More Capital

South Pacific Insurance to Issue More Capital

Southern Pacific Insurance

CO., LTD., which was registered in August, 1935, with an authorised capital of £250,000 in £1 shares, has been operat ing on a paid-up capital of £25,000 in fully-paid shares, the whole of which were subscribed by W. R. Carpenter and Co., Ltd. The capital is more than re presented by liquid assets.

It is now intended to issue another 75,000 ordinary shares of £1 each, payable 2/6 on application and 2/6 on allotment.

It is not anticipated that more will be required for some time.

W. R. Carpenter and Co. Ltd. and its associates will take up 25,000 of these additional shares, and individual share holders of W. R. Carpenter and Co. will be given the first opportunity of making application for the remaining 50,000 shares..

The Co. is following the usual sound practice of reinsurance, and only carries a minimum risk in respect of any one line. With additional capital the direc tors anticipate that they will be able to seek and obtain increased outside busi ness, in addition to the profitable Islands connections which they now enjoy.

The company has operated profitably to the close of its financial year on March 31 last, and the directors consider that the investment should be dividend paying from its inception.

Mr. J. Binskin, of Bagga Plantation, Vella Lavella, in the Northern Solomon Islands, returned from Sydney by the Malaita on June 27.

Mr. F. W. Mantle, Assistant District Officer in the N.G. Public Service, arrived in Sydney from Rabaul by the Tanda on June 24.

Mr. S. A. Greenland, Chief Inspector in the Papuan Native Affairs Department, left Port Moresby with his wife by the Van Rees on June 19. They are on three months’ furlough and will complete the round trip via the East, New Guinea, Noumea, Vila, and Sydney.