Substantial Payment
p. 11 · Read in the full issue
"Steamships"
Carry On
Substantial Payment From Army
ALTHOUGH it was not trading in the year ended July 31, 1943—Papua being under military occupation and without civilians —Steamships Trad ing Co., Ltd., of Papua, made a net profit of £915.
The Co.’s issued capital is £143,633. of which £49,950 is in 7 per cent, prefer ences. In addition, there is a general reserve of £50.000, a war contingency reserve of £lO.OOO, and £5,379 in the P. and L. Account, or additional sharehold ers’ funds of £65,000. The assets include £43.195 for land, buildings and slipway; £28,817 for investments; £47,242 for plan tations; £15,545 for sundry debtors, etc. (balanced by £13,191 sundry creditors).
Claims lodged with the War Damage Commission, for property destroyed by enemy action total £38,223, and with the Army, for property taken over, £47,588.
The latter claim was originally £84,588,
but during the year the Army paid £37,000 of this.
The two active directors of the Com pany, Captain A. S. Fitch and Mr. E. V.
Crisp, were allowed to return to the Ter ritory when a number of plantations resumed operations in July, and those two energetic gentlemen may be expected to bring the Company back in operation just as soon as conditions permit.
The Co. went to its P. and L. accumu lation to pay a dividend of 7 per cent, on the prefs., and is now carrying for ward £1,591. The action of the Co., in paying the pref. dividend, in the cir cumstances, was certainly plucky. Any reasonable investor would not have cried if the dividend had been passed. Evi dently, “Gappy” Fitch and E. V. Crisp are confident that, in the current year, they can make a profit out of plantation operations.
Mr. J. Wright, with Mrs. Wright, and two children, arrived in Apia recently from Rarotonga, on a visit to Mrs.
Wright’s parents, Mr. and Mrs. P. C.
Fabricius, of Apia. Mr. Wright has been at the Rarotonga Customs Department for the last 5 years. He was transferred there from the APia Customs Office.