Plantations
p. 19 · Read in the full issue
Value Of Coconut
Review by Morris Hedstrom Ltd.
AT the annual meeting of Morris Hed strom. Ltd., held at Suva on June 28, tb p chairman. Sir Maynard Hed strom. said that the company in a sound position, and. if it were not for the uncertainties caused by the war, a rea sonably prosperous year could be hoped for.
The main difficulty at present was the ouestion of shipping A neutral ship had been chartered to load conra in June, but British shinning for the United King dom was not available.
From a production point of view, said Sir Maynard, the plantations were satis fy ctorv. but under present market condi tions they did not yield a profitable re turn. The company's investments com prised shares in subsidiary comnanies ann ip first-class Australian comnanies. with a small investment in New Zealand com panies. The income derived from Aus tralian sources was not included in the profit and loss account, but was placed to an Australian investment reserve.
Sir Maynard Hedstrom said that the character of the companv’s assets had changed in recent vears. When the com nanv was formed, the greater part of its assets was in districts largely dependent on the copra industry. During the i«s* ten years, in particular, substantial
amounts had been devoted to writing down the book value of the assets situ ated in those districts. At present the book value of the property held in dis tricts mainly dependent on the sugar and gold industries far exceeded the book value of the assets in districts mainly de pendent on copra. The coconut planta tions cost the company more than £120,000.
The book value has been written down to £49,000 and unless there was an improve ment in conditions further amounts would be written off year by year.
A number of Papuan Government officers recently arrived in Australia to offer themselves for enlistment. They in cluded Messrs. C. Rich (Patrol Officer); C. E, H. Rich (Mines Department); C.
Schrader (Lands Department); A. E.
Way (Government Secretary’s Depart ment); and B. W. Faithorn (A.R.M., Gulf Division).