Day Dawn’s Financial

Troubles Proposal to Wind Up

JTAVING been unsuccessful in raising A additional capital, the directors of Day Dawn (New Guinea), Ltd;, propose that the company be wound up. The directors report that large sums are ow ing for machinery, stores, and carriage, and action has been taken against the company by several ®f the largest credi tors. The company owns plant and stores at the mine at Edie Creek, and creditors should eventually be paid in full. They believe that the company’s affairs would be controlled more efficiently by a liqui dator with authority to form a new com pany of, say. 40,000 shares' of 10/- each to purchase for £ 10,000 the assets of the ■ old company. The liquidator would then be able to discharge creditors’ claims and pay a small dividend to shareholders.

The new company, subject to arrange ments for the supply of power, could begin cyaniding the tailings dump, esti mated to contain 35,000 tons of assay value of 4dwt per ton gold, from which a profit of not less than £1 per ton would be expected. The mine has not been tested at depth, they add, and boring operations would be advisable.