Pitt Street Planters Blamed For Sangara Dissension

Etter To The Editor

HAVE just received February issue of Pacific Islands Monthly and have read your comments on iges 115 and 116 on Sangara foldings) Ltd.

The financial writer who is said have been quoted is obviously lacquainted with the facts and has jo obviously been furnished with formation from certain men— e who made overtures to become Director of the Company and two the others who for a period acted Directors of the operating com ny.

First let me point out that I am t Managing Director; neither am Secretary of Sangara (Holdings) 1 I am Managing Director of ngara Plantation and Develop int Co. Ltd. and have been since inception. The Secretaries of ;h Companies are Messrs. E. A. nes & Co., a well known firm of blic Accountants in Port Moresby.

Sangara Rubber Plantations Ltd. s the original company which led certificates to investors. The ier companies were later brought o being for the purpose of pro ing more capital for the essential :ks being carried on by the jinal company. When the amal nation took place, the people

who gained mostly were the cer tificate holders of the original com pany, not the shareholders.

The assets were taken over at valuation, shareholders made no gains but the value of the planta

tion, which is no below present-day costs, was written up by over £60,000, all of which went to certificate holders.

At the same time it must be re membered that these certificate holders had, prior to the amalgama tion, received back in cash sums totalling well over £50,000, some of the original investors having re ceived back at least 50 per cent, of their investment. (Over to p. 125)