A GREAT IMPERIAL COMPANY

Gisborne Times, Volume XXVIII, Issue 2737, 16 February 1910, Page 7

A GREAT IMPERIAL COMPANY

TO WORK NEW GUINEA RESOURCES.

A powerful group of English and Australian capitalists having influential connections on the Continent of Europe has, l'or a considerable period, been examining into the potentialities of British New Guinea, otherwise known as Papua, as an outlet for British, Australian and also Continental capital. Papua, Avliich is the native name for British New Guinea, is interesting if only for the fact that it is an example of a British colony of colonies taking over a Crown colony for the Imperial Government, the ConimoiiAvealtp Government of Australia being the responsible Government for Papua at this moment. After protracted negotiations--and the despatch of an expedition from England to British Ncav Guinea, the members of which have iioav made their reports, it lias been resoteed forthwith, to form a company with a capital of £1 500,000 to exploit various land and water rights, concessions' and options proposed to be acquired. Different from the old East India Company and from' the' present-dav chartered companies in Africa and elseAvherc, the. British New Guinea Development Company, Limited, Avhich is to be the name of the new organisation, will start without the handicap of having to administer and police the neAv territory, tho Commonwealth Go\rernmont being entirely responsible for this duty. The. magnitude of tho new enterprise is to be thoroughly Imperial. As already stated, the capital avlll be £l,500,000, and it is proposed to issue immediately for public subscription a round half million sterling, practically all of Avliicih Mvil be devoted to Avorking capital. Among other assets the British NeAv Guinea Development Company will lacuire provisional Crown leases to "ell over 100.000 acres of land carefully selected for the cultivation of tropical produce on a mammoth scale. Coincident Avith the formation of the British NeAv Guinea Development Company a Minerals Exploration Company has been formed, the whole- of the capital for A\*hich has already been found. The resources of the new territory will thus, be jointly exploited, both oil its agricultural and mineral sides, the British New Guinea Dc\'elopment Company sharing in the profits of the Minerals Company in consideration of contracts obtained and services rendered. The initial public issue of capital by the British Neiv Guinea Development Company will bo //referential both as to -dividend ami return of capital, and as there are to be no founders, management, or deferred shares, the public will bo given a move than ordinarily good investment full of interesting and profitable possibilities.

Papua possesses a wealth of indigenous plants of commercial value difficult to equal in any other country, including large forests of sago, sugar-cane, rubber, cocoanuts., nutmegs, tobacco, ginger, areca palms, fibres and bananas. and it is estimated that the profit on the timber of tho company's lands alone should return the Avhole of the initial capital issue. Profits from the cultivation of only a small fraction of the lands are estimated’ to give a large return within one year of planting, gradually increasing until the sixth or seventh year, when it is estimated that cent, per cent, will be earned on the. company’s capital from its plantations. According to the “Statesmen’s Year Book” for 1909, 300.000 acres of land have already been leased principally to planters, in British New Guinea, and it is intended that tli& iioav company shall act as bankers and traders, ""financing planters and marketing their produce. There is a. good Avater communication everyAvhere. The CommonAvealtli Government having adopted a vigorous policy theaterntory is protected by ail efficient police force, and the climate, when ordinarily reasonable. precautions are taken, is not unhealthy for Europeans.