Solomons Gold

Lively Little “Boom" in Melbourne

WHEN Mr. T. R. Victor, well-known Australian mining engineer, sailed from Sydney by the “Malaita” on May 13 for the Solomon Islands, he car ried with him the high hopes of a group of Melbourne companies, who have commenced a lively boom in Solomon Is lands gold shares.

Also, he can count for prayers for his success from Administrative officials, planters and traders in the Solomon Is lands, which is one of the few Territor ies wholly dependent upon copra, and which would be very glad indeed to see a profitable mining industry established.

There has been talk, for years, of a goldfield on Guadalcanal, in the Solo mons, and a whole succession of com panies have attempted to exploit the field. There is no doubt that gold is there, in quantities usually considered quite payable. But the difficulty of working it profitably has beaten a good many engineers.

Recently, it was reported that an Eng lish syndicate had taken over the rem nants of the earlier companies, and new ground was being examined.

Late in April the Melbourne news papers announced that new companies had been formed and registered and what appeared to be a very lively boom had commenced on the Melbourne Stock Ex change. Speculators appeared to be fol lowing Mr. Cody and Mr. Victor, who have been associated with some success ful gold mines.

Solomon Gold Mines N.L. was regis tered to acquire an option of purchase over an area of 300 acres carrying an alleged large gold-bearing lode on Vali korta Ridge between the Tsaravonga and Soryohio Rivers, on the Island of Guad alcanal. The capital of the company is £5,000, in 1,000 shares of £5 each. 900 shares are being issued. Australian Gold Development N.L. has the right to sub scribe for one-sixth (150 shares) of the 900 shares. The directors are Messrs.

Wallace H. Smith, Thomas R. Victor and P. F. Cody. Mr. Haddon A. Smith, 360 Collins Street. Melbourne, is legal man ager.

Last winter, Mr. Victor visited the is lands to inspect a lode proposition, but he had considered the grade to be too low. There were large deposits of alluvial gold in the vicinity, however, and he had suggested that further prospecting might disclose a rich source lode. Exploratory work had been continued, and the lode that he was about to inspect had been discovered about half a mile from the reef he had seen on his previous visit, and in the same belt of country.

This announcement, about April 25. brought another promoting company, Yellow Boy Gold Development N.L.. into the picture. It announced that it held options over 75 acres alongside that described above.

Early in May, Valikorta Gold Ridge N.L. was registered in Melbourne, to acquire from Yellow Boy Gold Development N.L. an option of purchase over prospecting areas (consisting of approximately 75 acres) and situated in the same locality as described above. Capital is £6,000 in 1,200 shares of £5 each, of which 900 shares paid to £2 are being issued to

Yellow Boy Gold shareholders, A.G.D., N.L., Solomon Gold Mines, N.L., and other Melbourne interests.

Mr Victor was engaged to report on this property as well as on the Solomon Gold Mine’s area.

By May 3, Melbourne investors seemed to be going crazy about these Solomon Island speculations. They were paying £25 for Solomon Gold Mines N.L., £lB for Yellow Boy, and £7 for Australian Gold Development. The boom much resembled the kind of madness which fell upon Melbourne speculators when Fiji gold shares were put on the market.