Pacific Commerce and Produce

Misima Should Again Produce Gold

prospects of re-establishing

joldmining industry on

la Island the big moun ts island eastward of the and of Papua appear to

ry good.

chairman of Pacific Islands ines Ltd., Mr. G. W. Noe, in January circular to share s reviewing the activities of impany in its first 12 months d operations, up to December, says: “The Board considers he Misima property has de d into a valuable asset which, d with the company’s low lisation, will be of distinct t to shareholders”.

Ifields have been worked on a with more or less success least 70 years; and Cuthbert’s nown mine in tunnelling and

,ing operations, made huge

i in the years immediately World War 11.

Misima goldfield was aned during the war and »f the workings collapsed; and the mining men went back the war they could not pick e lodes again, and decided to abandon all operations.

"More There Yet" e three or four years ago a group of mining engineers, ire convinced that there is more rich gold in Misima than las been taken out, decided large-scale examination of land, with a view to resum ining operations. , consequence, Pacific Islands Ltd. was formed in Sydney gistered in Papua; and, dur -3 past year, the company has 1 out underground explora plant installation and the iction of roads. The chairman ‘three new lode discoveries nade in the last quarter of ar, bringing the total of gold ? lodes known to exist in the ay’s areas to 20”. truction of access roads has fed steadily, and a new house iropean staff was built near ot plant. interesting development is .t the company’s request, the istration has made a survey otential air-strip on Misima, ble site has been located, and

if the air-strip is built, communica tion between the mainland and Misima by air will greatly assist the operations of the company.

The tone of the chairman’s report

is decidedly encouraging.

Austral Malay Tin's Interest

Early in February, Pacific Island Mines Ltd. issued 910 £5 shares to Austral Malay Tin Ltd. The shares

have recently been quoted on Syd

ney Stock Exchange at £6/15/- to £7.

Paid capital is now £49,148, com

prising 9,828 fully paid shares and

330 shares paid to 6d.

Enterprise of NG Still

After Oil Permit

Even though the last application for an oil-seeking permit, along the north coast of New Guinea, was refused because the company was unable to satisfy the Ad ministration that it had the necessary financial resources, Enterprise of NG Gold and Petroleum Development NL is selling some of its assets to make another application.

Mr. W. L. Moss, chairman, told share holders at the annual meeting in Mel bourne on February 3 that MV “Tiare” had been sold and the sale of MV “Henrietta” was being negotiated.

The company was about £2,500 short of the £15,000 needed to obtain a Govern ment oil permit, he said, but at least £20,000 would be necessary to make a start with safety.

Last year to August 31, the company incurred a loss of £9,735, operations being mainly confined to mining on gold lease No. 13, near Wau. A recovery of 365 oz of gold and 282 Vi oz of silver from 1,000 tons of ore treated realised £5.803. Gold subsidy for the year to June 30 was £1,550.

Fiji's New Cement

Works Under Way

Fiji Industries Ltd. commenced erection of units of its new cement works this month, at the site off Queen’s Rd., outside Suva.

The area had been cleared, graded and drained and foundations for the kiln and mills installed by late January. Con struction of roads and a jetty are well in hand.

Machinery and plant were purchased in Australia at a favourable price and care has been taken to prepare it to meet Fiji’s climatic conditions.

The company has secured the services of an outstanding Australian cement

chemist, who has been appointed manager in Fiji.

Directors, in a recent interim report, stated that the demand for cement in Fiji should be maintained at a satis factory rate, assuring a ready market for the company’s products.

The issue of 486,724 stock units of 10/- (Fijian) each was fully subscribed for last year by Fiji and Australian share holders.

Experienced and hard-headed business organisations behind Fiji Industries include CSR, W. R. Carpenter, Burns Philp (South Sea), Development Finance Corporation, and Dickson Primer.

Makurapau Estates Listed

On Sydney 'Change

Latest of the New Guinea coconut plantation floats, Makurapau Estates Ltd., was given listing on Sydney Stock Ex change in January.

The company was formed in November last year to acquire Makurapau, one of the best known and best run estates in Kokopo area, New Britain, NG, owned by Mr. Ted Fulton. Its capital is 560,000 shares of 5/- each—over half of which were taken up by Territory residents.

Makurapau shares were expected to open on Sydney ’Change at a premium, but there were sellers at 5/- (who thus showed a loss to the extent of their brokerage).

In early February, the shares were quoted at: buyer 4/5, seller 4/8. While the drop in copra prices and reports of over-production in the world cocoa market no doubt are factors causing Australian investors to show a lack of interest, Territory people who know Makurapau consider them a good buy and anticipate that the directors’ expecta tion of regular 10 per cent, dividends will be realised.

