Economic Outlook In
p. 15 · Read in the full issue
Papua
The Steamships’ Balance Sheet
IN the year ended July 31, Steamships Trading Co., Ltd., of Papua, made a profit of £50,907, and it is paying its usual 10 per cent, on both preference and ordinary shares. It carries forward £29,67o—about £2,000 more than last year.
Its subscribed capital on July 31 was £250,000, and it was using another £262,000 which it has in reserves and the P/L account. In addition, it was working on a bank overdraft of about £24,000. It had £217,306 in buildings, plant and equipment, £206,000 in merchandise, and £105,000 in sundry debtors.
This is a carefully-managed company— and it should be. Its operations are con fined to Papua. Papua’s rubber industry is not very healthy, and there are no other industries there worth writing poems about. Papua’s revenues to-day come mainly from a most lavishly-endowed Administration (whose funds may be considerably curtailed when the Aus tralian taxpayers get tired of Socialism) and from the” Huge sums being spent there by overseas companies in a so-far unsuccessful search for oil. If oil is found, Papua may become a Bonanza. If it is not, and the oil seekers withdraw, Papua will be a rather sick little Terri tory.