Indonesian Scarecro[?]
p. 38 · Read in the full issue
V. Misima's Riches
By a Staff Writer
The Indonesian posturings at western end of New Guinea are sic ing up what otherwise would h been the rapid development of Umuna gold lode on Misima Isla in Eastern Papua.
CERTAIN American interests deeply interested,” said a me ber of Pacific Islands Mines Ltd.
May, “and we could have had quarter-million operation going th now if times had been normal. ] to New York, Misima seems rat close to West New Guinea, < American investors are scary.”
So, although latest expert repc indicate the presence on Misima phenomenally rich gold, PI Mi Ltd. are proceeding slowly v moderate capital from Australia. 1 company has accomplished wond< in building staff houses, etc., v the modest £50,000 so far subscrib It now is offering new issues 2/6 shares to existing shareholdi so as to bring the capital, by 19 to £300,000.
To informed observers, this per of capitalisation seems absurdly sl< The presence there of a rich gc field, which could take the place the dwindling Bulolo (now the o major goldfield remaining in Pa| and New Guinea) seems beyc doubt, and its development wo greatly strengthen the Territoi economy.
Yet the Administration, wh annually spends lavish millions social amenities for primitive natb cannot find even the £lO,OOO nee( to put an airstrip on Misima. 1 company itself finally arranged a Catalina service from Mores But a few weeks later the Catal was sunk at Daru, and Misima ag is isolated.
It is a conspicuous example official parsimoniousness by the m richly endowed Administration in Pacific.