Pacific Commerce and Produ

Burns Philp Profit Sets New Record

By the Finance Editor

Burns, Philp & Co. Ltd. earned the best net profit in its history in the year ended March 31 last.

NET profit of £530,122 for the year was an increase of £44,099, or 8.2 per cent.

This was equal to an earning rate of 14! per cent, on capital of £4 million, or 11.6 per cent, on capital of £5 million after the proposed one-for-four bonus issue.

Gross earnings rose by £371,728 to £2,880,499 but were still below the record £3,086,742 established in the 1952 year.

Net profit was struck after depreciation £491,995 (up £149,643) ; provision for tonnage replacement £450,000 (up £200,000) ; provision for property replacement £50,000 (same), and taxation.

Dividend is unchanged at 10 per cent, for the sixth successive year and absorbs £400.000. General reserve is increased by £150,000 to £2,850,000, and carry forward is £30,122 higher at £373,794.

During the year stockholders funds increased from £11,554,631 to £12,680,562, of which only £4 million is capital.

"Keen Competition"

Gross earnings proved satis factory but keen competition and the impact of increasing operating costs and taxes made it very difficult to show a reasonable net return on funds employed states the chairman, Mr. James Burns.

Volume of traffic in the Singapore and Islands shipping services was well maintained but some heavy losses were experienced due to port interruptions which substantially increased demurrage costs, and caused delayed sailing involving cancelled passenger bookings and fewer voyages.

Mr. Burns added that the com pany was making its bonus issue to commemorate the 75th anni versary of the company.

For review of balance sheet of Burns Philp (South Sea) Ltd., see page 31.

Papuan Apinaipi Programme

Papuan Apinaipi Petroleum Company has be gun a survey aimed at exploring the possibiltiy of finding oil beneath the sea in the Gulf area north-west of Port Moresby. This survey will be carried ou by a two-man team supplied by the Bureau of Mineral Resources.

Survey is to cover an area exl miles out beyond the coastline, ai ing from Galley Reach, about 30 of Port Moresby, to Kerema, about further along the coast.

This appears to be an ambitious a company with limited funds, a investment climate that seems to< fair against oil investment at thu Oil exploration costs are always hi* known to be on a much higher when off-shore drilling is involved, so, in fact, that it is known thi overseas company engaged in anothi Australia refused to contemplate su for its drills. It is nevertheless an venture which will be watched k<

Timor Oil Outlook

Timor Oil has done no more drill past month following the cessation ing in its one and only Aliambata company is now faced with the m make extensive geological investigati deciding on the site of a new we tions so far have bitten fairly deepl company's capital and it is suggi the remaining funds may have tos on geological work aimed at finding drilling prospect to put before si with a request for new capital. Tfr the sound course but it would obvi be a popular one after statements original capital would be enough to five wells.

Dylup Mechanisation

Dylup Plantations, Ltd., near Mada! out on a programme of plantation men and improved production methods countering rising costs. Chairman, Douglass, says that use of a tractor i roads to be built through sections difficult of access. Cost of grass expected to be materially lowere* purchase.of a slasher. Extensive e have been carried out towards oilfirr copra drier. These are reaching a st such a scheme will be practicable, matic control will reduce dependence! for this work.

In addition, the grade of copra pra be improved, says Mr. Douglass. T have been added to the cocoa ferrmi another large machine is expected next year. Additional cocoa areas planted, he adds.

