Selling Titles In Papuan

Rubber Estate

PUBLIC selling by British Papuan Rubber Estates, Ltd., which was re cently registered in Port Moresby, is to be undertaken shortly in N.S.W. and Queensland. In this case it is not “bonds” that will be sold, but “certificates of title”, and it is hoped to dispose of 10,000 of them. They will be sold for £3O each and. according to the prospectus, each entitles the holder to 5 per cent, in terest as soon as the certificate is fully paid up, the interest being payable half yearly until the rubber trees, “which are now being raised on the company’s estate for the purposes of this issue”, produce rubber. From that time on. each certifi cate of title will give the holder of same the right to the net proceeds of one un divided half-acre of the rubber estate.

The plan, apparently is that if 10,000 certificates are sold. 5,000 acres of land will be planted with rubber. Facts and figures are set forth to show that there is an attractive future for rubber grow ing in Papua, and that the owners of all these proposed half-acres will receive a substantial return on their £3O invest ment.

According to the prospectus, “the lands comprising the company’s estate cover an area of approximately 5,200 acres in the wet belt in the Kokoda district, a dis tance of about 70 miles from Port Moresby. The area Is level, and every acre is suitable for planting”.

Under the heading of “management”, the prospectus says: “The company has contracted with Mr. Alfred Kingsley, of Yodda Goldfields Prospecting Syndicate,

and of the Mamba Rubber Estate, of 1,000 acres, to plant and maintain and super intend each successive planting for five years—that is, until each planting reaches tappable growth.”

The directors of the company are, Mr.

G. J. J. O’Sullivan, barrister, of Sydney; Mr. Frederick J. Lett, company director, of Pitt Street, Sydney; and Mr. E. A.

Gornall, investor, of Rose Bay, Sydney.

The secretary is Mr. Lewis J. Moore, public accountant, of 9 Bligh Street, Sydney.