NEW GUINEA GQLDFIELDS
The directors of New Guinea Goldfields, Ltd., probose to make distributions periodically to shareholders, as a return of capital, from depreciation and ore depletion* 1 reserves. The chairman, Mr. Julius Kruttschnitt, said at the annual meeting in Sydney last week that this process of amortisation will involve a reduction in the value of the company's assets corresponding to distribution so made, and will also involve a reduction in the nominal value of the shares. At an appropriate time during, or at the end of, the current financial year, the board may take 'some action in this direction.
As the company was now working on alluvial ground and ores of substantially lower grade than in the past, and as some of its major projects, begun last year, were not brought to fruition until the end of the period under' review, the results were satisfactory, he said. Although conditions affecting production and costs were generally less favourable than in the preceding year, the company's earnings were decidedly better. Unless unforeseen circumstances intervened, earnings should show an upward trend during the current financial year.
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https://paperspast.natlib.govt.nz/newspapers/EP19400123.2.118.13
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Evening Post, Volume CXXIX, Issue 19, 23 January 1940, Page 10
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184NEW GUINEA GQLDFIELDS Evening Post, Volume CXXIX, Issue 19, 23 January 1940, Page 10
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