Guinea Gold, N.L.
p. 50 · Read in the full issue
Activities in Papua
GUINEA GOLD, N.L., the powerful Adelaide Company, which holds substantial interests in New Guinea mining companies, and which is now carrying on important exploratory activities in the Lakekamu district, in Papua, held its annual meeting on March 31. The chairman of directors, Mr. C. V. T. Wells, presided.
Having received £22,867 in dividends on shares in other companies, principally in Bulolo Gold Dredging, Ltd., Guinea Gold, N.L., the balance sheet showed, made a net profit of £21,488 for the year ended February 28, compared with £8175 for the previous year. Dividends of /10½ per share of 2/- each required £21,875, and with £497 brought forward, a balance of £110 was carried forward.
Issued capital is £50,000, with which a reserve stands at £541,573. The reserve has been increased by £149,363, being the increase in the market value of the company’s investment assets on the year.
The chief assets item, shares in other Companies, appeared at market value at £571,656. Cash balances are £6366.
Prospecting and developmental expenses on new leases in Papua and Mandated Territory amounted to £14,607.
The directors reported that Mr. G. S.
Dyer was then on his way from America to Papua, to inspect and report on the companies properties and the work done.
They hoped that the report will enable them to determine a definite course of action for the future.