Gold Mines of Papua
p. 80 · Read in the full issue
THE 5/- shares of Gold Mines of Papua Ltd. (a Company holding leases on Misima Island, Eastern Papua) which in recent years have been regarded as valueless, have recently been quoted at between 6d. and 9d., with an upward tendency. The reason for this is seen in the Company’s balance sheet for the year ended June 30 last. The Company has an issued capital of £135,000 and it owes to sundry creditors (under stood to be mostly the Pratten interests) £38,584. The value of its assets in Misima is placed at £36,493, so that there is a debit at Profit and Loss of over £l7O 000. But the Directors recently have sent experts back to Misima to resume the search for the valuable lode which they missed in the late 30’s, and the market thinks that they have some prospect of success. If they should dis cover the lode, GMOP might easily be come another Eastern Papuan money spinner.