Inplementation pf New Alliance
p. 21 · Read in the full issue
Carpenter-M. Hedstrom
A Rearrangement Of The
Board of Directors which con trols Messrs. Morris Hedstrom Ltd., leading traders of Fiji, Samoa and Tonga, is expected to follow the visit to Suva this month of Mr. R. B.
Carpenter, chairman of Messrs.
W. R. Carpenter & Co. Ltd., of Syd ney. Mr. Carpenter left for Suva on February 11.
As reported in January, holders of over 90 per cent, of the Ordinary Shares of Morris Hedstrom Ltd. agreed, early in January, to sell their shares to Carpenter & Co. Ltd. for £AI/10/- cash and 31 paid up 5/- shares in W. R. Carpenter & Co. Ltd., in return for each Morris Hedstrom £1 Ordinary share. The purchase—w hi c h represents the biggest single transaction in South Pacific Islands trading and finance —is being completed, and the Board of Morris Hedstrom is being re arranged accordingly.
It has been understood, from the beginning of negotiations, that Mr.
H. E. Snell, Chairman of the Morris Hedstrom Board, since the death of Sir Maynard Hedstrom, will remain in that position for a further term; and that Mr. W. G. Johnson, Man aging Director of W. R. Carpenter & Co. (Fiji) Ltd., and a member of the Board of the Carpenter parent Company, will join the Morris Hedstrom Board. There may be some minor changes.
As already indicated, there will be little if any change in the actual trading activities of the two com panies, where they meet in the dif ferent Territories; but there prob ably will be important rearrange ments on the levels of finance, ship ping, disposal of produce, oversea buying, etc.
Mr. W. G. Johnson.