Bulolo G.D. Ltd.

Review of Year’s Progress

REMARKABLE and satisfactory progress is disclosed in the annual report of Bulolo Gold Dredging, Ltd., which was submitted at the annual meeting, held in Vancouver, on November 27, 1933. It deals with accounts up to 31st May, 1933.

It is explained that the Company holds 15 miles of dredging ground along the Bulolo and Watut Rivers; and that, dur ing the year, No. 2 dredge was erected (completed on 25th October, 1932); the hydro-electric plant enlarged by the ad dition of two more 650-KW turbo-gen erator sets (making four in all); that Bulowat aerodrome was established seven miles downstream from Dredges 1 and 2; that Bulolo Camp was connected with Bulowat Camp by a suitable road, and the electric transmission line carried along this road; and preparations for the erection of dredges 3 and 4 commenc ed at Bulowat. (By November, Dredge No. 3 was in operation, and No. 4 was in course of erection.) To show what has been done, the Dir ectors submitted the following informa tive table, showing gold and silver re covered: —

Cubic yards treated to 31st May, 1933, were shown as 5,110,600.

Further payable ground has been prov ed; and it was estimated, on 31st May, 1933, that there was still available for dredging in the combined Bulolo-Bulowat area a total of 100,000,000 cubic yards of gravel containing, after the deduction of further capital expenditure, gold royalty and expenses, a working profit of £6,748,- 908 sterling (with gold at £6 sterling per ounce).

The accounts show that, during the year the value of bullion won was 1,696,393 dollars, and against this, work ing costs absorbed 222,657 dollars; vari ous expenses, 47,958 dollars; refining, 6,784 dollars; royalties, 83,992 dollars; leaving 1,335,000 dollars for the profit and loss account. In the latter account, the directors added 108,658 dollars brought forward, and deducted 135,000 dollars for amortisation, leaving the comfortable sum of 1,308,659 dollars to be carried to the credit side of the balance sheet. The issued capital of the Company is 3,825,000 dollars. It is meeting substan tial capital and developmental costs out of revenue. The directors, on 24th Octo ber, 1933, declared an interim dividend of 60 cents Canadian per 5-dollar share.

Gold.

Silver.

Gr. of fine Oz.

Oz. gold per yd.

From Start to 31/5/’32 ..

From 1/6/’32 .. 6,890 3,541 5.95 to 31/5/’33 .. .. 65,355 32,287 6.93 Total .. 72,246 35,828 6.83