From Papua

Sapphire Creek (Papua) Development

Syndicate

IN their half - yearly report, the directors of * Sapphire Creek (Papua) Development Syndic ate N.L. advise that options over the Gagibera, Merrio England, and Borobo leases, Papua, have been abandoned. The company retains the Sap phire Creek lease, holds 6,000 shares in Zeehan Tin Development N.L., and has £245 in hand.

Papuan Apinaipi Petroleum Co.

At the statutory meeting of Papuan Apinaipi TMroleum Co. Ltd., held in early September, Mr.

Walter M. Marks (chairman of d ; rectors) an nounced that the Company had been asked if it would sell its interests outright. It was under stood that the inquiry had been made on behalf of Melbourne interests, he said, but he had inti mated that the Company was not for sale.

Mr. Marks gave a resume of the Company’s operations to date. He said that the drilling plant would be shipned from America during September, and Mr. R. S. Haynes, who would be in charge of field operations, was now in Papua with por tion of his staff preparing for the arrival of the plant.

Cuthbert’S Misima Goldmine Ltd.

Directors of Cuthbert’s Misima Goldmine Ltd., m nnnouncing, on August 27, the quarterly dividend of 6d a share, state that the interruption to the shipping services between Misima Island and Samarai has caused a delay in the arrival and realisation of the gold bullion from the mine.

This, together with +he fact that under the com panies’ ordinances +h e Company is restricted to a period not exceeding 30 days a year for the closmg of the share register, renders the pay ment of regular quarterly dividends a trouble some matter.

With the exception of one or two minor items, the additions to the plant have I'een completed, and the new 10-head stamper battery is operating.

The Company is now able to carry out repairs to portions of the old plant. The directors expect that within a month or two the tonnage treated will be about 3.000 tons monthly. Onm-ations in July and August were interfered with by sea sonal rains, sickness among the natives. a"H repairs to five head of stampers in the old battery. Latest reports from the that conditions ere much improved, and that 20 head of stamps is again working.

Returns since June have been:

♦June T” Au".

Oi-p treated, tons 2046 234U ?° 1 ** Bullion, oz 2260 2*01 258* 0-old. fine oz *12 701 hS2 Silver, fine oz 1R70 1«"0 ’767 Kstimated value 1 f 8 oz.) £4983 £5700 £5145 Va’ue a ton of or 48/0 46/7 *In addition to bullion produced, £265 worth 0 c ,u a o-c, qPioon'l A o Svdney and realised.