Gold Shares at Strange

Low Levels

O’AVING seen the investors of Collin 3 Street, Melbourne, and of Pitt Street, Sydney, throw away their money in the most fantastic and reckless manner in recent years, when various Fiji, New Guinea and Papua gold mines were floated, one is amazed to note the way in which shares in goldmines in the Pacific Islands are now being neglected.

Only two gold mines survived and were developed on the Tavua field in Fiji, for example—namely, the Emperor and Loloma. Both are certain to give a substantial return on the capital in vested, yet the shares of both mines have been sagging on the Stock Exchange in an extraordinary fashion.

Similarly, one notices that the shares of Goldmines of Papua N.L, are down to about 10/-. Nine months ago, when the company was a year off production, the shares were at 17/6 and the prospects of the company have been improved very much since then. The 5/shares of New Guinea Goldfields Limited are down to 1/9 yet everything indi cates that this concern will pay lh% or probably 10% on issued capital for some years to come. Practically every Pacific goldmining company is in the same way.

In such circumstances is it any wonder that promoters of goldmines in the Pacific Islands have very little respect for the intelligence of the investors of Pitt and Collins Streets.