Carpenter Profit

THE strength and steadiness of the great Pacific trading companies— noticed recently in the balance sheets of Burns, Philp & Co., Ltd., BP (South Seas), Ltd., and Morris Hedstrom, Ltd.—are shown again in the recently published accounts of W. R. Carpenter & Co., Ltd., for the year ended June 30, 1943.

The entry of Japan into the war, in December, 1941. completely dislocated the operations of WRC & Co., because the latter’s chief trading and planting establishments were in New Guinea, and its chief shipping interests were in the Pacific. Yet, although the Japs are still in New Guinea, and shipping is still sub ject to severest war conditions, earning power remains steady. The following figures tell the story:—

Profit is .made by shrewd management, which gains on the swings what it loses on the roundabouts. The firm’s great establishments in New Guinea are gone; but, over in Canada, Sir Walter Car penter is directing a new and timely development (copra mills). Shipping is not so profitable, maybe; but the new Carpenter subsidiary in Fiji is getting full advantage of that Colony’s wartime prosperity, and has paid 12£ per cent, on ordinary capital.

The company has an issued capital of £775,000; a general reserve of £200,000; and carries forward about £120,000 in its P/L account.

Profit, Ord. Dividend. £ 1939- .. .. 115,904 10 per cent. 1940- . . .. 115,989 10 „ „ 1941- . . .. 66,280 5 „ „ 1942- .. .. 65,076 5 „ „