New Guinea-Papuan Gold Share Market

Activities Of The Companies

VARIOUS of the companies operating on the New Guinea goldfields issued their annual reports during the month.

The first report and balance sheet, to Sep tember 30, ot the Directors of New Guinea Goldfields Ltd., shows that paid-up capital amounted to £4,065,654. Expenditure totalled £130,791, and tne debit balance at profit and loss account carried forward to prospecting and development account is £110,688.

The company was incorporated on July 25, 1929, but did not acquire the leases from tne vendors until October and later. Work on the Plateau has been confined to proving the ex tension of the main mineralised zone. On this a total distance had been driven of more than 2,000 feet in ore of an average assay value of 72/- per lon, over an average width of 44½ inches. A new discovery parallel to this zone has been traced for a distance of over 1,000 feet, and on it over 660 feet of underground driving has been done in ore averaging 35/yaver a width of 78 inches. This lode has Keen proved to be of greater width and value Kvhere crosscut in depth, and promises to be a most important deposit.

To test the lode as quickly as possible diamond drilling has been commenced, and the samples obtained below water level have proved the ore to be of high value.

In the lower area, 3.000 feet below the plateau, a flat ore body has been proved where ore averaging over 110/- per ton can toe mined very cheaply. A vein carrying equal values has been located beneath this flat ore body, and is still being driven on.

The shares of New Guinea Goldfields Ltd. have received renewed support. Recent sales on the Sydney Stock Exchange were made at around 5/- for £ 1 shares. A month ago these shares were at 3/11.

N.G. Developments And

Options.

Because the general manager, Mr. E. Bails, had reported that the scale of future opera tions on the company’s leases and the methods of sinking would depend upon the amount of capital available, the directors of New Guinea Developments, N.L., in their annual report, state that it will be necessary for share holders to consider what steps shall be taken for the provision of the necessary funds to bring the mine to a producing stage, and the directors will submit an alternative proposal at the annual meeting, to be held shortly. The whole of the authorised capital of £40,000 has been called up.

The first annual report of New Guinea Options, N.L., covering the period from August 26, 1929, to June 30, 1930, shows a loss

of £7,593, including preliminary expenses, £6,402. Development and administrative ex penses together accounted for £3,253. After negotiations for other leases had been aban doned application was made for four leases on the western boundary of the New Guinea Developments property. Work on these leases, known as the Option Ridges, is not sufficiently advanced to make a report of any value, but the directors consider that a continuation of the Developments Company’s reefs will probably be found.

Placer And Bulolo.

Placer Development Ltd. reports that the test boring of the Bulowat areas is proceed ing without interruption. While it will re quire some months to complete the prospect ing of these extensive areas, the boring to date gives reasonable assurance that tne property will be equipped with dredges and make a highly profitable undertaking for the parent company; consequently the principal options have been exercised. Areas adjacent to and extending the property have been taken under further option, and certain additional ground has been pegged by the company. These fur ther areas are considered favourable and will be test bored at an early date.

The purchase of the Arnold and Robertson Leases, which comprise some 6,500 feet of the Bulolo River upstream from the leases held by Bulolo Gold Dredging Limited, has been completed, and plans are in hand for the equipment and operation of the property.

While not considered suitable for dredging, from its known high values it is believed that substantial profits will be derived. The Bu lolo Gold Dredging Ltd. power race, which will take the waters of the Bulolo River from this area, is a part of the general plan of working.

A progress report of Bulolo Gold Dredg ing Ltd. states that a clearing 646 feet by 2,900 feet for the large aerodrome at Bulolo has almost been completed, and will shortly be used by the ’planes now operating.

The race line of the hydro-electric installa tion has been cleared and track built, and other preliminary work in connection with the installation is well In hand. A contract has been let for the driving of the three longest tunnels, amounting to 1,360 feet. The site for the erection of the dredges has been located and its preparation and arrangements for saw-milling and camp erection are also well in hand.

The following table shows the price on December 10 of shares in New Guinea and Papuan gold companies listed on the Sydney Stock Exchange:—

Authorised Shares Issued

Price, December 10

B Company

Capital

Number Amount Paid up Buyer Seller w £ £ s. d. £ s. d. £ s. d. s. d.

Akmana New Guinea, N.L pd. 30,000 140,000 0 1 0 0 1 0 Akmana New Guinea, N.L ctg. 360,000 0 1 0 0 0 6

JBulolo, N.L

ctg. 25,000 150,000 0 2 0 0 0 6 Guinea Gold, N.L 50,000 50,000 1 0 0 1 0 0 Mt. Kaindi, N.L pd. 50,000 90,000 0 4 0 0 4 0 0 0 6 Mt. Kaindi. N.L ctg. 160,000 0 4 0 0 0 10 0 0 6 Mt. Lawson (N.G.), N.L pd. 17,500 18,000 0 2 6 0 2 6 Mt. Lawson (N.G.), N.L ctg. 103,000 0 2 6 0 2 3 Mt. Lawson Blks. (N.G.), N.L. . pd. 48,000 80.000 0 4 0 0 4 0 Mt. Lawson Blics. (N.G.). N.L. .. ctg. 140,000 0 4 0 0 1 0 Mt. Lawson Extended, N.L pd. 48,000 80,000 0 4 0 0 4 0 Mt. Lawson Extended, N.L ctg. 140,000 0 4 0 0 1 0 — Mt. Slsa, N.L pd. 70,000 120,000 0 4 0 0 4 0 Mt. Sisa, N.L ctg. 190,000 0 4 0 0 1 6 0 0 3 0 0 6 New G. Development. N.L pd. 40,000 110,000 0 1 0 0 1 0 New G. Development, N.L ctg. 510.000 C 1 0 0 1 0 0 0 3 N.G. Gold Deposits, N.L pd. 20,000 20,000 0 2 6 0 2 6 N.G. Gold Deposits. N.L ctg. 100,000 0 2 6 0 1 7 N.G. Gold & Osmiridium, N.L. . . 10.000 80.000 0 2 6 0 2 6 0 1 0 New Guinea Options, N.L Pd. 50,000 50,000 0 2 0 0 2 0 New Guinea Options. N.L ctg. 279,000 0 2 0 0 0 6 North East New G., N.L pd. 50,000 90,000 0 4 0 0 4 0 North East New G.. N.L ctg. 140,000 0 4 0 0 0 10 Oba River iPapua), N.L pd. 25,000 40.000 0 2 6 0 2 6 — Oba River (Papua), N.L

ctg.

140,000 0 2 6 0 1 0 Orimo Explorations Ltd 12,000 48,000 0 5 0 0 5 0 — Papuan Gold Arears, N.L pd. 18,750 40,000 0 2 6 0 2 6 Papuan Gold Areas, N.L ctg. 100,000 0 2 6 0 0 10 — Placer Development Ltd.* $500.00 44,515 $5.00 $5.00 2 15 0 2 18 6 Sloane’s New Guinea, N.L pd. 25,000 25,000 0 2 0 0 2 0 Sloane’s New Guinea. N.L ctg. 200,000 0 2 0 0 2 0 0 0 3 Solomon Islands Gold, N.L pd. 25,000 20,000 0 2 6 0 2 6 Solomon Islands Gold, N.L. . ctg. 120,000 0 2 6 0 0 10 • In addition there are 25,485 contributing 5 dollar shares paid to 3’/a dollars, which are not quoted on the Stock Exchange.