Day Dawn’s Financial
p. 11 · Read in the full issue
Troubles
THE new directorate of Day Dawn (New Guinea) Ltd. has been busy during July with its plan for issuing 10 per cent, debentures to the total value of £8000, redeemable in July, 1939, in order that it may provide funds for proceeding with operations at Edie Creek. It is hoped by this means to obtain sufficient capital to operate the cyanide plant and treat about 36,000 tons of tailings which are lying there.
If the new capital is secured, it is ex pected that cyaniding will commence im mediately, and that the question of fur ther mining operations will be reserved for consideration later on, after the results of cyaniding have been ascertained.
If, however, the capital required is not secured from the issue of debentures the directors may have to consider important alternative proposals—among which, of course, is that of selling the whole pro perty. One report from Edie Creek indi cates that the belief is held there that New Guinea Goldfields Ltd. may become interested in the property. There is no official justification for this report in Sydney, however.
The opinion of experts is that Day Dawn is a valuable property and that, if it can survive the present financial crisis, it may then return to the dividend-paving list.