Expedition
p. 75 · Read in the full issue
No Gold!
Oceanic Co. Abandons Expedition
THE Melbourne expedition which char tered the ship Joseph Conrad some three months ago and went to one of the Papuan islands near Samarai to search for gold, appears to have been a complete “washout”. The following was published in Melbourne in mid-May: Directors of Oceanic Gold Exploration N.L. re port that Mr. T. J. Shephard, mining engineer, has cabled that the area in South-Eastern Papua inspected by him has been very disappointing. He advised the abandonment of the expedition.
The expedition, consisting of four mining engi neers under the leadership of Mr. Shephard, left on the sailing ship Joseph Conrad last January.
Capital is £lO,OOO, in 2000 shares of £5 each, of which 1,500 paid up to £2 a share, were sub scribed. Australian Prospecting N.L., Mandated Gold N.L. and Pacific Gold N.L. hold 150 shares, and Cracow Gold N.L. 100 shares, in the com pany.