Company News AUSTRALASIAN PETROLEUM

Press, Volume XCVIII, Issue 28794, 15 January 1959, Page 12

Company News AUSTRALASIAN PETROLEUM

Search For Oil Extended

(N.Z. Press Association-Copyright) PORT MORESBY, January 14 The Australasian Petroleum Company is applying for a permit for 8930 square miles of country in its search for oil in Papua. The application has been posted m the Mines Department at Port Moresby. The applications also sought to va-y two other permit areas, one of which will add forty-five square miles to an existing permit area fifteen miles from the Puri oil rig, where quantities of oil were struck in November. A.P.C. officials would not comment on the application. It is understood that the application for the 8930 square-mile block includes a great area of land which the oil company held previously. The area sought stretches across the top of Papua for about 260 miles, from near the head waters of the Purari River to the Dutch New Guinea border. The average width of this channel of land is about 30 miles. The company also applied to surrender one of its permit areas in southern Papua, adjoining the Dutch New Guinea border. If all the company’s applications are granted A.P.C. will hold licences and permits to prospect for oil over 12.691 square miles of Papua. Another oil company. Oil and Exploration, has applied for variation to two of its existing permit areas.

Insurance Company’s Reorganisation

The Yorkshire Insurance Company, Ltd., of York, is selling its two American subsidiaries, the Yorkshire Insurance Company of New York and the Marine and Fire Insurance Company of New York. In a notice to shareholders, the directors state that they considered it better to take an opportunity to sell the shares without capital loss as unprofitable results in the United States continue and “appear likely to continue for some considerable time to come.” The volume of the company’s business will be reduced, but the directors point out that the results outside America will no longer be offset by substantial trading losses in the United States. According to a trade estimate, the Yorkshire Insurance' wrote just over 12 million dollars <£4.5 million) of net premiums in the United States in 1957. A large part of this was in motor and fire insurance business. National Mortgage.—The National Mortgage and Agency Company of New Zealand, Ltd., has announced a final dividend of 5 per cent., making 8 per cent, for this year. The shares will be ex dividend on February 11.—(P.A.) Commercial Bank.—The Commercial Bank of Australasia, Ltd., has announced interim dividends for six months ended December 31, 1958, as follows:—Preference, per cent.; ordinary, 5 per cent.; payable in Australian currency on February 2. ex dividend January 22.—(P.A.) Ansett Transport Industries, Ltd.— It has been announced that the recent ordinary share issue of three was fully subscribed and is now closed.—(P.A.) United Provisions, Ltd.—The name of this company has been changed to Huttons, Ltd.—(P.A.)

BRITAIN’S TRADE DEFICIT

£73.7m In December (N.Z. Press Association—Copyright) LONDON, January 13 Britain’s adverse trade balance —the excess of imports over exports—amounted to £ 73.7 m for the month of December, the Board of Trade announced today.

This is £6sm more than in November, but the adverse balance of visible trade for the whole year was reduced to £427

million —£187 m less than in 1957 and the lowest annual figure since 1950. the board added. The total of exports for the year 1958 was £2208m, and of imports £ 3782 m. Re-exports totalled £l47m.