Bonanza

A New Guinea

Annual Profit of Guinea Gold NL

THE usual profit of around £50,000 is reported by Guinea Gold NL, in the year ended February 28 last.

Guinea Gold, an Adelaide concern, is the original New Guinea company out of which grew Bulolo Gold Dredging Ltd. and other sensational money-makers. It is merely a holding company, nowadays, deriving its revenues from its Bulolo Gold Dredging Ltd. shares.

Its issued capital is £50,000 and it regularly pays a dividend equal to 100 per cent, per annum. Its capital account is one of the most beautiful things ever seen by gold-mine investors. On the liabilities side it shows issued capital of £50,000 and a bank overdraft of £7,108; and, on the assets side, shares in Bulolo GD Ltd. worth £320,250. The account is balanced by creating a general reserve of £263,142.

In other words, the shareholders re ceive an annual dividend of 100 per cent.; and, if the company sold its share holding in Bulolo GD Ltd. at current valuation, shareholders would receive

more than £6 for each of their £1 shares.

Guinea Gold NL is an amazing money

spinner; but original shareholders de serve every penny of it. They had the courage to back the late Cecil J. Levien, when everyone else laughed at his plan of developing the Bulolo flats with mod ern dredges, to be flown in over the New Guinea mountains in aeroplanes. With the help of the Adelaide syndicate, the soundness of the plan was proved, and BGD Ltd. is to-day recovering in New Guinea more than £1,000,000 worth of gold per annum.

Bombardier Neville W. Bertwhistle (NGX 53), whose death on active service overseas was reported last month, was a member of the clerical staff of W. R.

Carpenter & Co. Ltd., at Rabaul, New Guinea. He was 28 years of age and was attached to a Tank Regiment, RAA.