Petition To Wind-Up NG Coffee Enterprise

New Guinea Coffee Estates Ltd.

—Petition for the winding up of the company by Supreme Court of NSW was on 9/12/60 presented by Oswald Powell Sellers and Sellers Enterprises Pty. Ltd. and will come on for hearing on 13/2/61.

The above was published

in the Weekly Trade Report,

Sydney, on December 16.

WE telephoned Mr. Oswald Powell Sellers, who is de scribed as an “advertising consultant”. Mr. Sellers would give

no information—he said the matter was sub judice.

We asked, “Who or what is New Guinea Coffee Estates Ltd”? No comment.

In view of recent developments in the business of selling shares or units in the NG Highlands coffee industry we obtained the following data about Coffee Estates Ltd. from official documents on file in the office of the NSW Registrar- General : The company was registered in November, 1959. No list of share

holders had been filed up to December 20, 1960.

The Directors shown, on incorporation, were William Jardine, an accountant, of Brisbane; Arthur Minefield, an accountant, of Brisbane and Sydney; and Frank O’Sullivan, St. James Hotel, Elizabeth Street, Sydney.

Mr. Manefield resigned in January, 1960, and was replaced by Henry Claud Bonney, a resident of Manly; and in later documents the address of Mr. O’Sullivan became 18 McEvoy Street, Umina, NSW, and he is described as “managing director”.

A statement filed in lieu of

prospectus gave the following de tails: The nominal capital was £500,000, in £1 shares, and the solicitors were S. J. V. Bull and Son and Schmidt, of 34 Martin Place, Sydney, Names and addresses of vendors of property purchased or acquired or proposed to be purchased or acquired, and amount payable to each vendor, were shown as follows: Capakumali Plantations Ltd., a company incorporated in New Guinea and situated in Goroka, £23,000. (Cash), Adolph Anderson, of Cassandy Estate, Goroka, £22,000. (Cash).

Frank Austin O’Sullivan, St.

James Hotel, Sydney, (£20,(1 £19,000 in cash and £l,OOO in shared The estimated amount of pn liminary expenses was shown 1 £6,000, and the amount “paid or ii tended to be paid to any promote] was £20,000 to Frank O’Sullivan,] consideration of “right, title and ir terest under options to purchase Mr. O’Sullivan was described I “vendor of the options to purchaj from Adolph Anderson and Cap£ kumali Plantations Ltd”.

A statement filed on June 25,196 showed that New Guinea Coffi Estates Ltd. had received £42, (receipts from shares, £607, an receipts from “Units”, £41,940); an that expenditure had been “Prjj perty, £23,520; formation, lega commission, wages, travelling, etx £18,520”. The expenses include £4,703 for advertising and £3,21 for commission.

The filed statements include thi note: “The audited or other figure in respect of the foregoing are n( available, as the coffee trees on tt plantations have not reached a stal of maturity and production whei figures would be available. No pit fits have yet been made.”