BRITISH BORNEO COMPANY
CROWN’S OFFER FOR CESSION REFUSAL OF £2,100,000 (Rec. 9 p.m.) LONDON, June 18. Major-General Sir Neil Malcolm, president of the British North Borneo Chartered Company, has refused a British offer of £2,100,000 to cede the State to the Crown. He and his colleagues on the court of directors claimed it was not a fair price, as on the liquidation of the company the shareholders would receive only 13s 4d for each £1 shpre. The shareholders are now asked to agree that the .purchase price should be settled by arbitration. The company was incorporated by Royal Charter in 1881. It does not engage in trade, but administers the State of Borneo, covering 29,000 square
miles, ■with a population in 1931 of about 270,000. The company’s issued capital is £1,852,000 in £1 ordinary shares and £860,000 in 5 per cent debenture stocks. Its assets include sovereign and territorial rights, a 125-mile railway, telegraphs, wireless stations, wharves, lighthouses, and Government buildings.
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Press, Volume LXXXII, Issue 24905, 19 June 1946, Page 7
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161BRITISH BORNEO COMPANY Press, Volume LXXXII, Issue 24905, 19 June 1946, Page 7
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