From Papua
p. 74 · Read in the full issue
Yodda Goldfields Ltd.
At a special general meeting of shareholders of Yodda Goldfields Ltd., New Guinea, held in Sydney on July 22, Mr. H. T. Kienzle, who is making a brief visit to Sydney, submitted a report on the property. In a circular to shareholders the direc
tors advise that production started in August, 1934.
Owing to the inaccessibility of the field a special aerodrome had to be built for the landing of planes, and the specifications prescribed by the administration necessitated expenditure exceeding the original estimate by over 100 per cent. From May to August heavy rains on two occasions washed the dam away, necessitating the construc tion of a dam nearly twice as large and strong: than was actually essential under normal condi tions. This caused a stoppage of work, which meant considerably more expense of an unproduc tive nature. Until the end of September only one unit —that on Hal Creek—was operating, and to the end of January bullion produced was only 230 oz. from both units. For the succeeding three months output was 179 oz., and for May 60 oz., and June 70 oz. Monthly expenses average £350.
New Misima Goldmines Ltd.
Operations for the 12 months ended April 30,. 1935, stated Mr. F. W. Cuthbert, managing director of New Misima Goldmines, Ltd., Misima Island, Papua, in the sixth annual report to shareholders, on July 5, have been most successful; and the balance sheet bears out that statement to an extra ordinary degree. After providing £6287 for de preciation the company earned a net profit of £17,652. Dividends totalling 18/- per share, equal t ., 90 per cent., absorbed £12,600, and, after allowing for a bonus of £630 for the white staff of 14, the carry-forward is increased to £21,439 from £17,017.
The plant treated 14,762 tons for a yield of 16,712' oz. bullion, valued at £A30,440. Ore reserves at 81,340 tons, are slightly higher. With an addi tion of £5OOO during the year, the reserve fund (on fixed deposit) has been raised to £14,000. which covers the amount of issued capital. The monthly dividend has been increased from 1/6 to 2/- per share. Additional plant installed included new cone classifier, new slime elevator bucket belt, headgear, and fixtures, and new smelting furnace.
Two additional houses for native labour (now 22S boys), new dwelling for white men, new lime room, and bulk receiving store on trading allotment were erected. A new Leyland 6-wheel motor L> r f. y chassis was purchased and a suitable body built at Misima. It is of 3 tons capacity and is giving good service. Extra timber reserves of 1300 acres, containing a large supply of Rul timber, have been secured. Mine development included driving 52sit., rises 1034 ft., crosscuts 287 ft., total 1849 ft. Mr.
G. O. Wilkinson has resigned and Mr. A. Pym has been appointed a director in his place.