w Hospital for Port Moresby . ..

e original company received very serious set-backs. First, i was the Japanese, occupation le plantation and the Pacific itself. Secondly, there was the it Lamington eruption, th these disasters, as it sub intly turned out, caused the of many thousands of pounds directly and indirectly. As a i of the Mount Lamington ter it will be some time before cres of the Company’s planted will be fully productive the question of production and Production for the year ended >er 31, 1956, was 475,000 lbs, an ise of 106,000 lbs over the ms year; while production both for 1955 and 1956, com favourably with those of other ations in the Territory. >rofit of £33,309 was made by Derating company for the year October 31, 1956, and it is now sed that the holding company ! per cent, on its Preference e 5 —6.2/3 per cent, on its ary shares. The arrears of :ence Dividend were brought date during the financial year ;rations, but this loss has now eliminated and a reserve of created. New plantings of fielding rubber have been ?d to Revenue Account.

T one of the original ors was a certificate holder, here has been ample oppor for further nominations for directorate but to date no r nominations have been re ; year, no proxy forms were ut but previously when proxy were sent not more than 7 came back and they were favour of the Chairman or nter. in the Company was short of r to carry on in its initial - my wife and I guaranteed Dmpany’s account and lodged lies with the banks but now ihe need is no longer there De Company is coming along

successfully, others want to step in and take control, and to attain their objects are stirring up a minority of shareholders.

These men have no knowledge— except for one or two brief visits to the Territory—of conditions in Papua and of the work on a rubber plantation.

As regards mismanagement, I claim that no one could have done any better under the prevailing cir

cumstances. Previous Managers were not dismissed but resigned for personal reasons and each one did good work, otherwise how could such a fine plantation have come into being? It did not come into being by accident.

It is the intention of the Directors to apply for Stock Exchange listing but it is not considered desirable to do so until the sniping by office seekers ceases. (Continued Overleaf)

huge new hospital covering many acres of land is in process of construction about four miles out of Port Moresby. When complete native uropean hospitals well be adjacent. At the left are shown some units of the native hospital that have been completed. At right, the [?]-unit of the hospital, situated on the European side of the establishment.

Sydney shareholders comrr comparatively small percenn the Company’s shareholder then only a small portion o have been influenced by tEt paganda being circulated, were made to influence Mes; shareholders but the efforts and they unanimously ex? themselves as satisfied with tt gress being made.

Victorian shareholders hole shares than do the Sydneyy holders, yet the latter want c trol everything and to m plantation from Sydney. Hove Australian Directors are tit Kerema Rubber or Mariboi i and do they hold their nn in Sydney? Mariboi Rubbene similar experience once when were made to control iti Sydney.

I am, etc.,

D. S. W[?]

Sangara, Popondetta, Papua, March 28, 1957.