Planters Helped

Relief for New Guinea Purchasers

B.-P. And Carpenters

Co-Operate

SUBSTANTIAL concessions have been made by the Commonwealth Government to the numerous planters in New Guinea, who are paying off plantations which they took over from the Custodian of Expropriated Property ; and who are suffering severely owing to the general depression.

Early in 1929 the New Guinea Planters’ Association asked the Commonwealth Government for relief and, after the Custodian, Mr. W. C. Thomas, had inquired into the position, some relief was given. But as copra maintained its downward tendency, the Planters’ Association petitioned for still further relief.

The representations of the Planters’

Association were reinforced by those of the New Guinea Branch of the Returned Soldiers’ Association.

The Federal Government in September announced complete suspension of all payments connected with the purchase of expropriated properties, this suspension to operate until June 30, 1931, when the position will be further reviewed.

The effect of the suspension is to relieve the planters altogether of the payment of interest for this financial year, and to defer payment of principal moneys owing in respect of the purchase of plantations. Cash value of the concessions is estimated to be over £100,000.

An interesting feature of this decision is that Messrs. Burns, Philp & Co. Ltd. and Messrs. W. R. Carpenter & Co. Ltd. have agreed with the Commonwealth Government to also assist planters, who owe them money, by making an ex-gratia allowance equivalent to a reduction of two per cent, in the interest charged by the companies in their clients’ accounts. ———