BULOLO GOLD DREDGING.

New Zealand Herald, Volume LXIX, Issue 21143, 29 March 1932, Page 5

BULOLO GOLD DREDGING.

OPERATIONS OF COMPANY. DIFFICULTIES OVERCOME. The opening of the No 1 dredge of the Bulolo Gold-Dredging Company, Limited, New Guinea, christened "Good Fella No. 1," draws attention to the difficulties encountered in erecting the machinery. In the face., of what seempd insuperable difficulties the company has now achieved its first objective, and is at the producing stage. Owing to the inaccessability of the property, and lack of other means of communication, the company was entirely dependent on air transport from the coast at Lae to the interior, over a mountain range, for its equipment programme. Air transportation was begun in September, 1930, with 'planes belonging to Guinea Airways, Limited, an Adelaide controlled company. Last year the company's own large machines were placed in commission. Included in the cargo were tractors, motor-cars, sawmills, machine tools, and everything necessary for such an isolated operation. The total material to be transported by the aeroplanes was 2500 tons. Of this 2400 tons has been transported to date without mishap. In the prospectus of the company issued two years ago it was estimated that the first dredge would be operating within 21 months from the flotation of the company, and the second dredge six months later. The certificate of the reg'strar of companies, Vancouver, British Columbia, where the company is registered, entitling the company to commence business, was issued on June 11, 1930. This made the estimated d-'te nf staring on the ' : i-t dredge March 11, 1932. The actual date was March 21. The company states that the cost has proved to be within the original estimate,, that nearly the whole of the material for the second dredge is on the ground, and that it appears likely that that dredge also will begin working at about its estimated date. With the issue to Placer Development. Limited, its parent company, of 203,000 additional shares as payment for the Bulowat area adjoining, the capital of the Bulolo Company will be 965,000 shares of five Canadian dollars each. The bulk of . the Placer Development shares are held in Australia, and a large number of the Bulolo shares are Australian-held.