W. R. Carpenter & Co.
p. 16 · Read in the full issue
Form New Insurance Organisation
Ittessrs. W. R. Carpenter And Co.
Ltd., have added insurance to their numerous other activities, which include merchandising, shipping, planting, desic cated coconut manufacture, shipyards,, refrigeration, aerial transport, bakeries,, etc- The following was published among new registrations early in September: Southern Pacific Insurance Company, Ltd. (August 27). Nominal capital, £250,000, in £1 shares. Objects: To carry on the business of general insur ance, etc. Subscribers: —W. R. Carpenter, J. A. Carpenter, H. B. Carpenter, C. H. V, Carpenter, J- T. Wallis, H. S. Cramer, and: W. G. Higgs (one share each).
Mr. W. R. Carpenter, chairman of W..
R. Carpenter and Co., Ltd., at the annual meeting on August 30, said that during the past year the company had acquired the whole of the as sets of Coconut Products, Limited, consisting of plantations and desiccated coconut factory. The yield from the properties acquired would add consider ably to the profits of the company. The company also acquired the whole of the preference share issue of W. R- Carpenter and Co. (Sol. Is.), Ltd., on terms con sidered to be equitable by its auditors, and good results could be expected.
The chairman went on to say that as insurances over properties, vessels, pro duce in transit, etc., placed by the com pany ran into very substantial figures, it was considered advisable to participate in general insurance business, as with what the company had to offer substantial reciprocal business could be expected. A company had been registered under the title of the Southern Pacific Insurance Company, Ltd., with a nominal capital of £250,000, paid up to £25,000, and the whole of such shares would be held by W. R. Carpenter and Company, Ltd.
Whatever profits were earned by par ticipating in the insurance business, therefore, would benefit shareholders in the company.
Mr- Carpenter said that it appeared to him that there was a possibility of a crisis in world affairs, and consequently markets were disturbed. However, there was a definite shortage of edible fats, and ordinarily prices should be firm, but until normal conditions prevailed no increase in prices could be expected. In the mean time, the company had to assist its plan tation clients to work their properties without loss, and for that reason the fullest possible prices had to be paid for produce, and the margin of profit was reduced to a very narrow one indeed.