forges ahead
p. 123 · Read in the full issue
BSI oil palm prospect forges ahead
The 1971 report and accounts of the Commonwealth Development Corporation reveals investment and progress of the CDC’s 8,000-acre oil palm project on Guadalcanal, Solomon Islands. CDC formed a Solomons subsidiary to develop the project in 1971, following several years of crop trials.
Total cost of the project is estimated at 5A6.5 million; CDC will provide management and technical services.
CDC investment in the project stood at $385,261 at December 31, 1971. Shareholdings in the project were to follow from the BSIP Gov ernment and previous landowners of the area.
Fiji Development Co. Ltd, a wholly-owned subsidiary, made a profit of $F40,320 in 1971, and paid a five per cent, dividend. Home Finance Co. Ltd, owned by FDC and the Fiji Government, made $F38,525 profit in 1971, and paid a six per cent, dividend. Fiji Development Co. has a $F 130,000 shareholding and a £78,501 loan in The Pacific Lumber Co. Ltd. Other shareholders are The Fletcher Timber Co., and the Native Land Trust Board, Pacific Lumber made a $F97,684 profit in 1971, and paid a 10 per cent, dividend.