BUNDI DREDGE.

Evening Post, Volume CXXIII, Issue 123, 26 May 1937, Page 14

BUNDI DREDGE.

! Bundt Tin Dredging Company, operating in New Zealand, after closing down-the dredge for 24 days for dam building, resumed operations on April 2 9. ' A clean-up returned 87oz gold bullion from 23,740 cubic yards turned over in 152 houri' n

SILKNIT (N.Z.), LTD. NEW FACTORY SITE A large property deal in the city of Auckland has just been completed by the purchase by Silknit (N.Z.), Ltd., of a block of land at the corner of Cook and Vincent Streets. The section is 159 ft to Vincent Street, and 106 ft to Cook Street, and was formerly the property of J. M. Mennie, Ltd; The purchase price was not disclosed, but a substantial sum- is involved. It is - proposed to erect a modern factory and I office block to house 450 employees oil i the company. The present factory is divided into three sections, operating in different parts of the city. The i building scheme will be put into operation as soon as possible. BURNS, PHILP, & CO. RUMOURS DISPELLED Mr R. J. Nosworthy, vice-chairman - of Burns, Philp, and Co., Ltd., presid- , ing at the annual meeting, said that better prices ruling for commodities . handled by the company had. assisted the expansion of business. The sub- ) sidiary companies, particularly the coconut plantation companies, he added, had all operated more satisfac- . torily than previously, and better copra prices during the second half of the year had enabled the management to improve the properties and acquire several additional plantations. "A new mail contract for the mail service between Australia, Papua, and New Guinea provides for a further improved service to meet .the growing requirements of passenger traffic," Mr. Nosworthy said. "An order has been placed in England for a motor vessel of about 6000 tons, with accommodation for over 200 passengers." In referring to the decision to increase the company's paid-up capital from £1,500,000 to £2,000,000, Mr. Nosworthy stated that the calls for this additional' capital had been spread over a period suitable for its utilisation in connection with the building of the new vessels, to meet the growing needs of properties, premises, and merchandising, and generally to meet thj requirements of the gradual expansion of business over a very large field. • "Our operations are of such magnitude that our usual resources must be husbanded to care for increasing regular business, and provision should be made for ample reserves in order to negotiate quickly any unexpected business of a remunerative or advantageous nature. "With the increased capital, the directors expect to maintain the usual 10 per cent, dividend. "As there have been certain rumours that the company intends floating off part of its business as a separate company, I may say that there is no idea < at the present of doing any such thing."