Auditors-Mann Judd, Gorden & Co., 8 Frederick's place, Old Jewry,
Loudon, E. C. 2.
Eastern agents-Harrisons and Crosfield, (Borneo) Limited, Sandakan, North Borneo; Gibb Livingston & Co., Hongkong.
Secretaries and Registered Office-Harrisons and Crosfield, Limited, 1 to 4 Great Tower-street, London, E. C. 3.
This Company, has been formed with the objects set out in the Memo- randum of Association, and particularly for the purpose of developing the large timber resources of British North Borneo. A concession date the 28th January 1920, has been granted to the Company by the British North Borneo Co. (hereinafter referred to as "the Chartered Co.,") which exercises sovereign and tercitial rights over the whole of the State of North Borneo, the area of which is estimated at 31,000 square miles. This concession confers on the Company the exclusive rights, for not less than 25 years, to cut Timber for export on any "State Lands" forming part of the Chartered Co's territory, subject to the rights conferred by any Timber leases, licenses or permits granted prior to January 1920.
Under this concession the Co. will pay to the Chartered Co. a royalty of three farthings per cubic foot on all merchantable Timber cut or collected, and will also pay a sum equal to 10 per cent of the net profits earned during each year after deduction of depreciation and 6 per cent interest on the capital employed in the business. The Company will pay no export duty, nor any rents, royalties or dues other than the royalty of three farthings per cubic foot
above mentioned.
The concession contains special provisions by which the Chartered Co. may terminate it at the end either of 25 years or of 35 years, but otherwise it will continue in force for 45 years from the 1st January 1920.
Only a small proportion of the "State lands" in North Borneo bearing Tim- ber have as yet been examined, but the Government Forestry Department has
already located definite areas estimated to yield upwards 150 million cubic feet
of Merchantable Timber.
The forests of North Borneo contain many varieties of Timber of proved commercial value. The various species are closely allied to those found in the Phillipine Islands, where a large and flourishing trade is now being done, and
where, in 1918, some 13 million cubic feet of Timber were produced.
The almost total suspension of many timber-using industries, during the has been followed by an enormous demand of Timber, both for reconstruc-
tion and further development.
war,
The already existing sources of supply are unequal to the demands made on them, and it is believed that, for years to come, a ready market will await all the Timber which the Co. can produce. In this connection, Mess.s. Faru- worth and Jardine, Timber Merchants of Liverpool, have written as follows:-
2, Dule-street, Liverpool, 19th December, 20.
Messrs. The China Borneo Co., Ltd. London, E. C.
Dear Sirs,-We have your favour of yesterday.
Borneo Woods:-There is a very good market, specially for Cedar Logs, Planks and Squares, for general purposes, but so far the supplies that have been coming forward have been far from sufficient to meet the exist ing demand. We hope that you will soon be able to increase your ship- ments in volume, and that they will arrive regularly.
We are, Dear Sirs, Yours faithfully, (Signed) Farnworth and Jardine.
In order to provide a nuclus for the extensive operations which are con- templated, the Co. is acquiring, as a going concern, the entire undertaking of the China Bornes Co., Ltd. a Co., registered at Hongkong with a paid-up Capital of $552,000 Hongkong currency. This Company has been engaged in
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