Bulolo Deposits, Ltd.

Adelaide Directors Resign.

MR. CRAWFORD VAUGHAN, chairman, an nounced during September, at the first annual meeting of Bulolo Gold Deposits, Ltd., that he, Sir Victor Wilson, and Mr. George Thompson (alternate director for Mr. S. J. Laidlaw), found themselves at variance on matters of vital policy with the two remaining directors. They also differed apparently with Sydney shareholders, who held the majority of the shares. They had no alternative, therefore, but to resign from September 30.

Mr. Vaughan explained that matters of policy included the proposal to be submitted to an extraordinary general meeting of the Company during the following week, to increase the num ber of directors by two, and transfer the admin istration from Adelaide to Sydney. The Com pany had three alternatives—to go into volun tary liquidation and disburse the assets among shareholders; to sell the plant now at Lae and dispose of the 71 boys employed, as well as put the leases and water race up for public tender, and utilise cash assets of the Company in taking up suitable options in New Guinea and Aus tralia ; or to fritter away the money of share holders in what (in view of the report of the manager. Mr. J. R. Sturkey) appeared to be a fruitless attempt to make the Koranga area profitable. The cash balance was £3600, with calls due of £3038, and convertible assets £2000, making a total of about £8000.

The report and balance sheet were adopted, and the meeting approved of £400 being paid to the directors for the past year, a similar amount being fixed for the incoming board.

Bulolo Gold Deposits, Ltd.—Mr. J. R. Sturkey advised from Wau, September 2, sampling alluvial lease 882 to date yields only trace. One bore about middle Skeats lease completed to depth 100 ft., trace of gold 13½ft., balance bore barren: continuing mine bores across valley.

Sampling by Mr. Sturkey so far appears to indicate some margin of profit in areas now being tested, but are at variance with the estimates of late manager, Mr. Moen.