Malayta Company
p. 25 · Read in the full issue
Absorbed by Fairy mead Sugar Co.
AT the end of June, Fairymead Sugar Company Limited, of Queensland, pur chased the assets of the Malayta Co. Ltd., as a going concern, in return for an issue of 95,000 fully paid shares in Fairymead.
The Malayta Co. has operated profitably in the Solomon Islands for 27 years.
The change of proprietorship will not in volve any alterations in the personnel or methods of conducting the former business of the Malayta Co., beyond that its admini stration as a department of the Fairymead Co. will be removed to Brisbane, a branch office remaining in Sydney. Although the Malayta Co. will probably be wound up, its name may be preserved in connection with the future conduct of Islands busi ness, in conjunction with that of the Fairymead Co.
The Malayta Company was established in 1909 by Messrs. Horace and Ernest Young, who, three years later, converted their sugar plantations and mill at Bunda berg into the present Fairymead Co. The Malayta Co., in fact, arose out of the re patriation of Solomon Islanders who, until that time, had been employed in the sugar fields at Fairymead.
The Company’s operations have consisted mostly of copra growing in the Solomon Islands, where it owned extensive areas, almost entirely freehold, planted under mature coconut palms. One of its planta tions was considered to be probably the finest in the Pacific. The combination of the operations of the Malayta Co. with those of the Fairymead Co. will provide the technical staff of the latter with a greater outlet for their energies and skill, enhancing the value of the Islands pro ducts.
At the annual meeting of Fairymead Sugar Co. on June 16, the nominal capital was raised from £300,000 (of which £265,000 was issued) to £500,000. Of the increased shares, 132,500 were absorbed in a bonus distribution to shareholders, 95,000 were earmarked to purchase the Malayta Co., and the balance of 7500 remained unissued.
For the year ended December 31 last, Fairymead Sugar Co. made a net profit of £29,857, a dividend of 10 per cent, being paid.