Sugar-Growing

Plan to Utilise Land Near Madang, T.N.G.

WE have to acknowledge the courtesy of Mr. Leo. C. Horton, of 289 Queen Street, Brisbane, who has sent along a copy of his revived prospectus of “Mandated New Guinea Sugar Plan tations, Ltd.”

So far as we can gather from the somewhat voluminous letterpress, this company was formed about three years ago, with an authorised capital of 20,000 £1 shares —of which 10,000 were for the promoters and option-holders and 10,000 for public subscription. It was proposed to acquire a considerable area for sugar growing in the Madang district of New Guinea, where soil, climate, labour and transport conditions appear to be very suitable for the purpose. The late Mr.

W. M. Forsyth, of Rabaul, T.N.G., was interested in the promotion of this com pany.

This was to be a development com pany, to investigate, experiment and prove: and, having done these things, it was to be merged in a working com pany with a capital of £750,000.

However, the economic blizzard drove this plan underground, along with thou sands of others; and it is only now, when there is some lightening of the financial horizon, that it is coming to sight again. Messrs. S. J. Jones and E.

F. Youngman, both successful sugar planters, of Babinda, North Queensland, have joined Mr. Horton on the board, and we understand that capital is now being sought. This board lays emphasis on the fact that it is being assisted by an impressive committee of technical and expert advisers.

There is no reason, so far as we know, why sugar cannot be grown in New Guinea as successfully and profitably as in Papua. In fact, the promoters of this company quote experts who declare that the Mandated Territory is more suitable than Papua for sugar production. Per sonally, we cannot see why there should

be much difference between the lands around Madang, T.N.G., and those about Collingwood Bay, Papua, where the San gara, Tropicane, Kingsmill group, etc., are more or less active.

Anyway, New Guinea or Papua, it matters not, so long as these rich tropi cal territories can be assisted to remove some of their eggs from the demon strably treacherous and unsafe copra market. Australia asks only that the sugar-growing possibilities in these is lands be exploited by genuine pioneers, and not made the plaything of the num erous gentlemen who try to “get rich quick” by wild-cat promotions.

The future activities of Mr. Horton’s company will be awaited with interest.

It is not a bond-selling proposition.