N.G. Mining Co. Winds Up

A petition has been granted for the winding-up of Upper Watut Gold Alluvials, which has carried on mining operations in New Guinea. The petition stated that the company was indebted to its creditors for £66,043. Its assets, apart from its gold mining leases, were estimated at £20,000.

Upper Watut Gold Alluvials N.L., was formed in Melbourne in February, 1935, to acquire, from Mt. Lawson Prospecting and Options Syndicate, options over Leahy’s, Wales’s and Mainko leases.

The issued capital was £200,000, in 5/- shares — of which £50,000 represented a fully-paid issue to the vendor syndicate. A lot of money was spent in preparing for large-scale sluicing, and the installation of a hydro-electric scheme. The first directors were D. J. McClelland, F. T.

Leahy and C. Mackay. The 5/- shares were quoted in March at 1/6 and in May at 9d.

The petition of the directors for a wind-up came as a complete surprise. The action was taken because of writs issued by the chief credi tors.

Since sluicing was commenced last August, 1385 ounces of gold of gold were won from 149,000 cubic yards. The yield since August averaged 1/3 a yard.

Chief amounts owing are: —Messrs. E. J.

Morgan and Colin Mackay, £47,523 ; Guinea Air ways, £10,236 ; Burns, Philp, £2,929; Judd and J. Leahy, £1,603 ; Siemens, £1,301 ; directors’ fees, £916.

On construction of a water-race, £29,000 was spent; £15,000 on a tunnel; £25,000 on a power house; £15,000 on gravel pumps; £7,500 on pon toons; £B,OOO on a flume; £6,500 on a diversion dam; £5,600 on residential buildings: £1,300 on an aerodrome; £2,000 on roads and bridges; and more than £4,000 on a surge tank and syphon.