History
PASSIONFRUIT FOR THE WORLD By Les Littlejohn
I
n the late 1920’s and early 1930’s passionfruit was regarded as an exotic fruit. Any specimens which arrived in Great Britain were eagerly sought and commanded a high price. Indeed, the wealthy placed the black passionfruit on the table ‘for exhibition only’. Motivated by the possibilities of the export trade to Great Britain and the rest of Europe, of both whole fruit and pulp, a new horticultural and manufacturing venture was established on the Mornington Peninsula in 1932. At its peak over 70,000 trellised passionfruit vines were planted on 400 acres. By 1937 it was considered to be the world’s largest single plantation, accounting for nearly 13% of Australia’s passionfruit production. But storm clouds were starting to appear and by February 1938 an extraordinary general meeting had passed a resolution to voluntarily wind up the company.
Above: A panoramic view of the Passiflora plantations Below: 'The Legend of El Dorado', as published in the Passiflora Plantations Pty. Ltd. prospectus
High Hopes On 1 June 1931 an article appeared in ‘The Argus’ highlighting the great possibilities for an export industry and extolling the virtues of the Mornington Peninsula for the cultivation of passionfruit. Soon afterwards Passiflora Plantations Pty Ltd, formed in March 1932, issued a prospectus titled ‘The Story of Passionfruit’. Unlike the usual prospectus which quickly starts quoting statistics, forecasts, and an assortment of accounting data, the Trustees opted for a more subtle approach: the first page related ‘The Legend of El Dorado’. The prospectus advised that the company had selected land in the Dromana-Red Hill area, considering it to be the perfect locality for passionfruit cultivation due to rarity of frosts, friable porous soil, and with easterly facing slopes affording good drainage. The company also noted that in the moderate climate of Victoria vines could yield good crops for twenty years or more, whereas in the more tropical states replanting was required every four or five years. Furthermore, the company expected almost continuous cropping from February to October. The prospectus indicated that it had a nominal capital of 10,000 pounds and offered 1,500 debentures at 10 pounds each. These
funds would be used to plant 100 acres of vines; the debenture holders would receive a 6% return for the first two years while the vines were maturing and then 80% of the ensuing profits (an estimated return on investment of at least 50%, possibly even 100%). By means of a Trust Deed each debenture sold in the Series ‘A’ was to receive an interest equal to one-fifteenth of an acre of the freehold title. What could possibly go wrong? May 2022
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PENINSULA