Company
p. 11 · Read in the full issue
Big Profit
For Papuan Trading Company
IN the year ended July 31, 1947; Steam ships Trading Co.. Ltd., (the 23-years old trading, planting and shipping company which is BP’s only serious com petitor in Papua) made a record profit of £34.314. and is paying a 10 per cent, divi dend on both preference and ordinary capital. This company faced complete ruin in 1942-44, during the Jap invasion; but thanks to the tenacity of the direc tors. and substantial war damage com pensation. it is now in a very sound posi tion. The develooment is best shown by quoting the balance-sheet figures before and after the war;—
Although Papua-New Guinea is now under a form of Wardist Socialisation, in which transportation and all trading in major products are government mono polies. the fact remains that the Wardist Administration is spending annually in the Territories between £2,000,000 and £3 000,000 of Australian taxpayers’ money.
A large proportion of that rich stream must find its way into ordinary trading channels. Therefore, despite Socialist disabilities, a concern like STC should do very well, while the regime lasts.
Liabilities
1939 1947 £ £ Issued Capital 142.143 193,633 General Reserve . 25,800 100.000 Other Reserves 9,000 25.000 Staff Fund ■— 10.000 Total of Shareholders' Funds 185,06ft 353.800 Creditors 45.211 57.527
Assets
£ £ 1939 1947 Land. Buildings. Ships.
Plant 34.232 72.527 Investments . . . . 8.434 43.276 Plantations 31.473 60,093 Cash, at Bank. etc. — 29,524/ Debtors 37.942 70.987 Merchandise 64,723 101,330 Goods in Transit , * 16.445 Net Profit for Year . . 17.994 34.314 ♦Included in merchandise.