From Papua

Oceanic Gold Exploration N.L.

Shareholders of Oceanic Gold Explorations N.L., at an extraordinary general meeting on June 17, voluntarily decided to wind up. It is expected there will be a return to shareholders of 13/4 a share. The Company was formed with a nominal capital of £lO,OOO, in 2000 shares of £5 each, of which 1500 were issued at £2 a share, and 500 were in reserve.

The Company sent an expedition to Papua aboard the sailing ship Joseph Conrad early this year. Results at the property inspected in the South Eastern Division of the Territory, were negative, and the party returned by steamer to Australia.

New Misima Gold Mines Ltd.

Mr. F. W. Cuthbert, liquidator of New Misima Gold Mines Limited (in liquidation), of Papua, reported on June 19 that Liquidation Dividend Number Three of £l/-/- per share had been declared. It was payable on June 22.

Cuthbert’S Misima Goldmine Ltd.

Mr. Clif G. Rutledge, who was recently ap pointed general manager of Cuthbert’s Misima Goldmine Ltd., arrived at Misima on June 12.

He reported to his principals in Sydney on June 21 that the mill was running regularly and had crushed to June 13, 1200 tons. Mine faces are looking satisfactory, and there is no difficulty in keeping up production. About one-third of the excava tions for enlarged plant is completed. He expected to have new timber road completed and ready for motor truck within four weeks.

Output for the last three months was:

April 23. May 23. June 23.

Ore treated, tons . . 1,790 1,436 1,580 Bullion, oz 2,139 1,877 — ♦Estimated value . . £4,590 £4,095 £4,122 * Based on gold at £8 an oz.