From New Guinea

SANDY CREEK Gold Sluicing Ltd., New Guinea, has issued the following financial statement for the quarter ended July 3i : Cash in hand, commencement of period (including balances due on gold sold), £3,231; revenue from operations, £9,338; expenditure, £6,121; cash in hand end of period (including bal ances due on gold sold), £6,448; debtors, £67; creditors (including provision for accruing ex penditure), £1,740.

The last four yields of the Company have been:—

Enterprise Of N.G. Gold And

Petroleum Development

The general manager of Enterprise of New Guinea Gold and Petroleum Development N.L. (Mr. H. Taylour) reported as follows for the period ended October 19;— Surprise Creek, hydraulicking continued, floods and heavy rains caused little damage and delay. Edie mine, steam and plant com pressed air installation commenced. Arrange ments under way for driving Nos. 1, 2 and 3 levels simultaneously.

Bulolo Gold Dredging Ltd.

Before providing for amortisation, Bulolo Gold Dredging Ltd. earned a net profit of 3,453,463 Canadian dollars for the year ended May 31 This is approximately £A899,100. In the

July.

Aug.

Sept.

Oct.

Cubic yards . . 16,088 18,497 19,644 16,073 Gold, oz. . . 531 538 359 368 Per c.y. . 4/11 4/4 2/9 3/5V 4 Working cost . 1/5 1/2 i/o y 2 1/2 y 2

previous year, the profit was 3,585,975 dollars before providing for amortisation.

Cabled advice states that dredgable gravel re serves at May 31 were 192,000,000 cubic yards, and about 20,000,000 further yards which will be handled hydraulically. Dredge No. 7, which is now under construction, should be com pleted during March of next year. The con struction of a further dredge, No. 8, has been decided upon, and it is expected that it will be operating by the middle of 1939.

Production of the Co.’s dredges in New Guinea from July to September has been:

Throughout September the No. 2 dredge was digging in very low values, through a gorge to a new location, which has now been reached.

Bulolo Gold Deposits Ltd.

The following yields have been reported by Bulolo Gold Deposits, New Guinea:—

This is the final clean-up before handing over the leases to New Guinea Goldfields Ltd.

Sunshine Gold Development Ltd.

Sunshine Gold Development Ltd., New Guinea, reports that the clean-up for October yielded 4500 z. gold. A dividend of 6d. per share has been declared payable on Decem ber 12. Books will close on December 1.

New Guinea Goldfields Limited

The following progress report for September has been issued by the Mining Trust Limited consulting engineers for N.G. Goldfields Ltd.—

July.

Aug.

Sept.

Cubic yards . , , . 1,232,000 1.249,000 1,138.000 Bullion, oz. 19,667 23,492 15,271 Gold, fine oz. . 13,569 16,209 10,537 Value— Aust. currency* . £118,729 £141,829 £92,199 Value, per c.y. /23.1 /27.2 /10.4 WorKing profit £77,875 £100,695 £63,875 • At £ A8/15/per fine ounce.

Aug. 4, Sept. 4, Sept. 26, to to to Sept. 6.

Sept. 25.

Nov. 3.

Morobe Alluvials— Hours 600 290 750 Cubic yards 7,500 2,000 8.700 Gold, oz. . 140 50 209.55 Morobe Deposits— Hours 525 300 480 Cubic yards . . 8,500 4,500 4,000 Gold, oz. . . 45 30 50

July.

Aug.

Sent.

Edre Creek Mill— Pine gold, oz. .. 1,208 1,154 1,162 Silver, oz 4,052 3,865 3.734 Operating profit . . £2,771 £2,532 £3.071 Alluvial— Pine gold, oz. .. 1,120 809 785 Silver, oz 797 612 572 Operating profit £4,395 £2,700 Nil.

Golden Ridges— Treated, tons .. — *1,200 1,633 Gold, fine oz. . . , . 113 401 Silver, oz — 116 542 Operating loss .. .. £1,005 Operating profit . — — £300 ♦Reconstructed mill run in on low-grade tailmgs.