B.N.G. Developments

Annual Meeting in London

(From Our Port Moresby Correspondent)

Port Moresby, Dec. 23.

AT the annual meeting of share holders of the British New Guinea Development Co. Ltd., of Papua, held in London last October, the production of rubber during the last year was stated to have been 519,625 pounds.

The cost of production was reduced to 7.7 d. per pound f.o.b., and the aver age net sale price was 6.8 d.

Copra production for the year was 2,244 tons.

The total revenues from plantations for the year amounted to £50,685.

The B.N.G. Development Co. is one of the biggest companies in Papua and is of long standing, being formed as early as 1910.

Thousands of acres—both of rubber and coconuts —have been planted suc cessfully, and had it not been for the fall of the market, the company would be by now considerably financial, whereas, in the report, the chairman, Brigadier General the Hon. F. C. Stan ley, regretfully states the accounts for the year show a net loss of £60.

There are not many residents in Port Moresby who remember the be ginning of this enterprising company.

The founders arrived somewhere in June, 1910, in the old Bentinck, a steamer especially chartered and brought out from London with trade and all the embellishments of a colos sal venture.