Parent Carpenter

CO.

Non-Australian Interests Transferred

ONE effect of the Australian Socialist Government’s ceaseless attack upon private enterprise is seen in the way in which public companies, with facilities for doing so, are shifting their operations out of Australia. W. R. Carpenter & Co.

Ltd., is a good example of this.

Formerly, that was the main trading company of the group. Now it is little more than a holding company. All non- Australian activities have been trans ferred to non-Australian companies— there are separate Carnenter companies now operating in New Guinea, Fiji, Gil bert and Ellice Colony, and Canada.

The narent Company, in the year ended June 30, made £71,043. which is £3,317 better than 1946. The balance-sheet shows that investments in subsidiaries, which totalled £490,859 in 1946, are now £905,271. The subscribed capital of the parent Company is £775,000, and reserves, used in the business, total £320,000. It remains one of the favourite companies of the investing public and its shares are quoted at a high premium.

Figures for New Caledonian mineral production for the six months to July 31, show a severe decline in nickel matte production at Noumea smelters. Only 670 tons of matte were produced, com pared with 1,774 tons for the same period in 1946, and a pre-war average of well over that figure. Ore production, how ever, at 82.944 tons (made up of 56,4:0 tons of nickel ore, 23,159 of chrome and 2.705 of gypsum for smelting purposes) showed an increase from 67,108 tons in the 1946 period.