Position of Sandy Creek
pp. 61-63 · Read in the full issue
THE Directors of Sandy Creek Sluicing Ltd. (which works leases in the Morobe area of New
Guinea) reported in December that in the year ended March 31, 1954, the Co. made a profit of £2,207, without providing for depreciation.
The Co. has an issued capital of £77,500 (620,000 shares of 2/6), and a General Reserve of £21,512; but a large proportion of both were lost when the Sandy Creek leases (book value £63,463) were abandoned, and losses were incurred in establishing the present operations in the Watut area. The Directors (H. G. Hyde, J. W. Hinks and W. J. MacGregor) have carried on pluckily in the face of discouragement and many mis fortunes, and the Co. now may enjoy some reward. Its cash position is good. A year ago, it had spent over £28,000 at the Watut, and still had several thousands in liquid assets; and, within the limited operations imposed by water re strictions, it is making a small, steady profit which it is husband ng carefully.