N. Guinea Goldfields Ltd.
p. 39 · Read in the full issue
At the annual meeting in Sydney of New Guinea Gold Fields Ltd. the chairman of directors (Mr. F. Hambridge) said the company could look with satisfaction at the result of the year’s work.
Difficulties had been encountered, both in the min ing and metallurgical sides, but these had been overcome. He estimated the value of the amount of gold waiting to be obtained by the company as £1,152,000 in Australian currency, estimating the value of gold at £7/10/- per oz.
Replying to a shareholder, Mr. Hambridge said he could not state the period the company would require to realise that amount, as that would depend on the plant installed to deal with the ore.
The plant on the field was quite satisfactory in the opinion of the directors. Regarding the use of hydro-electric power on the mines, negotiations were proceeding with the Bulolo company with a view to providing electric power to the company at a reasonable cost.
Mrs. T. Price, of Sydney, left by the Montoro for New Guinea on June 7. She was joined by her husband, Dr. Alex.
Price, of the Public Health Department, at Rabaul, and together they made the round trip on the Montoro to Rabaul again, where they will be stationed for some time.