Bulolo's Future
p. 10 · Read in the full issue
Short Life For 6 Dredges
LAE, Feb. 29.
UNLESS some suitable area is found to which its dredges could be trans ferred, six of them will be closed down at intervals during the next six or seven years, said the Hon. Charles A.
Banks, CMG, speaking for the Directors of Bulolo Gold Dredging, Ltd., at the company’s Ordinary General Meeting held at Vancouver, BC, on December 19 last.
He added that the other two, both large deep-digging dredges, Nos. 5 and 7. would probably continue for about 15 years; and there were still 21 million yards of gravel, unsuitable for dredging, which would be treated when several of the dredges had closed down.
Two new gold areas in New Guinea had been acquired, and scout-drilling on one of these had been proceeding for some months. While results to date had not been encouraging, further drilling might possibly develop worthwhile values.
It was hoped to resume the payment of regular dividends in the latter part of 1948, but future earnings were not likely to justify the pre-war distribution of 3 dollars a share.
Continuing, Mr. Banks referred to the stupendous task of refloating No. 5 dredge. This weighed 4,000 tons, but plans for its raising were worked out as far back as 1944. The dredge was refloated exactly to plan, on September 16 last.
Suspension of the gold tax resulted in a saving of 17/- per fine ounce of gold.
The company now has seven dredges in operation. It is in hoolthv position, and its five dollar shares are worth about £9/10/- on the Australian market.
Koranga Gold Sluicing, Ltd.
THIS prosperous little sluicing company, with an issued capital of £28,000, is working the Wau alluvials under tribute to New Guinea Goldfields, Ltd., and under the energetic and efficient management of Mr. W. R. (Roy) McCon non. much progress has been made in rehabilitating the property. Recently a dividend of 10% was paid from gold won prior to the close-down in 1942. Mr.
Julius Kruttschnitt is now on the Board of Directors.
Gold & Power, Ltd.
ANOTHER progressive little sluicing company, with small capital, which should not be long before it is show ing a healthy profit, is Gold & Power.
Ltd., Upper Watut River. Recently 4,257 shares were offered to shareholders in the proportion of one share for every four shares held. The company has been for tunate in acquiring two new properties immediately adjoining its own area, with valuable water-races and water-rights from Big Slate Creek and Roaring Creek.