N. G. Mining Warden Warns

Share Investors

PEOPLE connected with the gold industry of New Guinea and particularly those of the investing public, who from time to time speculate in goldmining shares, will be interested in the warning sounded by the Warden of the Morobe goldfield, New Guinea, in May.

After the get-rich-quick share vendors, the next menace to the good name of the mining industry is the pompous, unquali fied “expert” upon whose glowing report

gullible men and women pour their savings into wild-cat companies formed “to work the areas.” Generally, the only thing they work is the three-card trick on the unsus pecting shareholders.

“During the past few months options have been taken over large areas held under mining tenure on the Morobe Gold field,” wrote the Warden in his report for April, 1935.

“Self-styled mining engineers have been sent from Australia to examine and report upon some of these areas, and the invest ing public would be well advised to investi gate the professional status of those en gaged as mining engineers, before sub scribing to the share issues of companies formed to work the properties.

“It is thought that legislation, along the lines of the ‘Professional Engineer’s Act’ of Queensland could, with advantage, be introduced in New Guinea.”