Guinea Gold

A DDRESSING shareholders of Guinea Gold N.L. at the annual meeting in Adelaide, the chairman of directors (Mr.

C. V. T. Wells) said the dividends that had been declared, including the distribu tion from Bulolo Gold Dredging, Ltd., did not include any of the capital funds of the company, consideration of the dis tribution of which had been necessarily deferred pending the litigation with the Federal Commissioner of Taxation to de termine the liability of shareholders, Mr. Wells pointed out that the Bulolo company’s operations had been brought to the dividend-paying stage, and as long as Guinea Gold held a block of that com pany’s shares undistributed it was in tended to pass on to shareholders the dividends received.

The increased value of the Bulolo shares was reflected to a large extent in the Guinea Gold shares, which could be dealt with at any time without taxation penalty.

The total shareholders’ funds at market value in the Guinea Gold books amounted to more than seven times the company’s share capital. The final allotment to Guniea Gold of Bulolo Gold Dredging, Ltd., shares had not yet been determined, but it was anticipated that in addition to the 60,500 shares now held, at least 5000 more shares would be receiyed before the end of 1935.

The board was still endeavoring to ac quire suitable auriferous properties in New Guinea.