Real Bonanza!

New Guinea Co.'s Profit Last Year Over a Million

r:E remarkable success of Bulolo Gold Dredging, Ltd.—the senior gold min ing company in New Guinea—is well illustrated by the following figures, which show in Canadian dollars the profits fpr the year ended May 31, in 1938 and in 1939: 1938 3,453,463 dollars 1939 3,874,085 dollars The profit in 1939 was equal, in Aus tralian currency to the remarkable total of £1,106,881. This is only slightly less than the total amount of the company’s subscribed capital.

It would appear that, as each year passes, the company’s rate of profit rises.

It has indeed found a Bonanza in the Bulolo River flats, whose richness origin ally was seen by the late Cecil J. Levien, The profit quoted is given before pro vision is made for amortisation. It is cal culated that the life of the field may run anything from 12 to 20 years. The dredgeable gravel reserves on May 31 were calculated at 182,000,000 cubic yards, plus 20,000,000 cubic yards which will have to be handled as a hydraulic proposition.

The company now has eight dredges working. The construction of No. 7 dredge was completed early in July, and it is now operating satisfactorily; while No. 8 dredge, near the junction of the Bulolo and Watut Rivers, was expected to com mence operations early this month.

Mr. Harold Gatty, N.Z. representative of Pan American Airways, left by the last “Monterey” for U.S.A.