Papua

Stc Shows Record

Profit

Trade and Politics In Papua

A GOOD profit, allowing 7 h per cent, on both ordinary and preference capi tal, was made by Steamships Trading Co. Ltd. of Papua in the year ended July 31.

But the Co. is not happy. The basis of all the increased trading is merely the lavish distribution in the Territory of Australian Government funds; whereas, in the view of those best qualified to judge, there can be no sound prosperity in a country that does not earn substan tial funds from its own resources and industries.

The history of the Co. during World War II is told in the following figures from its balance-sheets:

♦Grouped with stores, etc., in war years.

The Co. was making sound and rapid progress in 1939, and until war struck New Guinea. Then all its establishments were overwhelmed, its ships were seized and its stocks were looted. The story of the grim tenacity of its directors, who hung on in Port Morebsy and fought the Army and all its myrmidons, and so saved their property, has been told be fore. By 1944, the Co. had got enough out of compensation payments to wipe off its creditors, provide for its pref, dividend, and put £30,000 in the bank, while still keeping alive its War Damage claims for over £40,000.

In the following two years, the Co. has obtained another £40,000 in war damage payments, has built up its stocks of merchandise, has a substantial sum in the bank, and shows the record profit, for the last financial year, of £32,000.

But it is not allowed to run shipping services, and it cannot get labour for its plantations.

This Co’s chief weakness now is that its operations are confined to one Terri tory, and so it is at the mercy of one Government, whenever that Government may elect to go haywire. Most other big Pacific trading companies spread their operations over two or more Territories and, if threatened by one irresponsible administration, they can usually find sanctuary under another.

Mdlle. Jacqueline Tallec, the charming daughter of the Governor of New Cale donia, accompanied by Madame Pourcade, wife of the Chef de Cabinet, Noumea, arrived in Papeete in August, having flown from Noumea to Bora Bora. They paid Tahiti a brief visit, and returned by plane to New Caledonia.

The death has occurred of Mr. George Tuckey, a patrol officer in New Guinea.

His only brother was killed in the fighting in New Guinea in 1945.

1939. 1944. 1946. £ £ £ Issued Capital 142.000 143,633 168,858 Reserves .. 34,800 61,752 104,092 Creditors . .. 45,211 7,925 28,571 Stores and Installations 84.232 44,233 47,863 Merchandise* . 64,723 — 102,277 Investments 8,431 40,079 46.973 Plantations .. 31,473 50,616 64,426 Debtors .. 37,492 3,769 28.543 At Bank .. — 30.000 18,543 Profit 17,994 7.340 32,014 War Damage and Army Claims .. .. — . 46.415 3,254