From New Guinea

Sunshine Gold Development Ltd.

On August 10. the general manager in New Guinea of Sunshine Gold Development Ltd. ad vised by radio that the sluicing plant at Goldfoil is now in operation, with a full head of water.

The work had been delayed several months ago as a result of trouble with the siphon line.

Bulolo Gold Deposits Ltd.

The manager of Bulolo Gold Deposits Ltd., New Guinea, reported early in August that the com pany had cleaned up 3970 z. of gold for 345 working hours.

The company has obtained a tribute from New Guinea Goldfields Ltd., on satisfactory terms, ad joining the present workings. Work is being commenced on this area immediately, in conjunc tion with work on the Co/s own property.

Ramu (N.G.) Gold Syndicate N.L.

Shareholders of Ramu (New Guinea) Gold Syndicate N.L., at an extraordinary meeting in Melbourne on August 7, decided voluntarily to wind up the syndicate. There will not be any return to shareholders.

The company was formed in Victoria at the end of 1934 with a capital of £5OOO in 1000 shares of £5. Seven hundred were offered for public sub scription and 300 were held in trust for the vendors and promoters.

Messrs. Spence and Smith, of Wau, tested the Co. s leases on three tributaries of the Ramu River.

They recommended the abandonment of the areas in August, 1935.

New Guinea Goldfields Ltd.

The monthly returns of production and estimated profits of New Guinea Goldfields Ltd. are as follows;

Enterprise Of New Guinea N.L.

From the general manager of Enterprise of New Guinea N.L., the following cable was received on July 22: — “Further delay Surprise Creek-Watut area owing to heavy rain; some damage along water-race.

Developments of importance taking place at engine face, discovered what appears to be old river bed rock. Must do more development work before ex tent made known.”

Advice was received on August 4 by the Mel bourne management of the Company that water was running through the Iroa Creek-Watut water race. A sluicing face is being opened up.

Upper Sepik Gold Syndicate N.L.

Business at the first annual meeting of Upper Sepik Gold Syndicate N.L. early in July was monopolised by discussion about the company’s finances. Many sharp exchanges were passed be tween shareholders and the directors.

Shareholders asked the chairman (Mr. E. F. S.

England) to read a confidential report about the deficiency account shown in the accounts. This re port had been sent by the auditor to the directors.

Newspaper representatives were asked to leave the meeting while the report was read. However, after a long discussion it was decided that the contents of the report would not be disclosed to shareholders, and the press representatives were readmitted. The chairman said that the directors had acted upon recommendations made by the auditor in the report.

On the flotation of the company commission was paid to certain directors on the sale of shares.

As authority to draw commission was not given to the directors in the prospectus, shareholders were asked at this meeting to agree to a motion confirming the payment of brokerage to directors at the time of flotation. The motion was rejected.

The auditor (Mr. A. W. H. McEwan) said that the brokerage paid was 10/- for each fully paid

Edie Creek Mill— Apl.

May.

June.

Tons *3566 13448 Fine gold, oz 1172 1269 1161 Fine silver, oz 3249 3581 3037 Alluvial— Fine Gold, oz 1111 1088 1141 Fine silver, oz 838 826 863 Golden Ridges Mill— Fine Gold, oz 1489 1244 1599 Fine silver, oz 828 847 1039 Operating Profit— Alluvial £6127 £5478 £4600 Golden Ridges Mill . . 6605 5999 3782 Edie Creek mill 1867 3731 3704 t From April 14 to May 14. * From May 14 to June 14. f From June 14 to July 14.

£5 share placed. He estimated that the directors concerned had been paid between £2OO and £3OO in brokerage.

The balance-sheet as at March 3, presented at the meeting, showed creditors at £293, cash at £5O, and deposits at £3O. Expenditure for the year aggregated £7294.

Messrs. Spence and Smith, consulting engineers to the syndicate, advised on July 23 that 26 pits had been put down on the Theobald and Hyde options, proving approximately 450,000 cubic yards, containing average values of lOd. a cubic yard. Owing to the low values, they did not advise carrying on testing operations. The directors have decided to abandon the options.

Sandy Ck. Gold Sluicing Ltd.

The mine manager of Sandy Creek Gold Sluic ing Limited reported early in August that during July 275 ounces of gold were recovered from 11,650 cubic yards of material treated, giving an average value of approximately 3/6i per cubic yard.

Sandy Creek Gold Sluicing Ltd. have published their balance sheet for the year ended April 30, 1936. The Co. spent £7471 on development, £3261 on gold recovery operations, and £525 on administration; and, mostly in the last few months of the year, recovered gold worth £4838. The directors say that in the three months, May-July, gold recovery shows a net profit of about £1825.

The issued capital is £77,500 in 2/6 shares, which the market values at around lid. Preliminary operations on the Poverty Creek property by box sluicing were commenced in April, with satisfactory results; the manager believes that Poverty Creek is a very valuable area.

Upper Watut Gold Alluvials N.L.

The mine manager of Upper Watut Gold Al luvials N.L., New Guinea, reports by cable that wash excavated from power house foundations, totalling 500 cubic yards, was boxed and gave a yield equal to 3/9 a cubic yard. At this point there was 2ft. of overburden and 12ft. wash.

The mine manager recommends that ground sluicing be commenced below the power house, as this can be done at little expense. He estimates that work can commence shortly, and that up to 30,000 cubic yards can be treated monthly. The manager is being instructed to commence this work.

Tt is understood that this section of work is not part of the company’s main scheme, which is to be sluicing by gravel and nozzle pumps.

Irowat Gold Alluvials N.L.

The legal manager of Irowat Gold Alluvials N.L. reports cabled advice from the mine manager that the last 34,000 cubic yards of ground sluiced from the high terrace ground gave a yield of 2030 z. of gold.

The next operations will be carried out on No. 2 area, which testing has proved to contain higher values.

Preparations are also in hand for the commence ment of operations on the stream flat area. Recent tests have proved this to contain good values, and the mine manager reports that in the near future gold returns will be much higher. [This second yield of 2030 z. from 34,000 yards represents 2.87 grains a yard, worth about lid.

Irowat’s first yield also from the terrace (which is said to carry poorer values than the lower ground along the creek) gave values in the vicinity of 1/9 a yard, and costs were lid.]

Placer Development Limited.

Placer Development Limited, which has large interests in New Guinea, advises that since the

listing the Company on the London Stock Ex change, 85,030 unissued shares have been placed in London through market channels at £4 (ster ling) each, less a commission of a share.

This brings the number issued to 700,000. The money obtained by this issue will be used to retire an advance from the Company’s bankers of approximately £85,000 (sterling) to a subscription for the Company's quota of toe recent new issue of shares in Bulolo Gold Dredging Ltd., and for the purpose of general expansion of the Company’s business.