For “Steamies”
p. 149 · Read in the full issue
Another Bumper Year
LIKE other concerns in P-NG.
Steamships Trading Co. Ltd. of Papua is riding the boom very happily. It reports a profit of £l3B 477 in the year ended July 31: so that Preferences get 10 per cent, and Ordinaries 125 per cent, divi dend which distribution takes only £BO,OOO or so of the profit.
The subscribed capital is £662,500; and there now is £700,000 in general reserve and £132,000 in PVL account.
Sundry creditors are £184,000. The total on the assets side of the balance sheet shows £1,703 000, in cluding a substantial sum in “cash in hand and at bank”. Great growth since the days, three decades ago, when “Gappy” Fitch took the old Queenscliff to the Papuan coast on a hopeful trading expedition.
Captain A, S. Fitch, retired some years ago, resides in Sydney. His successor, Mr. E. V. Crisp, retires from the managing directorship next month, but probably will remain for a time in the Chairmanship.
Following a visit to Fiji by Mr.
Peter B. Watts, Vice-President for Oceania of Junior Chamber Inter national, a Junior Chamber of Com merce, is to be formed in Suva.