Guinea Gold N.L.
pp. 69-70 · Read in the full issue
'C'OR the year ended February 29, Guinea Gold, N.L., shows a net profit of £38,113, compared with £21,488 the pre vious year. The profit was almost wholly represented by dividends from the com pany’s share holdings in Bulolo Gold Dredging Ltd., which remains unchanged.
The directors state that the market value of the company’s investment assets at February 29 was £527,785. Owing to the general depression in gold scrip values, that sum was £44,021 lower than the market value a year ago. The issued share capital of the Company is £50,000.
The total cost of the exploration and testing campaign of the Papuan pro perties, which has been written off against the general reserve, was £33,739.
At an extraordinary meeting at the end of May, shareholders agreed to a pro
posal for an alteration of the articles of association for reserving the block holding of shares in Bulolo Gold Dredging Ltd. as an invested fund of the company.
Rev. Father Michael McEncroe, mis sionary of the Sacred Heart Order in Papua, arrived in Australia on furlough by the June Montoro.
Mr. Laurence Ashleigh Hudson has been appointed a' Medical Assistant in the New Guinea Department of Public Health.