£250,000 Gone
pp. 23-24 · Read in the full issue
The War and Guinea Gold
MAIN asset of Guinea Gold, NL, is its holding of 64,050 shares in Bulolo Gold Dredging, Ltd. Since enemy action caused complete suspension of Bulolo’s operations, its shares have fallen in market-price from £5 to 24/-.
Extent of actual damage to Bulolo’s property is not yet known, but the directors of Guinea Gold, in their annual report, state that whether Bulolo decides to resume operations after the war or not, insurance compensation settlement, when made, should have a substantial influence upon the ultimate asset backing of the shares.
The directors add that they have con sidered whether any positive action could be taken, such as going into voluntary liquidation, but, after taking legal ad vice, they have come to the conclusion that the only policy is to continue as at present at a minimum of expense until the war position clarifies the future of the Bulolo Co.
Net profit of Guinea Gold for the year ended February 28 was £44,248, com pared with £50,754 for the previous year.
A year ago, Guinea Gold’s share hold ing was worth £320,250. It balanced this valuation, in its balance sheet, by showing a general reserve of £263,142 (compared with a paid up capital of £50,000). At the end of February, the shares were worth £76,860—a loss of £250,000 caused by the war—and the general reserve took the strain and was reduced to £17,140.
Mrs Wiki Byron, secretary of the nesian Club of Sydney, has been advised that her brother, Eddie Morgan of Rotorua. NZ, has been promoted to com missioned rank of lieutenant in the Maori Battalion, abroad.