Company Notes

Placer Development Ltd. Will Not

iTiJ 1 + lts plan ’ announced In ,^ I ?i l, T , t 0 all the assets of Buiolo Gold Dredging Ltd., New Guinea, ui exchange for 187,602 Placer shares.

BGD already held 145,732 Placer shares, o -i statement by directors in May, said that the conditions under which the J as JS?. de (and extended) no longer existed. This was due to “the present situation in New Guinea”, and to the non-determination of the subsidy payable to Commonwealth-NG Timbers Ltd. (a . subsidiary) on products that attracted Customs duty when sent to Aus tralia.

Directors also announced that over the past year Placer increased its BGD share holding from 20.9 to 25.6 of the issued capital: it now holds 252,693 shares The two companies will in future jointly participate in exploration and develop ment in SW Pacific areas, under an agreement renewable annually.

Choiseul Plantations (Hold

INGS) LTD., subsidiary of BP Ltd. earned £101,634 profit for the year ended November 30 last—a rise of £4,341 Earning rate on the low £150,000 capital was 67.7 per cent. Dividend was raised from 40 to 50 per cent. The wholly owned subsidiary, Choiseul Plantations Ltd. made £80,917 in its first seven months of operations to June 30, after £ 2 9 10 0 tax and £6,057 depreciation. to .„ the P arent company was £75,000. All plantations were sold to this subsidiary in December, 1961, so as to keep separate the holding company’s New Guinea interests and its Australian investments.

about" l-f A mu? L T°' has be & un work “°° ut 15 i mile . s of access road thro swampy terrain and across creek<? the site of the well it will drill n Mutare No. 1, in the Fly River a Western Papua. The new well is site 1 and 1^ il ® S s . outh of lamara No f te ’ T “ d Jt 1S Planned to drill to 4, it. The company has also begun prena tions for a seismic survey in the Paibi area, near the mouth of Turama R m the Western Delta region R LT n U ? N ! P ? IL f P (SOUTH SEA) ( L T®- s report for its 43rd year s mitted at the annual meeting in Si “ U. Showed net S pr?fit £P152,4 9 2, a rise of £P3,357 Pi dividend equal to 10 per cent, for year was declared; £F50,000 was plai £Fi r o e 2 S 94 V q e w (makin ?, £ £±'102,249 was earned forward ( £F99 1 ast year). Although Tonga and to lesser extent Samoa are still feeline i n?nfif S f° f burricane damage, ovlr from + the company’s branches a trading centres proved satisfactory a ment handlSo SaleS showed furt her impro’

Pacific Island Mines Ltd., Pam

A/rSo t f at the Umuna lQ de channel Misima Is. was intersected by adit the end of April, at 990 ft from t portal. Mr. H. E. Palmer, consulting e w a ee^SUpe^ised sam PHng operations late May, the Board received results the first assays which were described encouraging”, and in early June w« awaiting further assay results. PI Min exclusive prospecting rights on Misir have been renewed for a further two yea: