Burns, Philp

Pacific's Future

As Seen by Chairman of Burns, Philp

rE future payment of regular divi dends could not be guaranteed, said the chairman of Burns Philp & Co.

Ltd. (Mr. James Burns) at the annual meeting of shareholders, on May 15. The almost complete collapse of the Pacific copra trade, other setbacks to the com pany’s business because of the war, and further difficulties that might be encoun tered in the future were responsible factors.

“Owing to the deplorable state of the copra market and the uncertainty ahead, the most important trade of the South Sea Islands is seriously threatened,’’ Mr.

Burns said. “We have incurred heavy expenses in keeping our copra planta tions in working order and writing off amounts which are hopeless, owing to the estates being abandoned or for other causes. This state of affairs has natur ally affected all our assets in centres which depend on copra production, and the directors recommend that £35,000 should be written off. If things do not improve, we may have to provide, if pos sible, a similar amount next year. We have shut down one of our branches in the Mandated Territory, at Kavieng, and are running it as a depot.”

Mr. Burns said that a big percentage of the company’s profits were being re ceived 'from investments. Business of “Penneys” was proving a valuable ad junct to the company’s activities.

The running of the inter-island steamer services had been rendered un remunerative, and has resulted in trip account losses. A readjustment of the services had been made, vessels of smaller tonnage replacing the larger ones, and it was hoped that future deficits under this heading would be considerably mini mised.

Miss Joan Deck, who has been on fur lough in Australia, will return to South Malaita, BSI, this month, to take charge of the South Sea Evangelical Mission’s Girls’ School.