PROGRESS OF BULOLO

New Zealand Herald, Volume LXXIII, Issue 22318, 16 January 1936, Page 5

PROGRESS OF BULOLO

HIGH DIVIDENDS PAID REMARKABLE RESULTS CONQUEST OF DIFFICULTIES Among gold-winning undertakings' which have reached the production stage since tho rise in the price of gold four years ago gave new and vigorous life to an apparently dead industry, Bulolo Gold Dredging. Limited, has already achieved remarkable results. Jn three years it has paid dividends aggregating £1,050,000, exceeding payments for the same period bv either of the two outstanding Western Australian' companies—Lake View and Star and Wiluna. Bulolo this year headed the list of divideiul-pavers listed on the Stock Exchange. New Guinea is now producing more gold than any Australian State, except Western Australia. Bulolo has paid two-thirds of the total dividends disbursed by companies operating in tho Mandated Territory. Formed in February, 1930, with a nominal capital of 4,000,000 dollars (£1,000,000), Bulolo now is nominally capitalised at 6,000,000 dollars, and has a subscribed capital of 4,675,000 dollars divided into 935,000 shares of five dollars each. The story of Bulolo's conquest of the natural difficulties of inhospitable New Guinea will be long remembered as a romance of modern business enterprise. Dredge units were transported by aeroplanes. Production was commenced in 1932 with one dredge. Now four dredges are in operation, and plans for the commission of two more are being executed. At the annual meeting recently it was stated that the installation of two deep-digging dredges would be proceeded with immediately. One would have a total digging depth of 120 ft., the other of 165 ft. The cost would bo met by the sale of up to 60,000 Treasury shares as funds were required. AYith six dredges in operation earnings were expected to be materially, though not necessarily proportionately, increased. On the Bulolo Biver and about six miles from the upper end of tho company's holdings an additional area had been acquired. From it, and from several small contiguous areas being negotiated for, about 10,000,000 yards of 25-cent gravel might reasonably be expected. In tho five months to November 1 since the close of the company's financial year tho company's estimated profit is more than £350,000, calculated at £8 15s Australian currency a fine ounce of gold. The dredging of 4,748,000 cubic yards in that period gave a yield of 54,2230z. TRADE OF BRITAIN RETURNS FOR PAST YEAR ALL-ROUND INCREASES LONDON, Jan. 14 The Board of Trade returns for December show that, the value of imports totalled £74,480,000, an increase of £11,217,456, compared with December, 1934. Tho value of exports was £34,917,000, an increase of £616,618, and of re-exports £5,432,000, an increase of £1,826,311. Tho principal increases were:—lmports: Grain and flour, £695,000; dairy produce, £1,027,000; tobacco, £S16,000; cotton and raw waste, £2,565,000; hides and skins, £723,000; non-ferrous metals, £544,000. Exports: Wool and raw waste, £153,000; woollen manufactures, £270,000. The returns show that exports last year were higher than in any year since 1930 and imports and re-exports higher than in any year since 1931. The increase in exports affected nearly all categories. Exports of machinery, at £38,495,459, were £5,689,109 higher than in the previous year. Vehicles worth £4,189,973 more than in the year before, were exported, totalling £28.332,128. The exports of iron and steel, at £.*37,093,242, of non-ferrous metals at £14,085,471 * and of cotton goods at £60,177,625 were £2,001,189, £2,1.95,669 and £1,530,597 higher respectively. Following is a comparison of the returns for December of the past three years:— Imports Exports Re-exports 1933 . . £03,161',584 £30,429,564 £4,042,535 1931 , . 03,262,544 34,300.382 3,605,689 1935 . . 74,180,000 34,917,000 5,132,000 Tho apparent adverse balance in December, 1933, was £28,689,485. It decreased in December, 1934, to £25,356,473. Last month the excess of imports over exports totalled £34.131,000. Corresponding returns for periods of 12 months are:— Imports Exports Re-exports 3933 £675,847,305 £367,423,909 £49,077,553 1934 732.330.823 396,107,514 51,263.472 1935 758,344,569 425,959,053 55.258,427 The apparent adverse balance for tho past 12 months is compared with £284,959,807 in 1934, and £259,315,903 in 1933. WAIRARAPA STUD FAIR GOOD PRICES FOR RAMS [BY TELEGRAPH —PRESS ASSOCIATION'] MASTERTON, Wednesday Prices well in advance of vendors' expectations were realised at, the Wairarapa sheep-breeders' annual stud ram sale to-day. Taken right through prices showed a gratifying advance on those of last year and there was keen and animated bidding. The sale is regarded as one of the best for years. Tho demand for top lines of high quality Bomneys keen. Mr. Q. Donald secured top price for the sale, Mr. J. C. Best, the well-known Eltham breeder, paying 210 guineas for a splendid Bomney. Mr. I). J. Holden, of Hastings, paid 200 guineas for a very fine ram sold on account of Sir William Perry, who disposed of 26 rains for an average price of nearly 82 guineas. Out of a total offering of 128 Bomneys 58 sold under the hammer at an average price of about 62 guineas. AUSTRALIAN TAXES "A GRIEVOUS BURDEN" Speaking at the annual meeting in London of the Australian Mercantile Land and Finance Company, Limited, Mr. J. Sanderson, chairman of directors, said that Australian Federal and State income-taxes. Federal and State land taxes, unemployment relief and family endowment taxes, and municipal and shire rates, together with the taxation charges of tho British Government and local authorities and Argentine taxes, during the past five years had averaged about £45,000 a year. On the other hand, dividends paid to shareholders during the same period averaged only £22,400 —or less than half that taken in taxation. These were grievous burdens, the main weight of them being incurred in Australia, Mr. Sanderson said..