Burns Philp
p. 13 · Read in the full issue
Dividend
Raised To 11¼%
ALTHOUGH shipping conditions “con tinue to deteriorate, chiefly because of higher working and overhaul costs, and delays in ports,” merchandising operations have remained satisfactory, with the result that the directors of Burns, Philp & Co., Ltd., Sydney, have been able to announce a profit of £228,124 for the year ended March 31—which is £8,274 better than the previous year.
As a further result, the dividend rate has been increased to 11] per cent., after remaining stationary at 10 per cent, for 29 years. Another £50,000 has been added to reserves, which now total £1,400,000.
The directors emphasise the unsatisfac tory conditions governing Island shipping.
Freight and passage rates will not cover the ever-rising expenses, after making a very modest provision for interest on the cost of the tonnage employed.
It would almost appear as if the direc tors, 15 or 20 years ago, foresaw World War II and its politico-economic effects, because they then began to transfer the Big Firm’s interests from the Islands to storekeeping in Australia —especially in the bigger towns of New South Wales and Queensland, where they now own and operate innumerable stores. Their hard wcn profits more than compensate for the economic difficulties experienced in the Southwest Pacific.