N.G. Gold Companies.
p. 40 · Read in the full issue
Alteration in Law.
The proportion of shares held by British and non-British shareholders in gold-mining companies operating in New Guinea has been altered.
There has been an amendment of the Ordinance, which formerly stipulated that the shareholders must be at least two-thirds British, so that the propor tion is now at least 55 per cent. British.
It was found that the operation of the old law placed a very severe han dicap upon the introduction of new capital to the gold-mining companies.
The Ordinance also provides that the Administrator may take immediate drastic action if he finds that the pro portion of shares, as stated, has been exceeded. An application has been made to the Commonwealth Government, which is likely to be favourably consid ered, asking that the law be amended so that the Administrator may not take such drastic action until three months’ notice of his intention has been given, so that companies may have the oppor tunity of re-arranging their sharehold ings to comply with the law.