recovery per cubic yard as the two ges then in operation traversed high e ground. Shareholders were warned that one dredge left operating in the current will probably strike poorer ground. An nated $250,000 profit is expected from e operations this year. In the year under jw, BGD received £A44,000 ($96,000) i its investment in Commonwealth New lea Timbers. The company's new purchase th Pacific Timbers, at Lae) was expected return a reasonable profit on investment, e of the veneers will be sold to C-NG >ers, the rest exported, mainly to Aus a. During the year two dividends, each 25 cents, was paid per BGD share. ♦ * *

Hoiseul Plantations Ltd.: At An Extra

nary general meeting on January 30 it is losed that this company will divide its 3 shares into £1 units; and increase the inal capital from £150,000 to £500,000. seul earned £97,000 last year but dividend held at 30 per cent, for the fourth suc ive year. Reserves are over £400,000 — ut three times the capital. The £lOO es are around £3l0 —which would mean B for a £1 share. This company is one a Burns Philp group, BP holding a large

proportion of the shares. It owns a string of very profitable plantations along the Bougain ville Coast —and the name Choiseul (the most northern island in the British Solomons) is confusing. Obviously, the issued capital of £150,000 has no relation to present-day values. * * *

Commonwealth New Guinea Timbers

LTD.: The company (in which the Australian Government holds 51 per cent, of shares, and Bulolo Gold Dredging Ltd., 49 per cent.) made a net profit of £162,343 for the year end ing June 30, 1957. This was an increase of £21,000 over 1955-56. A dividend of 6 per cent, was recommended by the directors. ♦ * * EMPEROR MINES LTD.; A full report of this company appears in a separate article else where this Issue. * ♦ ♦

Enterprise Of New Guinea Gold And

DEVELOPMENT.: The survey team engaged in oil search in the Upper Sepik River, NG, was moving out of the area early December for the duration of the Wet season which is expected to last till about April. The survey party (10 Europeans and some natives) had spent six months in the permit area, but the 1957 Dry season was phenomenally wet and drilling and other work was hampered. Examination of gravity data, cores and other information collected in the field will be examined by experts in the next few months.

The annual meeting of the company was held on December 23 and the above informa tion was given in a report to shareholders.

A report of mining activity at the company's Morobe leases was also submitted. In a separate report, the Manager in New Guinea,

stated that in his opinion mining operations will prove profitable. * * *

New Guinea Goldfields Ltd.: During No

vember 966 ozs. fine gold were recovered from 3,646 tons of ore treated at Golden Ridges mill; 1,316 ozs. silver were also re covered. Tributes produced 75 ozs. fine gold; and timber production was 273,640 super feet. * * * OIL SEARCH LTD.: A proposal to vote £lO,OOO retiring allowance to Mr. E. F.

Griffin, former managing director of the company made by the Board of the company, was withdrawn following discussion at the company's annual general meeting in Sydney on December 17. This was done in deference to Mr. Griffin who insisted that the payment be made only with complete approval of shareholders at the meeting.

Directors reported that the company was in a satisfactory financial position, the balance sheet disclosing over £500,000 in liquid assets. It was expected that the present cash resources will be sufficient to meet commit ments until late this year. » * *

Papuan Apinaipi Petroleum Co.: This

company (in which Associated Australian Oil fields NL and Associated Freney Oil Fields NL hold a substantial interest) announces that its KAUFANA No. 1 Well reached a depth of 3 220 feet on January 7 and the electric log was run from 3,210 feet to the surface casing. Coring is at 3,220 feet. * * *

Sandy Creek Gold Sluicing Ltd.: During

the month of November approx 74 ozs. of gold were recovered from 750 cubic yards of material treated.