Guinea Gold N.L.

THE twelfth half-yearly meeting of Guinea Gold N.L. was held at Adelaide on May 31.

The balance sheet presented to the meeting showed a profit of £92, after writing off the cost of several prospecting expeditions.

The Chairman (Mr. C. V. T. Wells) reported that, owing to increased activity in Australia and elsewhere in the search for gold-bearing properties, the Company had had a consider able number of propositions brought before it.

Referring to the activities of Bulolo Gold Dredging, Ltd., in which company Guinea Gold has interests, Mr. Wells stated that Bulolo had successfully inaugurated alluvial mining opera tions in March, as had been forecasted two years ago. The main block of shares due to Guinea Gold in Bulolo Gold Dredging (namely 59,500 net) would be available in March, 1933. i.e., 12 months after the commencement of dredging, as provided by contract of sale. Pay ment of the balance of cash consideration (£20,000), due next September (six months after the commencement of dredging), might be post poned at the request of the optionee company, for a further six months to March, 1933, but it was not certain that this temporary accom modation would be needed, in which case the sum would be paid on the original due date.

The Chairman’s report also stated that, owing to the absorption by Bulolo of further large tracts of proved dredgeable ground, known as the Bulowat area, Guinea Gold was to receive a further share consideration in due course.

The company’s balance sheet as at February 29, 1932, showed the following:— Liabilities —Share capital, authorised and is sued, £50,000; general reserve, £129,304; profit and loss account, £5,251; sundry creditors, £187.

Assets—Shares in other companies, at market value, £158,758; sundry debtors, Bulolo Gold Dredging, Ltd., £20,144; open accounts, £30; Bulolo leases, net balance of share consideration at par receivable for the sale of Guinea Gold northern leases, £5,040; cash at bank and in hand, £670; test boring plant, at cost, less de preciation, £100; contingent asset—balance of additional share consideration for sale of Guinea Gold north leases.

As the outcome of a meeting of sport ing men in Suva recently, a Coursing Club has been formed there.