Sulolo Dividend Steady

Bulolo Gold Dredging, Ltd., has « final dividend of 25 cents a share, i unchanged total of 50 cents for thr May 31, 1958. This will take at 500,000 dollars although profit for is expected to fall by about 70 per* around 250,000 dollars. The company operating only one dredge compared 1 in the previous year. As a result, t the nine months to February 28 20,524 oz fine gold against 39,501 comparable period of 1957. Value oc from 1, 382,535 dollars to 718,340 t

Papuan Rubber Production

Rubber output increased on thre 1 during March but declined slightly ore Steamships Trading Co., Ltd., reportt as agents, it supplies the followinr Kerema, 33,060 lb (Feb., 78,792 lb (73,084); Rubberlands, I (33,000); and Lolorua, 42,018 lb Another company, Koitaki, reports of 91,700 lb in April against 104,2, March.

i Holdings Profit Up

i Holdings, Ltd., successor to the once- Guinea Airways company, and now lantly an Adelaide-based investment , earned a slightly higher profit in its ear but only by heavily reducing its provision. Profit figures rose by to £46,145 after tax provision had luced by £lO,OOO to £17,000. Guinea within South Australia and to Broken has announced that its airline opera ill stop when the economic life of ting aircraft ends. Thus approaches of a famous link with the early ig days on New Guinea.

lasian Petroleum Co.:

r ell Opened, One Abandoned

asian Petroleum Company spudded in ell, Kuru No. 3, on April 30 —the last ned in the programme. It has reached f. But Komewu No. 2 has been d because brine was found. Drilling ewa has reached 11,815 ft. and at 17 ft.

Creek Yield Down

by Sandy Creek Gold Sluicing, Ltd., /larch was 60 oz 10 dwt compared oz in February. This came from a area of 3,000 cubic yards against bic yards during the previous month.

Idfields Output

Guinea Goldfields, Ltd., reports for iolden Ridges mill treated 3,724 tons [Feb., 2,951 tons ore and 172 tons for 878 (754) oz fine gold, and 1,081 silver. Golden Ridges Alluvials pro -24 (19) oz fine gold. Koranga dredged 153,659 (85,020) cubic yards (205) oz fine gold. Tributes produced oz fine gold. Production of timber i 145,135 super feet to 180,277 super

ise of NG Yield

ise of New Guinea Gold and Petroleum ent NL produced 82 oz retorted gold om 26 tons of development ore during his was a big rise in values from ious month's yield of 38 oz from Df ore.

s Stock Market

ian Stock Exchanges have shown but widestpread falls in share prices latter stages of the past month. In he fall exceeded 10 index points in uore than a week, making an overall about 5 per cent, from the highest the year. Reasons are to be found g wool and metal exports, reduced mt, and an atmosphere of greater in the business and trading world nal factors include the heavy calls capital. market for more money by lase companies, totalling almost £l6 n the past month. lition a Commonwealth Loan was be investing public, and a fairly sub imount of investors' money was being reserve for a number of prominent , including the big flour company, rlirig; a new bank-sponsored finance Commercial and General Acceptance; anticipated Bushel Is Tea float.

Sydney Sale Prices

April 8 May 7 lilp • • • • • 67/3 66/6 lilp (SS) . . . 45/3 45/3 £41 £40

Dylup Plantations . . .

Hackshalls Kauri Timbers Kerema Rubber ...

Koitaki Lolorua Mariboi Norfolk Island Whaling Queensland Insurace Rubberlands Sthn. Pacific Insurance Steamships Trading . .

W. R. Carpenter Hold. .

Timor Oil 10/11 43/9 20/- 10/6 12/- 6/9 5/7 4/2 69/3 5/- 56/- 46/- 12/3 2/10 11/6 43/- 21/- 10/2 11/6 6/3 5/6 4/6 70/- 5/3 55/- 45/- 11/6 3/7

Oil And Mining Shares

Fiji

Aug., '39 Apr. 8, '58May 7, '58 Emperor . . . b/9/11 Loloma ... s25/6 — s6/b28/-

Papua-New

Guinea

Bulolo ... bl24/- N.G.G. Ltd. . . bl/10 Oil Search . . b3/11 Ent. of N.G. . — Papuan Apin. . b4/ll do. opt. . —• Placer Dev. . . b68/6 Sandy Cr#ok bl/5 bl/11 b2/b6d bl Id b85/6 b3d b33/bl/10i b2/b3d bl Id b3d b91/b3d