From New Caledonia
p. 70 · Read in the full issue
Chrome Alluvials Ltd.
THE directors of Chrome Alluvials Ltd., which operates in New Caledonia, report that all difficulties, except the labour force, have been overcome. This disability will be recti fied by obtaining indentured labour. It is proposed to instal a larger pumping plant so that the water supply for the mill can be supplemented from the sea during dry periods if necessary. The directors have gone care fully into the financial position and the mat ter of funds required for additional plant and spares with the company’s engineer. Mr. A.
Mackintosh Reid, and are satisfied that funds to be raised by a debenture issue and by the sale of product on hand will finance the company until returns from chrome are avail able.
The market for chrome, they state, is as sured. Since the company was incorporated there has been a steady increase in price, which is now at least 25 per cent, higher than the price on which their estimates were based.
Extensive additional areas have been taken up, which, once the company has been establish ed as a regular producer, will be turned to account. A meeting to enable shareholders to meet Mr. Mackintosh Reid, who is visiting Australia, was held on June 30.