Bp (South Sea) Ltd. Maintain

Solid Profit Rate

IN the year ended January 31, Burns Philp (South Sea) Co., Ltd., (with headquarters in Suva, and trading in Fiji, Tonga and Samoa) made a profit of £99,572. It disposes of this profit by pay ing 10 per cent, on its subscribed capital of £750,000, and adding £25,000 to its re serves.

This means that it will now have £325,000 in its General Reserve, £547,694 in its Equalisation and Rehabilitation Re serve, and about £lOO,OOO in its P L ac count. In other words, its accumulated funds are now substantially more than its subscribed capital. It has over £lOO,OOO of this money in investments outside the company, and over £300,000 invested in subsidiaries.

Say the directors: “Market prices of all islands’ produce showed further increases during the year, which greatly assisted in maintaining a satisfactory turnover in merchandise. However, expenses involved in conducting the company’s varied opera tions have risen sharply at all centres.”

The Board now consists of Sir Henry Milne Scott (chairman), Messrs. James Burns, Joseph Mitchell and P. T. W. Black, of the parent company, Mr. John Trotter, who is managing director in Suva, and Mr. R. C. Kerkham, who is deputy to Mr.

Trotter in Suva, and Mr. M. H. Helsen, of Suva, who has joined the Board in suc cession to Mr. F. E. Loxton, retired.

Fifty-six Torres Strait islanders were in Brisbane at the end of April to take part in the aboriginal Jubilee week. They were living at the Brisbane Exhibition Grounds under the care of Mr. Robert Miles, an Australian school teacher stationed at Sai bai Island.