New Guinea Goldfields

Ltd.

THE accounts of New Guinea Goldfields Ltd., for the year ended September 30 last show a further loss of £3,045, which has reduced the undistributed amount in the Profit & Loss account to £219,009.

Owing to great shortages of labour, plant and transport, NGG has not hur ried the difficult process of rehabilitation.

When the Jap invasion forced evacuation In 1942, NGG Ltd., had well over £200,000 in accumulated funds, and it was de cided to keep this money liquid, for emergencies. On present indications, another year may pass before this Co. resumes large-scale operations.

The issued capital (written down in the thirties bv 75 per cent.) is now £950,000. The mine properties, buildings, plant, etc., are valued at around £BOO,OOO, The Co has £120.000 in cash and inves ments; and its claims for war damage compensation (not complete) total £177,636.

The Co. has much valuable gold-bear ing country in the Morobe area and, with good management and the resources at its command, it should soon be back in the class of substantial profit earners.

The directors are; J. Kruttschnitt (chairman). C. W. Alexander, N. L. Cow per, E. D McDermott. W. P. Mitchell. H.

H. McNall, and Earl Castle Stewart. The Company is controlled by New York mining interests, and its shares (nominal value 4/3, Australian) are quoted at around 3/-.