N.G.G. Policy

Uncertainty Causes Slump in Shares

/~\WING to a typographical error, it was stated in the P.J.M. in February that, at the annual meeting of New Guinea Goldfields Ltd., the chairman of th* 3 meeting, Mr. Blaikie Webster, disclosed that he was the holder of 80,000 shares.

The figure, of course, was wrong. Mr.

Blaikie Webster holds 800,000 N.G.G. shares.

The passing of the N.G.G. dividend in February, and uncertainty about the com pany’s future policy, led to a slump in the 5/- shares, and at one period, early in April, they were down under 3/-.

There seemed to be buyers for all parcels coming on to the market under 4/-, and prices have hardened slightly. The shares ought to be worth a lot more than 4/-.

This company has a great deal of rich ground, and the directors cannot go on indefinitely meeting heavy capital expen diture of a developmental character out of the declared profits.

But the policy of the directors is com pletely in doubt. The company is con trolled by the British Mining Trust, which also controls Mount Isa. in Queens land; and the Mining Trust, in turn, is powerfully influenced, if not controlled, by the great Guggenheimer concern of New York.

Amongst all these big fellows, the small Australian shareholder in N.G.G. can only hope and pray.

John T. Solomon, a Rotuman minister, has been appointed the first colporteur in Fiji in connection with the British and Foreign Bible Society. Trained at the

Methodist Mission’s Theological College,

Solomon speaks Fijian, English, Samoan,

and Hindustani, in addition to his mother tongue.