NEW GUINEA GOLDFIELDS

Dominion, Volume 33, Issue 105, 27 January 1940, Page 14

NEW GUINEA GOLDFIELDS

Increased Profit Shown New Guinea Goldfields, Ltd., reports a profit of £67,230 for the year ended September 30, au increase of £16,744 over the figure shown in the previous year. The profit was struck after providing £16.919 for depreciation. With £352.017 brought forward, there is available £419,247. Since the closing Of the accounts a dividend at au unchanged rate of 5 per cent. (3d. per share) has been announced, and will require £55,994. Cash at bank and on hand amounts to £166,596. ' Income from mining and milling operations was normal during the year, the report states, Ibut alluvial earnings were substantially less because of unavoidable delays in bringing Upper Edie Deep Lead and Koranga deep alluvial to the production stage. It is pointed out that the new Golden Ridges mill recovered 39500 z. of tine gold more than the old mill would have extracted from the same quantity and grade of ore. Expenditure totalling £85,031 was made with the object of bringing low-grade alluvial areas into production. Bending the vyorking or these'areas, the preparatory expenses haye been charged to the redemption account, and will be recouped by charges against the working accounts when production is commenced. Until the partial redemption of these recent expenditures has built up cash reserves to approximately what they were at the beginning of the financial year, the directors feel that the dividend policy of the company should remain conservaAlluvial production from 270,775 cubic yards was 89150 z. of bullion, containing 49160 z. of line gold and 37440 z. of silver. Tributers produced 78390 z. of line gold and 5351 oz. of silver. Alluvial reserves are estimated at 1,222,000 cubic yards, averaging between 4/- and 5/- per cubic yard. They are located chiefly on Edie' Creek and the Bulolo River. The Kcranga or Wau di;ep alluvial reserves still stand at approximately 9,000.000 cubic yards of 1/- average value. Production at both Edie Creek and the Ridges is expected to continue at the rate of approximately 3000 tons a month. Alluvial production, it is added, will be enhanced by the working of the Upper Edie Creek deep alluvial deposjt, and the Wau deep alluvials in the Koranga Creek area.

Wellington Poultry Market

Prices of live poultry in the Wellington market this week are quoted by Townsend and Paul Ltd. as follows (market weli supplied ) : — Fowls.—White Leghorns: Hens, 2/- to 3/- cacti: cockerels. 94. to lOd. a lb.; pullets, best, 3/- to 6/- each; others. 3/to 4/-. Black Orpingtons: Hens, heavy, 3/- to 6/- each, medium 2/6 to 4/-; cockerels. heavy 9d. to Itld. a lb., medium 9(1. to 10(1. Rhode Island Reds: Cockerels, heavy 9d. to Itld. a lb. Ducks. — Indian Runner: Young. 3/6 to 5/6 each; old. 2/- to 4/-. While: Young, 3/- to 6/-; heavy, 3/- to 7/-. Geese: 3/- to 7/- each. 'Turkeys: 1/- to 1/2 a lb. Gold Mining Returns By 'Telegraph—"Press Association. GREYMt U"I'll, January 25. The Mossy Creek dredge return was 54<>z. 12dwt. for 261 hours, and 8.517 cubic yards. London Price Of Rubber Bv 'telegraph Press Assn — Copyright LONDON. January 25. The price of rubber is quoted at II 15-1 (id a lb. Carlton Investments, Ltd. Net prolil ot £.16.191 shown by Carllon Investments. Lid., for the year ended October 31. compares with £16.249 for I lit' previous year. The company miys its fimu dividend from dividends’ received after I he close of the accounts. 'The lotal so received was £5964, against £8339 a year earlier. Consequent I.V the final ordinary dividend is reduced to 3i| per eent., making, with tile interim dividend of 6{ per cent., It) per cent, for the year, which requires £8262. 'The previous year’s rate was 124 per cent. Preference dividend of 7 per cent, amounts to £5BOB. Profits of the subsidiaries, with rhe previous year's profits in parentheses, were as follows:—Carlton Hotel, Ltd., £10.004 (£13,242): Manly Hotels Pty., Ltd.. £3OlO (£1571): and Eneher Investment (Jo.. Ltd., £564 (£649).