Not Happy

Goldfields Leases

British-New-Guinea N.L. Is Not Happy

TROUBLE seems to have been encoun tered by the indomitable Charles Lexius Burlington, who spent some months last year in New Guinea on be half of a Melbourne syndicate (British New Guinea Gold Mining, N.L.) and who arrived in Sydney in October with a bunch of leases and options, and a con viction that at last he was going to float a money-spinner. The ground he was interested in was in the ranges near Wau, up behind the Golden Ridges Mill.

The following paragraphs appeared in the Melbourne newspapers in December:

British New Guinea Gold.

Shareholders of British New Guinea Gold Mining N.L., at an extraordinary meeting yesterday, de cided that the question of increasing the com pany’s capital be deferred and that it be left in the hands of directors to realise the assets and grant options as might be considered necessary Another decision was that directors should en deavour to reconstruct the company.

The chairman (Mr. R. A. Rankin) stated that the company’s balance in the bank was only £27, and in the event of liquidation there would be nothing for shareholders.

Mr. Rankin expressed dissatisfaction with re ports received on the property in New Guinea.

The managing director (Mr. C. L. Burlington) intimated that he would resign from the board of directors. The company, he said, had 300 acres of good low ground, but £10,000 was needed to make it do good.

British New Guinea Affairs.

Affairs of British New Guinea Gold N.L. were lengthily discussed at an extraordinary general meeting yesterday. The company has a nominal capital of £5000, in 1000 shares of £5 each. Mr.

R. A. Rankin, a director, who presided, dealt with the position of the company, and explained that after the liabilities were met there would be no return to shareholders, in the event of a voluntary liquidation. The information in the posses sion of the directors, he added, was not sufficient to warrant their recommending shareholders to exercise the options held. Mr. C. Lexius-Bur lington, who visited New Guinea, also addressed shareholders. It was decided that the matter of increasing the capital be deferred; that it be left in the hands of the directors to realise the assets, and in connection therewith to grant an option or options, as may be necessary; or, alternatively, to endeavour to reconstruct the company. After the meeting Mr. C. Lexius-Burlington signified his intention of resigning as a director.

The following was published at the end of December: The legal manager of British New Guinea Gold, N.L., states that reports re ceived from the company’s New Guinea representative (Mr. Charles Lilley) and a consulting mining engineer, recommend abandonment of the leases at Edie Creek secured by Mr. C. Lexius-Burlington. The directors have therefore decided to realise on the assets of the company with a view to winding up.

Mrs. Margaret Wilson was appointed sister at the Ballantine Memorial School, Fiji, at the December meeting of the Methodist Mission Board. She is the widow of the late Mr. W. Wilson, former teacher at Davuiievu College, Fiji.