Pacific Commerce and Produc

Behind the New

Burns, Philp

Appointment

Appointment of Sir William Crawford Currie, chairman of the P & O Steam Navigation Cos., as a director of Burns, Philp & Cos. Ltd., has created considerable interest in Australian business circles.

Sir William, aged 73, has been chairman and managing director of the P & O since 1938.

Recently his company announced plans involving a considerable ex pansion of its interests in the Pacific area.

This was followed shortly after wards by the announcement of Sir William’s appointment to the Burns,

Philp board.

Inquiries have failed to produce any suggestion of any more tan gible association between these two large groups.

The association between Sir W’illiam Currie and Mr. James Burns, chairman of Burns, Philp, represents the renewal of an old link. Both were previously asso ciated many years ago in the British India Steam company.

It is suggested that Sir William’s appointment gives Burns, Philp a distinguished London director, and serves to renew this old personal association.

Societe De Recherche De Petrole En

NOUVELLE CALEDONIE: "PlM's" Noumea corres pondent reports that this company, which has been looking for oil in New Caledonia, is to be wound up. It has reported to the Territory Assembly that its operations have "not given the results expected". The company has a deficit of four million francs and has asked the New Caledonia government to finance at least half of it, but the government says it can manage only about one-third. The govern ment had subscribed 16 per cent, of the capital, local shareholders about 18 per cent., and the remaining capital had come from France. Strong hopes had recently been held that the seismic tests conducted in the lagoon at Noumea would have resulted in something.

Total cost of the oil programme was about 44,500,000 francs (£330,000). * * *

Consolidated Gold Mining Areas N.L.:

This company has secured a test option over an alluvial proposition in New Guinea. Vendors says the area is "rich". Terms of the option are a free sampling for six months, with the right of extension for another three months— with total purchase price of £12,000 (£5,000 in cash if the option is exercised and 75,000 shares paid to 2/1 which would be credited with any calls made during the working of the area). Mr. J. W. Connolly, of Sydney, has been engaged to carry out the test boring. * * *

Australasian Petroleum Co.; The

February report, made after the Oil Search an nouncement that Vacuum, a major partner, would not subscribe beyond the present drill ing programme, said that drilling in the Bari kewa hole had been resumed after tests had

been made of substantial flows of & two separate zones. The hole was » 8,028 ft. The Puri hole was down t ft. and the Komewu No. 2 well to (d * * *

Enterprise Of New Guinea G0!(

PETROLEUM DEV.: The mine manager on March 3 that 37 oz of retorted goto had been yielded by 25 tons of devt\ ore treated during February. * * *

New Guinea Goldfields, Ltd.; Res

January discloses that during the mom oz fine gold and 975 oz of silver y covered from 3,480 tons of ore and I treated at the Golden Ridges Mill, i oz of fine gold from tributes. In 182,864 super feet of timber were p * * ❖

Sandy Creek Gold Sluicing, Ltd.,

that during February, approximately 8E gold were recovered from 4,300 cubd of material treated at the compai' leases. * * * PAPUAN RUBBER: Profits for the ye.£ December 31 were down for two cos and another, Koitaki Para Rubber E-; cutting its interim dividend from li per cent, for the half-year. (Full divic year was reduced from 35 to 30 pe The Koitaki directors state that amr reasons for the cut are the downwas in rubber prices over the last few ' the loss of the primage concession ss November, and the uncertainty of thr of the proposed new native labour hi on plantation economy (see page 17)..

Rubber, Ltd., shows a decline of 33 (£12,084) to £24,456, for the yesi December 31, but ordinary dividend) changed at 20 per cent. Rubberlam had a 21 per cent, fall in profit Iasi £8,728 —to earn £15,843. Dividend is) from 15 to 12£ per cent, on bonus capital.

Sydney Stock Exchange

March 7 Burns Philp 67/3 Burns Philp (SS) —

Csr

£431 Dylup Plantations n/io Hackshalls — Kauri Timber 21/3 Kerema Rubber 10/- Koitaki 13/8 Lolorua Rubber Estates — Mariboi Rubber 5/11 Norfolk Is. Whaling 4/- Queensland Insurance . 69/3 Queensland Insurance (new) — Rubberlands . 5A Sthn. Pacific Insurance 55/- Sthn. Pac. Insurance (new) — Steamships Trading 47/9 Timor Oil 3/11 W. R. Carpenter — W. R. Carpenter H'ld. —

Oil And Mining

Shares I

Fiji

Aug., '39 June, '57 M Emperor . . . b/9/11 blO/3 Loloma ... s25/6 b27A

Papua-New Guinea

Bulolo ... b 124/b45A N.G.G. Ltd. . . bl/TO b2/2 Oil Search . . b3/11 bl4/11 Ent. of N.G. . — s2A Oriomo Oil . . b5A b6/6 Papuan Apin. . b4/ll b3/6 Placer Dev. . . b68/6 bl01/6 Sandy Creek bl/5 s6d