Misima’s Six Months’ Lag

Rehabilitation of cuthbert’s Misima Goldmine, Ltd., (Misima Is., Papua), is about six months behind schedule—labour shortage being the chief reason for the delay.

As a result of labour shortage, both European and native, the first objective of 70 tons of ore crushed per day (50 per cent, of capacity) has not been reached and it is calculated will not be reached until the end of April.

Cost of achieving this target will be

more than original estimates allowed for.

The circular goes on: “Efforts have been made to obtain, by way of advances, the money necessary to carry us through to April, 1950, but those not being successful it is now necessary to approach shareholders and ask them to subscribe further capital. Your direc tors have decided to call an early extraordinary general meeting of shareholders for the purpose of giving approval to the increasing of the nomi nal capital of the company and for the immediate issue of £30,000 in preference shares, the details of which will be set

out in the statement accompanying the notice to shareholders convening the extraordinary general meeting.

“The proceeds from this issue will be needed to cover the company’s commit ments and anticipated deficit between income and expenditure to April, 1950, and also to cover the further capital ex penditure during that period.”

Production

BETWEEN December 23 and January 23 the mill ran for 12 days. Pro duction details: Ore crushed, 373 tons; bullion produced, 147 oz.; gold contents, 52 oz.; silver contents, 26 oz.