Commercial News In Brief

Press, Volume CX, Issue 32361, 29 July 1970, Page 20

Commercial News In Brief

Carr Boyd Happy The directors of Carr Boyd Minerals, Ltd, say in their quarterly report that they are encouraged by the fact that in all three areas where initial drilling has started at its Carr Boyd Rocks prospect mineralisation has been encountered. They emphasise, however, that “a large and complex geological environment such as this” requires much more work, before it can be stated whether any mineralisation is of economic potential.—(P.A.) Bonus Options Selected Securities, Ltd’s, shareholders would be offered a one for ten bonus issue of options to take up shares in the company at par. The options will be identical to the existing 1972 options, the holders of which will not be entitled to participate.

Humes-Tube- ! makers i Humes, Ltd, and Tubemaki ers of Australia, Ltd, jointly . announced their intention to . form a new company, in t which each party will hold 50 . per cent of the shares. The new company is being formed i to manufacture water main . and other large diameter steel . pipes, as well as a range of associated fabricated products. , It will undertake some of the ; activities now carried on by both sponsoring companies, and extend these as new opportunities for growth present themselves. Doulton’s Sales Up Doulton Australia, Ltd, has declared an interim dividend of 5.5 per cent for the six months to June 30, payable on September 25. The directors say the company’s sales for the six months period show a 20 per cent increase on the. same period last year. However, the present shortterm economic and industrial climate makes It difficult to forecast the trend for the balance of the year.—(P.A.) Norseman Gold Norseman Gold reports that further drilling has been undertaken at Pioneer in the vicinity of the original nickel discovery. The Pioneer prospect is being explored by N.G.M. Pty, Ltd (Norseman 60 per cent and Ravensthorpe 40 per cent) in a venture with Newmont Pty, Ltd. A low level aeromagnetic survey is in progress. Nine holes totalling 4373 ft were drilled in the vicinity of the original nickel discovery. The few Intersections of sulfide mineralisation have contained only trace amounts of nickel. C.W.S. Profit The net profit of CoryWright and Salmon, Ltd, rose $17,970 or 14 per cent to $147,682 in the year to March 31. The company will make a 1 for 6 issue of 7} per cent convertible notes. The dividend on increased capital has been raised 1 per cent to 9 per cent.