N.G.G. Pays Another

5 Per Cent.

Prospects of the Company

NEW Guinea Goldfields, Ltd., is doing very nicely under the new manage ment. It has just announced another 5 per cent, dividend (worth much more to all those long-sighted people who bought the 5/- shares at about 2/-); and the directors’ annual report, although con servatively and cautiously phrased, shows that there should be substantial profits from the company’s operations during the next few years.

The profit in the year ended September 30 was £67,230, after providing £16,918 for depreciation. It is noted, also, that no less a sum than £55,000 is charged away, in the profit and loss account, for re demption”, “royalty and realisation’ and “Commonwealth excise”. Little wonder that the balance sheet shows £45,698 held in bullion, and £166,595, cash in bank!

The issued capital, now £1,118,083, is not the burden it was a few years ago.

The company, in the next five years, will get the benefit of that drastic writing down of 75 per cent.

Operations are now going on at Edie Creek (deep mining), Upper Ridges and Golden Ridges (crushing), Kaili, in the Bulolo Gorge (sluicing), Upper Edie Creek (sluicing) and Koranga (sluicing by tributors).

Mrs. Chawner, wife of Dr. Chawner, of the A.P.C., recently returned to Port Moresby after spending a number of months in Europe and America. Mrs.

Chawner was accompanied by her daugh ter, Miss Carogene Chawner, who has been in America.