New Guinea's Hamstrung
p. 71 · Read in the full issue
Mining Companies
THE position disclosed by the Directors of Sandy Creek Gold Sluicing Ltd., in their last annual report, is typical of most of the gold-mining companies of New Guinea.
The company has an excellent property on the Morobe field; it has a sound directorate and staff, and substantial funds in cash; it is all ready to start min ing operations. But because Government policy has deprived it of native labour, and any prospect of getting labour, its enterprise is paralysed. “The position is so unsatisfactory at the present time,” say the directors, “that it is quite im possible to indicate when mining opera tions will be resumed.”
The company has an issued capital of £77,500 and a special reserve of £24,856, of which some £20,000 is in cash. It was a good money-spinner before the war, and could be again, if given half a chance.