W. R. Carpenter & Co.’s

Profit for Year

AN increase in profits from £36,392 last year, to £48.684 for the year ended June 30 last, is reported by Messrs. W.

R. Carpenter and Co. Ltd., well-known Islands traders. The following is the “Sydney Morning Herald” analysis of the report:— Dividend of 8 per cent, (an unchanged rate) on the old capital, and pro rata om the shares issued in March, requires £30,400. The directors recommend a special bonus of 2 per cent, to commemo rate the completion of the twenty-first year of the company’s operations, andl this requires £9200. A sum of £10,000( is transferred to reserve against invest ments, and £5000 to branch reserves for doubtful debts, and £6082 is carried for ward, compared with £11,998 brought forward.

t Not stated. * Not shown separately. ** Including bank, f Land and buildings, ships, aeroplane plant, etc.

The company has expanded considerably since the last accounts. It purchased two 9000-ton Diesel motor vessels, and has inaugurated its own service from Great Britain to Australia and New Guinea. It has also increased its aerial fleet to five ’planes. The directors state that further expansion is contemplated during the current year. The benefit of the increase in capital will not be reflected in the profit and loss account until the next balancing period, when substantial movements are anticipated. Since June 30 the company has acquired the whole of the preference issue of W. R.

Carpenter and Co. (Solomon Islands) Ltd.

Year ended June 30. 1933. £ 1934. £ 1935. £ Net profit 34,105 36,392 48,684 24,133 24,133 30,40« 9.20< To investment reserve 10,00( To branch reserves, for 5,00 doubtful debts To repairs and replace- 8,075 ments 4,000 Forward 7,814 11,998 6,08 Gross profit 45,354 49,376 t

Liabilities-

Capital 301,666 339,788 468,32 Reserve 200,000 200,000 200,00 Replacement reserve ... 16,000 20,000 Creditors 15,501 17,596 **78,18 Bank 475

Assets—

Investments 127,697 140,617 217,81; Shipping property 28,075 28,155 t277,4!; Branch balances 351,132 418,867 Debtors 7,687 21,284 225,01 Stock 31 15 72,4:1 Cash 41,067 Ventures in abeyance .. 881 554 Unexpired charges