NG Goldfields, Ltd.’s Prospects
p. 10 · Read in the full issue
ALTHOUGH New Guinea Goldfields Ltd., —the big New Guinea company which was originally capitalised at Five Millions, and later written down to a Million —made a profit of £4,903 in the year ended September 30, compared with a loss of £33,610 in the previous year, there is nothing for the shareholders.
However* the Co. now is proceeding vigorously with the development of its Golden Ridges mill, it has let out a lot of good ground at tribute, it has estab lished a very busy sawmill and furniture making industry, and the 1951 figures should tell a different story—although worth-while results may not be enjoyed until 1952-3.
The balance-sheet shows that receipts (mostly sales of bullion) are taking care of increasing costs, and that the company has about £lOO,OOO liquid wherewith to carry on.
This company held, and still holds, a lot of very rich country; but it never has returned much to its shareholders, and there has been no dividend at all for many years. The best that can be hoped for, if present plans come to fruitfulness, is a modest to good dividend for a decade or so.