Upper Watut
p. 10 · Read in the full issue
Bulolo G.D. Takes Over Upper Watut
THE new arrangement just completed in Melbourne, under which Upper Watut Gold Alluvials N.L., have formed a close working relationship with Bulolo Gold Dredging Ltd., is an interesting de velopment, reflecting much credit upon the Chairman, Mr. Colin Mackay, and the consulting engineer, Mr. D. J.
McClelland. Bulolo G.D. is the most suc cessful operating company on the N.G. goldfield; and the re-arrangement cer tainly means that, if there is profitable gold in the U.W.G.A. leases, the share holders will get the full benefit of it.
This is a sluicing proposition, operated by hydro-electric power. The Co. was formed in February, 1935, to acquire from the Mt. Lawson Prospecting Syndicate options over Leahy’s, Wales’s and the Mainko leases, comprising 16 million cubic yards on the Upper Watut River.
The Co. has a nominal capital of £200,000 in 5/- shares, 600,000 shares being issued.
Mt. Lawson Prospecting Syndicate re ceived 200,000 fully paid up, and rights to 187,500 more. The directors were: D. J. McClelland, F. T. Leahy, Colin Mackay.
Details are given in our mining notes.
Bulolo G.D. Ltd. will put £lOO,OOO into Upper Watut G.A., and receive, at par, 400,000 newly-created 5/- shares. The latter are quoted at between 7/- and 8/-.
Captain G. B. Nasmyth, harbourmaster at Levuka, arrived in Sydney from Fiji by the Niagara on May 16. Accompanied by his wife and daughter, he sailed for London on extended leave by the Ormonde on May 20.