Ni Whaling Shareholders Get

Dividend—No Takeover

In an unexpected move, directors of Norfolk Island and Byron Bay Whaling Co. Ltd. declared an interim dividend of 10 per cent, on January 26 —and spiked the direct takeover bid for the company by Whale Industries Ltd. Whale In dustries then withdrew their offer of one Whale 5/- share for every two NI 5/shares and/or notes, which had earlier been rejected by NI Whaling directors as “inadequate”.

There was a sharp exchange of opinion between both companies’ directors over the development Whale Industries claimed that one condition of their bid was that no dividend be declared between the date of offer, January 20, and its closing date. February 6. NI Whaling directors denied that the dividend move was surprising, adding that it was “amply foreshadowed both in their annual report and at the December 29 annual meeting”.

Whale Industries do not intend to make any other offer, said their chairman, Mr.

R. Crichton-Brown.

Prospects for NI Whaling’s future are

good, according to the directors—they expect to increase the company’s earnings by as much as 50 per cent. Their earlier decision to omit a dividend for the year ended October 31, 1960, was because of continued dependence on bank accommo modation. When declaring the 10 per cent. div. in January, they said the company “has now succeeded in arrang ing its finances to enable the payment”.

Carpenter's To Double

Capital—To £lO Million

One of the two “Big Firms” of the Pacific, W. R. Carpenter Holdings Ltd., which owns a string of subsidiary com panies operating stores, shipping, copra milling, planting, etc, mainly in P-NG and Fiji, proposes to double nominal capital, from £5 million to £lO million.

A meeting of shareholders will be held on February 24 to confirm the in crease. Present paid capital is £2,789,443.

The holding company was formed in 1957 which gave WRC shareholders an effective one-for-one bonus issue. Since then the dividend rate has been pushed up from liy 4 per cent, to 13% per cent, and was very solidly covered last year, taking just over a third of the £1 million profit.

By its sale of Mandated Airlines Ltd. and associate smaller air concerns in New Guinea to Ansett Transport Industries Ltd. for 200,000 Ansett shares and £450,000 cash in January, Carpenter Holdings became the largest single share holder in Ansett/ANA. It already had huge shareholdings in several other lead ing Australian companies, including paper merchant and flour miller, Dalton Bros.

Holdings Ltd., Commercial and General

Acceptance Ltd. and Associated Securities Ltd.

Response to Second NG

Loan "Disappointing"

Although the P-NG First Territory Loan of £lOO,OOO, in 1959-60 financial year, was over-subscribed in three months, the second Loan, opened in November, has lagged. Of the target of £450,000, only £lOO,OOO had been subscribed by mid- January.

To boost the sale of £lO bonds and savings certificates of £l, £5, £lO, £5O and £lOO both the P-NG Administrator, Brigadier D. M. Cleland, and the Treasurer. Mr. H. H. Reeve, gave resi dents and natives pep-talks over the radio on January 21 and 24.

Finance Director Reeve described the results to the end of December as “rather disappointing” and hinted that unless the loan were filled “the Territory’s vital works programme could be materially affected”.

Pearl Culture at

Thursday Is.

A new Australian-Japanese company will soon start pearl culture at Thursday Island, according to a Tokyo report early in February.

Mr. Oakeharu Muto, grandson of the famous Kokichi Mikimoto, who established the industry in Japan, heads the Japanese interests, while Australian Pearling Pty.

Ltd. is the other partner.

Japan will supply technicians and equipment, and Australia would erect

buildings at TI and supply mother pearl from Torres Strait and other ai The company would divide the pr equally.

NGG Ltd. Splits Its

Mining and Trading

As from February 1, the tra activities of New Guinea Goldfields ] as distinct from its mining operat] have been taken over by a subsidl NGG Trading Company, with Mr. R, Curtis as manager.

The timber section of the business] the freight service, however, will coni under the control of NGG Ltd.

NGG’s January mining report sh( that 699 oz. fine gold and 1,261 oz s were won from 4.001 tons of ore tre at Golden Ridges mill. Golden Ri alluvials yielded 84 oz bullion; tributes, 58 oz. The sawmill prod 206,721 su. ft of timber.

Union SS Co. Had

A Good Year

Union Steam Ship Co. of New Zeal which runs the “Matua” and “To between Auckland and the Islands trans-Pacific cargo vessels as well Dominion shipping, more than dm profit in 1959-60.

Result for the year to Septembe: rose from £NZ377,170 to £NZ79t Previous year’s profit fell £NZ664,839.

Dividend on ordinary capital, all o' by the P and O group, is steady at ( per cent.

Profit remained after provl £ NZ5.697 more for depreciation £ NZ1.239,168 and £NZ180.876 more tax of £ NZ424.374.

Fleet replacement reserve reel £ NZ300.000 against nil the previous ;