27 JULY 1929, Page 32

GOLDFIELDS OF VENEZUELA.

Sir William D. Henry, speaking at the annual meeting of the New Goldfields of Venezuela, gave a full and satisfactory explanation to the shareholders of why original estimates of expenditure had bemi exceeded, and at the close of the meeting

the proposed increase of capital was unanimously approVed by the shareholders. It is proposed to raise by way of Con- vertible Debentures not less than 1250;000-U enable the company to press on with the task of completing the equipment of the mine up to the stage of operiting the first mill unit, at the same time carrying on extensive development operations with a view to blocking out sufficient ore to justify the erection of a second and ultimately a third mill unit.