A Money-Spinner
p. 11 · Read in the full issue
Activities of Bulolo Co.,
T.N.G.
THE first of the deep-digging dredges installed on the Morobe goldfie’d, I New Guinea, by Bulolo Gold Dredging I Ltd., commenced operations this month, j It is called Number 5 dredge and it digs to a depth of 85ft. below the water-line, and carries a bank of 40ft.—thus making a total dredging depth of 125 ft. This represents the first of the B.G.D. opera tions on the lately discovered deep level of gold-bearing gravel.
This successful company soon will have seven dredges in operation. They are as follow: Dredges Nos. 1,2, 3 and 4 are dredges constructed to deal with the gold-bearing gravels lying at comparatively shallow depths, on the Bulolo and Bulwa flats.
Nos. 5 and 7 are constructed to deal, not only with gold on the 30-40 ft. level, but also with the gold on the newly-found level at 80ft. and beyond. No. 5 has just been completed, and No. 7 is now being fabricated, and its erection should be completed about December, 1938.
No. 6, like the earlier dredges, has a total working depth of only 40ft. The erection of this dredge is nearly com pleted, and it will commence operations early in 1938.
During the first half of 1938, a new steel hull for No. 1 dredge will be erected at the junction of the Bulolo and Bulowat streams; and about October, 1938, No. 1 dredge will be dismantled and trans ported to the new location.
During the year ended May 31, 1937, Bulolo Gold Dredging Co. Ltd. made in creased profits—namely £896,500 (Aust.) compared with £802,200 (Aust.) in the previous year—and has paid an increased dividend of two dollars 90 cents per five dollar share for the year.
The history of the company during recent years is best shown in the follow ing table:
totals ... 548,562 248,523 43,818,100 6.04 ““Includes silver values converted into gold.
The directors state that when their hree new dredges (Nos. 5,6, and 7) are n operation, the rate of gold production viT increase, and the working costs per init will probably be reduced.
This company already is returning 60 ier cent, per annum on its subscribed capital. Indications are that it will pay wen better in the future. Yet its ordin ary five dollar shares, quoted at s£7/10/line months ago, and to-day quoted at s£6/15/-, were down to £5 only a few reeks ago. One could have no clearer ndication of the curious uncertainty and inhappiness that fall periodically upon he stock markets of the world.
Hon. H. B. Gibson, European Member for the Eastern Division, who defeated Major the Hon.
Willoughby Tottenham at the recent Fiji elections
Gold Silver Cubic Graii 1 of Fine Gold if ear O/.
Oz.
Yds. a yd.* 1932 6,891 3.541 558,800 5.96 1933 ... 65,355 32,287 4 551.800 6.94 1934 ™_ 89,737 44,351 6.674.300 6.50 1935 ... 127,901 56.652 9,920,700 6.24 1936 '„... 121,353 52,653 10,915,500 5.37 1937 ... 137,325 59,039 11,197,000 5.92