by B.P. Interests

Probable Purchase of Melanesia Co. by B.P. Interests

THE first public intimation of nego tiations, which probably will re sult in the purchase by Burns, Philp interests, of the assets of the Melanesia Co. Ltd., was made on July 8, when the following appeared in the records of companies registered in Syd ney: New Hanover Plantations Ltd., capital £50,000, to acquire and develop plantation properties in New Guinea. First directors: J Burns, J. Virtue, N. S. Evennett and H. K.

Cameron.

New Britain Plantations Ltd., capital £50,000, to acquire and develop plantation properties in New Guinea. First directors’

J. Burns, R. J. Nosworthy, L. Armstrong and J. Mitchell.

The Melanesia Co. Ltd. was regis tered in London, soon after the war, and it purchased expropriated proper ties in the Mandated Territory of New Guinea to the value of some hundreds of thousands of pounds. Most of the capital came from German sources.

Mr. F. R. Jolley, who had a good deal to do with the New Guinea expropri

ation proceedings, was interested in the Melanesian Co. and is to-day general manager in Australia.

The company operated many plan tations and one small inter-island ves sel, the Ralum. It did not prosper and a receiver, appointed by debenture holders, took charge 18 months ago.

Much has still to be done before the deal—which is one of the biggest in the history of the northern islands— will be legally completed; but it is now fairly certain that it will go through.

The two new companies noted above, have merely been formed to take the transfers—much bigger organisations obviously will be needed to handle the Melanesian assets. The latter prob ably are worth between £250,000 and £400,000.

The transfer of all this property from Anglo-German to Australian ownership is of much interest to Aus tralia, from both the political and the trading points of view.