A COSTLY VENTURE

Poverty Bay Herald, Volume LV, Issue 17452, 29 December 1930, Page 12

A COSTLY VENTURE

“TIMBER CONCESSION” £70,000 INVESTED PERTH, Dec. 18. “Finis” was written at a meeting held m Adelaide last week to a commercial venture which had a remarkable history, and in which between £70,C00 and £BO,OOO of West Australian capital was invested, and similar large amounts from other States. The meeting was convened by Eastern Traders, Ltd., to consider a recommendation by the managing director*, Mr. Geo. E. Reading, of Banbury, that the affairs of the company be finalised, and the necessary steps taken to go into voluntary liquidation. Mr. Reading, who returned from Adelaide to-day, said the recommendation was endorsed, and a further meeting will be held early in January to give elfect to the resolution.

The company was formed to take up certain allegedly valuable timber concessions in Borneo, with an aggregate area of about ICO.OOO acres. The desirability of securing a market in the Dutch Fast Indies for Australian products and particularly West Australian products, was also advanced lo attract shareholders. A large portion of the shares was taken up by farmers and others interested in land. Mr. Reading said he warned the directors that the proposition was a gamble, and placed his resignation with the company on three occasions. In his final report he stated that as a result of a three months’ personal investigation of flie concession area, he had arrived at the conclusion that there was no commercial timber, and lie recommended that (he company go into liquidation.