Make Good Showing
p. 44 · Read in the full issue
W. R. Carpenter Ltd, Make Good Showing in Bad Year
DESPITE almost a year of war, in which their ships were taken over by the British Government, and in which the copra industry has suffered the worst blow in its history, the accounts of Messrs. W. R. Carpenter & Co. Ltd. for the year ended June 30, 1940, show a profit of £115,904, which permits the dividend to continue at 10 per cent. The detailed figures, from “Sydney Morning Herald” compilation, are printed below. They show remark ably little movement in the accounts.
The company holds a reserve of £200,000, against a subscribed capital of £775,000; and, from this year’s profit, it has taken £25,000 for “contingencies”, as against £lO,OOO usually set aside for this purpose. Stock is down —probably the result of the decision not to re-open the general store in Rabaul—but the item, “due by subsidiaries” shows an unex plained jump, from £30,000 to £llO,OOO.
This is one of the companies that is bound to feel the cold breeze now blow ing in the copra industry; but it has great financial strength and, in recent years, its shrewd directors have spread its interests much more widely, into many industries separated from coconut plantations, so that it is well equipped to stand a long siege, and help South Pacific planters and traders through the difficult years ahead.
Fiji Subsidiary Co.'S Profit
Higher
Carpenter’s subsidiary concern in Fiji, W. R. Carpenter and Co. (Fiji), Ltd., (formerly known as Brown and Joske, Ltd.) showed a net profit for the year ended March 31, of £8,819. This compared with £l5O for 1938-39, and £4,401 for 1937-38. Preference dividend of 7 per cent, required £1,400; it was not proposed to pay a dividend on the ordinary shares.
The directors state that the increase in profits was fortuitous and demonstrates the uncertainties of Islands trading. A contributing factor was the abnormal provision for depreciation in the previous accounts.
The acting Lieutenant-Governor of Papua, Hon. H. W. Champion, C.8.E., at Government House, Port Moresby, on the evening of August 9, entertained over 100 guests ar a cocktail party. August 9 was the anniversary of Mr. Champion’s birth day and, during the evening, the oppor tunity was taken to offer him the good wishes of all present and to drink to his continued health and happiness.
Year ended June 30. 1938. 1939. 1940. £ £ £ Profit 111,372 115,281 115,904 Dividend, p.c 10 10 10 Dividend, amount . . 74,000 76,250 77,500 To superannuation . 2,000 2,000 — To contingency acct. 10,000 10,000 25,000 Forward 36,638 63,669 77,073 Depreciation 8,767 18,512 15.867
Liabilities —
Capital 740,000 775,000 775,000 Premium on shares . 10,374 10,374 10.375 Reserve . * 200,000 200,000 200.000 Creditors 89,891 93,685 114,146 Due to subsidiaries 49,400 47,721 45,351 Branch remittances . — 10.861 8,275 Deferred income . . . — — 1,113
Assets—
Investments 497,263 527,686 528,693 Property, ships, etc. 373,509 387,349 326.618 Plantation advances 89,757 96,949 105,911 Debtors 65,089' 81,801 93,692 Due by subsidiaries 14,641 30,176 110,011 Stock 125,941 104,434 75,541 Cash 3,899 12,326 36,784 Unexpired charges .. 5,201 11,340 17.833