Planting Co. Almost Killed
p. 31 · Read in the full issue
By The War
THE 38th annual report of Mamara Plantations Ltd., a Brisbane com pany which owns 3,867 acres near Honiara, on Guadalcanal, BSI, is a some what dismal record.
This was a prosperous little concern be fore the war. There usually was enough copra produced to pay the Prefs (£25,000 in 5 per cent., and about the same in 6 per cent.) and give some reasonable return to the £40,000 ordinaries. But battles were actually fought in and around the plan tations in 1942-3, and when it was all over, many of the palms were gone and there was a claim on record for £32,690 for war damage.
Now, it is seen that there will be no compensation at all forthcoming. Local labour and transport difficulties plus damaged plantations have so reduced out put that, despite the high copra market, the company finished the year (June 30) with a loss of £633. The shareholders have received nothing for several years.
The directors, consequently, have de cided to lease the place for a period of five years, retaining their right to sell at any time. The lessee has purchased buildings, plant, etc. The directors say that, after £2,264 of debts owing have been paid off, the 5 per cent. Prefs may come in for a dividend.