‘Steamships’ Make A Profit

of £38,900

AFTER paying 10 per cent, on its pref erence and ordinary shares, Steam ships Trading Co., Ltd., of Papua (which has an issued capital of £193,633) was able to add £15,000 to reserves, and add £4,000 to the carry-over. The profit, £38,907, fpr the year ended July 31, was the best in the Company’s history.

The company now has a general reserve of £115,000, a depreciation reserve of £30,000, and other funds of over £50,000 —making the total of shareholders’ funds £390,388. £113,000 is owing to the bank and to sundry creditors. Assets are well over £500,000, the main items being land, buildings and equipment, about £90,000 plantations £61,000, investments £41,000 and merchandise £191,000.

The directors are Messrs. E. V. Crisp L. Tracey, L. A. Willis and H. J. Lockrey.

Captain A. G. Fitch, who founded the company, and guided it through the hazardous war years, retired a coupl® of years ago.