Timber From New Guinea
p. 10 · Read in the full issue
THE prospectus of New Guinea Timber and Trading Co. Ltd. was issued early in November. It has a nominal capital of £50,000, and it is proposed to issue 25,000 ordinary £1 shares to the public, and 4,800 fully paid shares to New Guinea Development and Trading Co.
Ltd., in return for a timber permit cover ing 3,000 acres on the Marai River, Adler Bay, New Britain; while 20,200 shares will be in reserve.
This enterprise was organised by Mr.
John Downs, a practical sawmiller with experience in Queensland, Papua, and New Guinea, and, it is proposed to estab lish a sawmill at an early date and sell timber to both the Territories and Aus tralian ports. Sir John Butters, well known Australian engineer, is chairman of the board.
This enterprise, if carried on by prac tical men, should do very well. There is plenty of timber in New Guinea, and the prices to which timber has risen in recent months in Australia are described bj builders as “appalling.” Mr. Downs, in his report, says that the Marai District (which is on the coast of the Gazelle Peninsula, south of Kokopo) produces both soft-woods and hard-woods.