BP Profits Hold Up Very Well

rE annual report of Burns Philp (South Sea) Co. Ltd., for the year ended January 31, shows that net profit has fallen; but it is down by only £lO,OOO compared with last year, and £12,000 compared with 1939 (non-war) a remarkable result, considering the tre mendous dislocation of shipping services and war’s paralysing effect on enter prise. Details:—

The report states that the shortage of shipping to carry copra overseas, and the unprofitable prices obtainable in Mexico, now the only available market, caused a suspension of operations by many small planters and the closing down of some trading stations.

The restricted operations in copra, trading, and shipping affected revenue from these sources, but earnings from merchandising and investments were moderately satisfactory.

Sir Ernest Fisk, Australia’s Director of Economic Co-ordination, who is a mem ber of the Pacific Islands Society, has been invited to address the Society at an early date on the development of radio in the Pacific.

h Yhear ended January 31. 1939. 1940. 1941. £ £ £ Gross profit . . . . 184,269 191,683 164,226 Net profit 51,232 49,353 38,971 Dividend, p.c. .. ey 4 6 Vi 5 Amount of div. . 46,875 46,875 37,500 To reserve .. .. 5,000 — — Carried forward . 8,978 11,456 12,927 Depreciation . .. 23,048 23/,568 17,728

Liabilities—

Capital 750,000 750.000 130.000 750,000 Reserve fund .. 125,000 130,000 Creditors 48,347 55,708 57,180

Assets—

Cash 62,356 65,714 68,805 Property and 357,280 shipping .. 314,226 384,546 Investments .. 264,564 258,096 281,433 Merchandise . .. 127,830 98,803 91,496 Debtors 193,450 165,005 169,843