Pleasing Time

Stir Over Mandated

Alluvials

Pitt Street Brokers Have Pleasing Time

HPHE Pitt Street section of Sydney has -*■ had a most satisfying time with the shares of Mandated Alluvials, N.L. (Papua) in recent weeks; and the rest of Sydney has sizzled with rumours and reports about this gold-mine property (the Moresby King Mine, 17 miles north of Port Moresby), and about a “gorgeous ramp” that someone or other is supposed to be working.

It is a fact that the 5/- shares of this concern, usually quoted around par, rushed up to over 30/- at the end of August, and since then have fluctuated between 12/and 30/- in so extraordinary a fashion as to arouse a suspicion in certain quarters that powerful interests have been playing with the market.

It is certain that many thousands of shares changed hands quickly.

An engineer, Mr. E. W. Bonwick, was sent to Papua to investigate and report.

He said that he had taken 20 samples over a certain area and they confirmed the manager’s assay and averaged 14 dwt. per ton. Mr. Bonwick made these statements: “It should be clearly understood that the value of the property is quite un certain, as the ore bodies may have no western continuation.

“It is all too hypothetical and uncer tain to warrant any silly excitement.

What is wanted is a good programme of solid development work.

“It is a promising prospecting venture and nothing more. And even at that there are some disquieting features.”

The examining engineer emphatically

dissociated himself from a published report “that there may be a million pounds worth of gold there,” although he considered that the proposition was one worthy of systematic development.

The chairman at the annual meeting on October 2 said the mine would be vigor ously developed. Two engineers were then inspecting the property for Placer Devel opment Ltd., which held no option.

Captain C. R. Finney, M.C., Adminis trator of Norfolk Island, will arrive in Sydney on furlough in November.