Modern Golconda
p. 18 · Read in the full issue
Earnings of Guinea Gold, N.L.
A PERIODICAL reminder of one of the romances of New Guinea comes in the annual report of Guinea Gold N.L.
This is the Co. out of which sprang Placer Development and Bulolo Gold Dredging Ltd. It started about 1926 with a capital of £50,000, of which £37,487 was subscribed in cash, and, since th,en, it has distributed to its lucky shareholders no less than £296,'458. The Company holds, against its £50,000 capital and £33,- 000 of other liabilities, assets worth no less than £458,387, conservatively valued.
In the year ended February 28 last, Guinea Gold, N.L., made a profit of £45.- 842 (being dividends on the Placer and Bulolo shares which it owns) and it paid its shareholders no less than 1/9 for each 2/ share.
In presenting the accounts at the an nual meeting in Adelaide on May 17, the chairman (Mr. C. V. T. Wells) said it was expected that, by the middle of 1939, there will be seven dredges at work in the Bulolo Valley in New Guinea, which local conditions have already proved very suitable for the consistent production of gold by dredging.