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NOTICES

6862
with any application for allowance to be filed by Simpson, Thatcher & Bartlett in connection with the Bond and Share plan proceedings:
It is ordered, That jurisdiction thereto fore reserved herein with respect to the fee of Simpson, Thatcher & Bartlett be, and the same hereby, is released.
By the Commission.
seal
O r val L. D u B q i s ,
Secretary.
P. R. Doc. 53-9170; Piled, Oct. 29, 1953;
8:46 a. m

File No. 812-819
T q n o p a h M i n i n g Co. o f N evada NOTICE OF FILING CONCERNING APPLICATION
REQUESTING EXEMPTION FOR CERTAIN
TRANSACTIONS BETWEEN AFFILIATES
O c tober 26, 1953.
Notice is hereby given that The Tonopah Mining Company of Nevada Tonopah , a registered closed-end, nondiversified management investment company, has filed an application pur suant to section 17 b of the Investment Company Act of 1940 act for an order exempting the following transac tions from the prohibitions contained in section 17 a of the act:
Tonopah proposes to sell to Mines In
corporated Mines 500,000 shares of the common capital stock of Tonopah Nicaragua Company Nicaragua , rep resenting 40 percent of the outstanding stock of said company, for a cash con sideration of $65,000 and 10,000 shares of the common capital stock of Falconbridge Nickel Mines, Limited Falconbridge .
Mines is a Delaware corporation en gaged in the mining exploration busi ness. By order dated April 16, 1951 In -

vestment Company Act Release No. 1606
this Commission approved the sale of 750,000 shares of common capital stock of Nicaragua representing 60 percent of the latters outstanding stock by Tonopah to Mines.
Since November 1951, Nicaragua has been under the con trol of Mines. Nicaragua, a Delaware corporation, has as its only asset its socalled Rosita property, a copperr goldsilver mine located in the northeastern portion of the Republic of Nicaragua, Central America, which has not been developed although Tonopah had owned Nicaragua since 1916. Mines is of the opinion, based on the results of tests conducted on samples of ores taken from the Rosita property, that the Rosita property can be operated profitably if an economical process for treating the Ro sita ores can be developed. It appears from the filing that the possible exploi tation and development of the property would require an investment estimated to range between $6,000,000 to $8,000,000.
Tonopah represents that it would be un able to furnish the amounts necessary to maintain its present proportionate 40
percent interest, and that it would take some years to realize a return on its in vestment. Because of the foregoing and for other reasons, the management reached the conclusion that it was in the best interests of the company to dispose of its remaining investment in Nicaragua.
Falconbridge, a Canadian corporation, is engaged in the mining and production of nickel, copper, cobalt, precious metals and platinoids. Its principal properties are located in Canada. For the year ended December 31, 1952, Falconbridge earned 69 cents per share and paid divi dends of 50 cents per share. Its stock is traded on the Toronto Stock Exchange;
during 1952 the price of its stock ranged from a low of 11 M2 to a high of 22%. On October 7, 1953, the closing price of the stock was $14.50.

All of the Mines common capital stock is owned by Frobisher Limited, a Cana dian mining and exploration company.
Ventures Limited, also a Canadian cor poration, owns 54.2 percent of Frobisher Limited and 26.2 percent of Tonopah.
It is represented that none of the officers or directors of Tonopah are officers or directors of Ventures Limited, Mines, Falconbridge or Frobisher Limited, al though Ventures Limited does have a representative on the Tonopah board.
Tonopah asserts that it is not under the control of Ventures. Since the proposed sale involves the purchase from ,Tono pah, a registered investment company, of stock of which Tonopah is not the issuer, by Mines, an affiliated person of Ventures Limited, an affiliated person of Tonopah, the transaction appears to be prohibited by the provisions of section 17 a unless an exemption therefrom is granted pur suant to section 17 b .
Notice is further given that any in terested person may, not later than No vember 6, 1953, at 5:30 p. m., submit to the Commission in writing any facts bearing upon the desirability of a hear ing on the matter and may request that a hearing be held, such request stating the nature of his interest, the reasons for such request and the issues, if any, of fact or law proposed to be controverted, or he may request that he be notified if the Commission should order a hearing thereon. Any such communication or request should be addressed: Secretary, Securities and Exchange Commission, 425 Second Street NW., Washington 25, D. C. At any time after said date, the application may be granted as provided in Rule N-5 of the rules and regulations promulgated under the act.
By the Commission.
seal
O r v a l L. D u B ois ,
Secretary.
P. R. Doc. 53-9168; Filed, Oct. 29, 1953;
8:46 a. m.