A GREAT IMPERIAL COMPANY.

NZ Truth, Issue 240, 12 February 1910, Page 3

A GREAT IMPERIAL COMPANY.

A powerful group of English and Australian capitalists haying influential connections on the continent of Europe has, for a considerable period, been examining into, the potentialities of British . New Guinea,; otherwise ,: known at Papua, as an outlet for British, Australian, and also continental capital. Papua, which is the native name for British New Guinea, is interesting if only for the fact that it is an, example of a British Colony or Colonies taking over "a Crown Colony for the Imperial Government, the Commonwealth Government of Australia being the responsible Government for Papua at this moment. After protracted negotiations, and the despatch, of an expedition to British r New Guinea, the members of which have now .made their reports, it has been resolved 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. 1 ' Different from the old East India Company and from the present day Chartered .Companies m Africa and elsewhere, the . British New Guinea Development Company, Limited, which is to be the • name of lie new organisation, ' will start without the handicap of having to administer and police the new Territory, the Commonwealth Government being entirely responsible : for this duty.

The magnitude of the new enterprise is to be thoroughly Imperial. As already stated, the capital will be £1,500,000, and it is , proposed to issue immediately for public subscription a- round half million sterling, practically all of which will be- devoted to working capital. Among, other assets the British New Guinea Depelopment Company will acquire Provisional Crown' Leases to well over 100,009 acres , of, land carefully selected ■ for ■ the' cultivation of tropical produce on a mammoth scale. Coincident with the formation of the British New Guinea Development Company a Minerals Exploration Company, has been formed, the whole of the capital for which has already been found.

TJie resources of the new Territory willthus he jointly exploited both on its Agricultural and Mineral sides, the British . New Guinea Developing" Company sharing m the profits of the Minerals Company m consideration of contracts obtained- and -services rendered. The initial public issue of capital by the British New Guinea Development .Company will be preferential both as to dividend and return of capital, and as there are to be *o founders, management or deferred shares, the public will be given a more than, ordinarily good investment full of interesting and- profitable possibilities.

Papua possesses a wealth of indigenous plants of commercial value difficult to equal m 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 profits on the timber of the Company's lands alone should retarn the -whole of the initial capital issue of the Company. Profits from the cultivation of only a small ■ fraction of 3tbe Company's lands, are estimated 4o giye a large return within one year of planting, gradually in«the Company's planting, gradually increasing until the sixth or seventh yeae w&cn it is estimated that cent, per cast.' will be earned on the. Company's capital from its plantations above. According to *the "Statesman^ Year Book" for 1909, 300,000 acres of land ba7e already been leased principally to planters m British, New Guinea, and it is intended that the new Company shall act as bankers, and" traders, financing planters and marXetinstheir produce. There is good wat^r communication everywhere. The •'Common.wealth Government have adopted a vigor-ous-policy, the Territory >s"protectcd by! an efficient police fore^. and the climate, when ordinarily reasonable precautions are taken^ is j^ % unhealthy for Europeans,