Papua’S Last Mine
p. 13 · Read in the full issue
In Voluntary Liquidation
THE shareholders in Cuthbert’s Misima Goldmine, Ltd., of 22 Bridge Street, Sydney, decided at the Annual Meet ing on April 28 to go into voluntary liquidation, and Mr. N. W. C. Draper, formerly local secretary of the Co., was appointed liquidator at £l,OOO per an num and expenses.
Cuthbert’s “Bonanza,” before World War 11, was one of the most profitable goldmines in the Western Pacific, and paid phenomenal dividends. It was abandoned during the war and, when operations were resumed, the cost of re habilitation, plus the cost of seeking the lode (which had been lost in later op erations) made it necessary to engage in considerable new capital expenditure. The money was not forthcoming so the directors decided on liquidation.
A BALANCE sheet issued by Goldmines of Papua, Ltd., as on June 30, 1949 (only nine months late) shows that the Co., in the year referred to, spent £lOO on administration and £l*6lo on salvage of equipment. GMP, nearly 20 years ago, took over the property of Mt. Sisa, Ltd., and proceeded to explore a reef on Misima which was believed to be an extension of Cuthberts lode. It missed entirely, after spending about £200,000 on the enterprise.
In the past 50 years, from the Lake kamu eastward to Misima, seme famous goldfields were developed in Papua. All have faded out —Misima and the Yodda were the last of them.