BURNS PHILP PLANS

Press, Volume CIII, Issue 30529, 26 August 1964, Page 21

BURNS PHILP PLANS

Concentration On Cargo Burns, Philp and Company, Ltd., plans to dispose of its passenger vessels and concentrate on cargo carrying, the chairman (Mr J. Burns) told the annual meeting. The company expected, to dispose of the Malaita and the Bulolo, he' said. These two ships were “getting on in years.” A new cargo vessel was being built at Newcastle to replace the Malaita, Mr Burns said. A few years ago, Burns, Philp was the only shipping company running regular services to all main ports in Papua-New Guinea. “That day has now passed," Mr Burns said. “There are many overseas vessels calling in at island ports, especially New Guinea, to and from their voyages to the East. “At the main New Guinea ports like Port Moresby, Rabaul and Lae, there is a regular congestion of ships and very limited wharfage accommodation,” he added. R. W. Millar To Raise £lm.

(N.Z. Press Assn.—Copyright) SYDNEY, Aug. 25. R. W-. Miller Holdings, Ltd., Sydney, has completed arrangements to raise up to £lm by way of priyate placement of 7 per cent registered first mortgage debenture .stock with selected financial institutions.

The debentures have a currency of five to .10 years at the lender’s option, and are secured by a charge over the whole of the assets and undertaking of the R. W. Miller Group, subject only to existing prior charges.