Sharemarket

New Guinea And Papuan Gold

Activities of the Companies

RESTRICTED business has been been done of late in shares in New Guinea and Papuan gold companies listed on the Sydney Stock Exchange.

Placer Development Ltd. has been one of the few companies to receive attention. The price of these shares has strengthened until, at present, buyers are offering £4/8/6, with sellers at £4/10/-. The splendid progress be ing made by the big ’planes in trans porting the dredging equipment of Placer’s subsidiary Bulolo Gold Dredging Ltd.—from Lae to the field must be very gratifying to share holders.

Guinea Gold shares have been also attracting attention and have advanc ed in price. Sellers are now asking £1/19/-. The position in connection with this company’s leases is explained in the directors’ half-yearly report, which is published below.

The shares of New Guinea Goldfields Ltd., which are not listed on the Stock Exchange, were unofficially quoted on June 4 at buyer 4/8, seller 4/9. The company is still continuing with its de velopment work There is little enquiry for New Guinea Development shares. The di rectors have announced that the en gineers representing Canadian mining interests have relinquished the option over the company’s leases.

Guinea Gold’S Half Yearly

Report.

With the disposal of the company’s im portant leaseholds in New Guinea, write direc tors of Guinea Gold N.L., in their half-yearly

report, it now remains to receive the balance of proceeds in cash and shares from Bulolo Gold Dredging Ltd., due six months after dredging begins. As that company is confi dent that in less than a year it will be actively producing gold on the Bulolo flats, shareholders may expect that during 1932 Guinea Gold will be in a position to make further distributions to members from these proceeds.

“If the operating company continues with its programme at the present satisfactory rate,” states the report, “there is little doubt that the shareholding in that company to be received by Guinea Gold on behalf of its shareholders will soon become a valuable in vestment.”

The final details In connection with the completion of the purchase of the Northern leases on the Bulolo River are now the sub ject of negotiation with Placer Development Ltd. In August, 1930, a distribution of 10/per share was made, absorbing £25,000 of the first instalment of cash consideration.

The directors anticipate that next year will witness the inauguration of a long period of increasing gold production by the principal operating companies in New Guinea. After active prospecting and writing off in full the cost of the search for gold-bearing properties, the accounts for the year ended February 28 show a nominal loss of £115. Of the pro positions put before the board during the year, only three were considered worthy of preliminary examination. One of these, in New South Wales, is now being examined by a mining engineer. The other two, in Queensland and New Guinea, were rejected on expert advice. The net loss reduced the accumulated credit balance to £5,158, which is carried forward. Capital is £50,000, and reserve £27,906. Of total assets of £83,216, £81,200 is the net balance of purchase con sideration receivable for the sale of Guinea Gold South and Central leases.

The following table shows the price

on June 12 of shares in New Guinea

and Papuan gold companies listed on

the Sydney Stock Exchange.

Authorised Shares Issued. Price. June 12

Company

Capital

Number.

Amount Paid Up.

Buyer.

Seller. £ £ 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 7

Bulolo, N.L

ctg. 25,000 150.000 0 2 0 0 0 6 Guinea Gold. N.L. . 50.000 50.000 1 0 0 i 0 0 — 1 19 0

Mt. Kaindi, NX. . .

pd. 50.000 90,000 0 4 0 0 4 0 Mt. Kaindi, N.L ctg. 160,000 0 4 0 0 0 10 Mt. Lawson (N.G. >, N.L pd. 17.500 18,000 0 2 6 0 2 6 Mt. Lawson (N.G.i, N.L ctg. 102,000 0 3 6 0 2 3 — Mt. Lawson Blks, (N.G.I, N.L. pd. 48,000 80,000 0 4 0 0 4 0 — Mt, Lawson Blks. (N.G.I. 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. Sisa, 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 9 — 0 0 9 New G. Development, N.L pd. 40,000 110,000 0 1 0 0 1 0 — — New G. Development. N.L. . . . etc. 510.000 0 1 0 0 1 0 — — N.G. Gold Deposits, N.L pd. 20.000 20.000 p 2 6 0 2 6 — — N.O. Gold Deposits, N.L. ctg. 100,000 0 2 6 0 1 9 — — N.O. Gold & Osmlrldlum. N.L. 10,000 80,000 0 2 6 0 2 6 — — New Guinea Options. N.L pd. 50,000 50.000 0 2 0 0 2 0 — — New Guinea Options, N.L.

'’t*. 279.000 0 2 0 0 0 7 — North East New G , NT.. nd. 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 >4 — Oba River (Papua), NT, 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 — — Orlomo Exploration Ltd 12,000 48.000 0 5 0 0 5 0 0 1 9 0 2 6 Papuan Gold Areas, N.L Dd. 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 Develonment LM 8*00.00 70.000 $5 00 $5 00 4 8 6 4 10 C Sloane’s New Guinea. NX pd. 25,000 25,000 0 2 0 0 2 0 3 0 1 0 0 6 Sloane's New Guinea, N.L ctg. 200.000 0 2 0 0 0 8 — — Solomon Islands Gold, N.L . pd. 26,000 20.000 0 2 6 0 2 8 — Solomon Islands Gold. N.L. .. ctg. 120,000 0 2 6 0 1 0 — —