Carpenter Profits
p. 63 · Read in the full issue
Future of the Co.
rE annual report of W. R. Carpenter & Co., Ltd. for the year ended June 30, 1945, again discloses a net profit of around £65,000; and again pays a dividend of only 5 per cent., which ab sorbs little more than half of that amount. The directors continue to fol low a cautious policy, and again they have taken £25,000 out of the profits as a “contingency reserve,”, whence it dis appears out of the accounts. In the last thre the company has made pro fits of about £200,000. But only some £llO,OOO has gone to shareholders — £75,000 has been tucked away, out of sight, as “contingency reserve.” Evidently in the belief that the Board, sooner or later, will open a treasure-chest, and hand out a special bonus, investors continue to offer, for these shares, a price far in excess of the amount justified by the stubborn 5 per cent.
Directors give no indication of a wish to return to trading in New Guinea; and, even if Mr. Ward had encouraged the restoration of private enterprise in New Guinea (which, emphatically, he has not), it is doubtful whether the WRC Co, would have resumed trading there.
The company has substahtial other in terests there, however—many good coco nut plantations, and the desiccated coco nut factory at Pondo.
Since its sensational establishment, over 25 years ago, as a merchandising concern, this company has turned steadily to solider sources of revenue—transportation (ships and planes) and manufacturing (desiccated coconut and oil-mills). The founder (Sir Walter Carpenter) is now living in Canada, directing there his new copra-milling industry; and a fine new factory, capable of dealing with sub stantial tonnage of copra) is now near ing completion in Suva. Balance-sheet comparisons;
The sheep and the wolf are not agreed upon a definition of the word “liberty.”— Abraham Lincoln.
This is the latest scientific name given to a stone found in the Wahgi district of New Guinea a fossil ammonite: “Cenoman-Ammonite Cunningtoniceras Hoeltkeri, nova species ex Nova Guinea.”
Year ended June 30, 1943. 1944. 1945. £ £ £ Net profit 65,076 65,873 66,035 Div. p.c 5 5 5 Amount 38,750 38,750 35,750 Contingency res. .. . 25,000 25,000 25,000 Forward . 119.418 121,541 123,576 Depreciation 13,962 . 13,930 6,057 Liabilities— Capital . 775,000 775,000 775,000 Reserve . 200,000 200,000 200,000 Share prem 10,375 10.375 10,375 Creditors . 109,694 125,140 142,458 Due to subsid . 298,606 310,339 252,131 Tax prov 25,000 25,000 25,000
Assets—
• Freehold, ships, etc. , . 311,822 269,748 226,635 Subsidiaries— Shares . 497,004 497,004 485,859 Owing , 102,912 79,833 120,867 Stocks 92,453 93,735 98,146 Cash , 169,492 147,959 223,742 Debtors 92,562 56,973 17,907 Plantn. adv 96,917 96,919 92,779 Investment 234,227 385,217 325,675 Unexp. chges 4,454 3,757 930