Fiji Gold

Loloma Pays a Dividend— Memories of Mr.

Lawlor

THE first dividend has been paid in connection with the Tavua goldfield of Fiji—that goldfield on which a most spectacular share boom, and an equally spectacular collapse, were based in 1934-36.

The dividend has been paid to share holders in Loloma (Fiji) Gold Mines N.L.

It is 1/ per share and it will absorb £41,- 250. Loloma was the first of the Tavua leases to be floated into a company (January, 1935), and this flotation was followed by dozens of others. Shares in a mere optimistic hole in the ground went to fantastic prices.

Only three companies survived —Loloma (which was the richest of the lot), Emperor and Koroere. These three leases are close together, covering a volcanic cone in the centre of the goldfield. The Emperor and Loloma mines between them are now producing gold at the rate of 6,000 ounces per month. A dividend from Emperor seems to be due—though the market is pessimistic about it.

Koroere has not been developed. There should be good gold there, but the right lodes do not seem to have been found.

It is now proposed that Koroere Gold N.L. shall be taken over by Emperor Goldmining Company Limited as a going concern, the purchase consideration to be an allottment to Koroere of 50,000 fully paid 10/- shares in Emperor Mines Lim ited. The details are given in our mining columns.

The story of Loloma is one of the ro mances of the Islands. The mine was bought in an irresponsible moment for £2O, by Mr. W. Lawlor, a young English man who was seeking fortune in Fiji, and not making much of a success of it.

To his amazement, he discovered that Loloma was very rich. He received for it £lO,OOO in cash, and shares then nom inally worth £15,000 —but within a few months his shares were worth £70,000.

The market valuation of Loloma Mines to-day is £963,000.