W. R. Carpenter & Co.

Dividend Rate Unaltered.

Messrs. W. R. Carpenter and Com pany, Ltd., report a net profit of £34,105 for the year ended June 30, an increase of £474 on the previous year’s results.

Dividend of 8 per cent, (an unchanged rate) requires £24,133, and £4,000 is transferred to replacement and renewal reserve, leaving £7,814 to be carried for ward, against £1,842 brought into the accounts.

The directors state that at one stage during the year under review the price of copra fell to the record low level of £10 a ton in London, The strictest economy had to be practised, and the policy of substituting smaller Diesel

driven vessels for steam vessels proved highly successful. General merchandise trading activities improved, and there is reason to believe that the improve ment will continue.

As the air transport companies raised their freight on goods from Salamaua to Wau, the company established its own aeroplane service to the goldfields.

From late in January to the end of June the two aeroplanes carried about 500,000 lbs. of goods from Salamaua to the company’s store at Wau, con siderably reducing freight rates.

As bank interest rates on deposits fell during the year to about 2 per cent., the directors decided to invest spare funds in acquiring plantations and other properties at bedrock values.

In the balance-sheet the item "cash at bank, on deposit, and at short call” is lower by £17,510. There has been an increase of £7,287 in sundry credi tors, and a fall of £1,790 in sundry debtors. Branch balances have risen by £25,443, and there have been addi tions of £5,407 to the valuation of shipping property and £7,050 to invest ments. —“Sydney Morning Herald.”

1931. £ 1932. £ 1933. £ Net profit 37,712 33,031 34,105 Div., 8 per cent 24,133 24,133 24,133 To reserve 10,000 10,000 To repairs and replacement 3,000 — 4,000 Forward 2,344 1,842 7,814 Gross profit 54,165 43,568 45,354

Liabilities—

Capital 301,666 301,666 301,666 Reserve 100,000 190,000 200,000 Replacement reserves .. . 7,000 10,000 16,000

Assets—

Creditors 7,333 8,214 15,501 Investments 118,113 120,657 127,697 Shipping property 10,075 22,668 28,075 Branch balances 248,829 325,699 351,132 Debtors 12,196 9,477 7,687 Stock 1,237 1,013 31 Cash 45,460 58,577 41,067 Ventures in abeyance ... 748 1,182 881