Cuthbert’s Money-Spinner

is Sold New Company Buys Misima Mine

From Our Owhi- Correspondent.

Port Moresby, Oct. 9.

AN inspection of the property of New Misima Gold Mines Ltd., on the island of Misima, has been completed by the mining engineer, Mr. C. Rutledge, who arrived in the Territory early in Sep tember from Sydney, on behalf of a southern company. The price asked for the property was £75,000 in cash and £20,000 in shares.

It is understood that the terms have been accepted and that the option over the New Misima Gold Mines was exer cised this week, and that the mine will be taken over immediately by a company to be called Cuthbert’s Misima Goldmines Ltd.

It is reported that the new company has been formed by Mr. Frank Ham bridge, of Sydney.

The property was bought in 1928 for £ 2,000 by Messrs. Fred Cuthbert and G.

O. Wilkinson, and those two hardworking, practical men, in the past six years, have

taken out of the mine gold worth £145,000. Recently they have been pay ing a dividend on £1 shares at the rate of 2/- per month (120 per cent per annum!).