—Photo: Tattersall’s Studio, Apia.
p. 11 · Read in the full issue
Capital, £L00,000
Papuan Trading Co.’s New Issue
THE issued capital of Steamships Trad ing Co. Ltd., Papua, is being raised to £lOO,OOO by the issue, to the public, of 28,189 7 per cent, cumulative preference shares and 25,635 ordinary shares. The prefs. are being offered at 28/- and the ordinaries at 30/-, representing premiums of 8/- and 10/- respectively.
The issued capital of the Company (who are general merchants, shipowners, plant ers, carriers, general agents) was £54,176 (in 28,811 prefs. and 24,365 ordinaries) and it is disclosed that in the year ended June 30 last, the profits were equal to 14.5 per cent, on the total capital employed. The directors are Captain A. S. Fitch, Mr. L.
Tracey, and Mr. E. V. Crisp, all of whom are active executive heads in the rapidly growing business.
What with higher prices for copra, rub ber and coffee, the development of the gold industry on Misima, and the expenditure of a very large sum in the search for oil (which very possibly will be discovered), Papua’s economic outlook is vastly im proved. There should be a bright future for Steamships Trading Co. Ltd. which, under good management, actually improved and strengthened its position during the depression.
The Fon o of Faipule (Samoan native parliament), which sat at Mulinu’u, Apia, from September 30 to November 4. The photograph was taken in front of the Fono house, a large Samoan fale. In the centre, standing, from left to right, are: Mr. C. G. R. McKay (secretary of Native Affairs); Hon. Maliet oa, O.B.E.; Mr. A. C. Turnbull (Acting Administrator); Alipia (Speaker of the Fono).
—Photo: Tattersall’s Studio, Apia.