Moresby King 5/-Shares at 42/-
p. 22 · Read in the full issue
Papuan Goldmine Boom
'THERE has been an extraordinary flutter in the 5/- shares of Mandated Alluvials Ltd., which owns the Moresby King Mine in Papua (near Port Moresby) and a num ber of leases in New Guinea.
The 5/- shares were quoted at 7/8 in mid-July. They began to move in August: and by the end of August they were boom ing. They went up to 30/- and by Sep tember 3 they had touched 42/-. Then they sagged to 34/- on the announcement that there was to be another issue of shares.
This is all the result of the discovery of rich values in the Moresby King Mine (16| miles from Port Moresby), of which the Sydney Market got definite advice late in August. The speculators promptly went crazy. There are less than 50,000 5/shares issued in this company and it is calculated that nearly 30,000 of them changed hands within three weeks.
The report of Moresby King assays for the period ended August 25 (published in full in our Mining Reports) shows the reason for the excitement. Most of the ore runs around 20 dwt. per ton: some goes over 40 dwt.
It looks as if Papua, at long last, is to have a profitable mainland gold mine. The only good goldfield it has now in operation is away over on the island of Misima.
Mandated Alluvials was formed in June, 1935; its chief office is at 117 Pitt Street, Sydney. Its nominal capital is £25,000 in 5/- shares. Twenty thousand fully paid shares were allotted to Dominion Gold Ltd. and Pioneer Expedition N.D. for certain options. The directors, at the end of 1935 were: W. S. H. Carroll, A. T.
Black, E. J. Harman.