age Nature

[?]nys: BP’s Merely age Nature Investment

)M statements made by the ihairman, Mr. James Burns, at le annual meeting of Burns and Co. Ltd. on May 24, it le clear that, in planning the of the chain-store concern, eys Limited, to G. J. Coles ed, the senior South Pacific iany is only changing the e of its investment, and does jropose to sell its assets for as had been suggested in some srs. eral years ago, following its of spreading its interests over ier field, Burns Philp & Co. ased the well-known Penney operating a chain of stores, y in Queensland. The big Co., then, has operated Pennys isfully. en the probable sale to Coles mewhat similar chain store isation) was announced, some entators assumed that BP’s turning investments into cash, to buy more ships—it being mown that many Australian mies, owing to the peculiar ilian taxing system, find it lit to finance development, or replacements, out of profits, it now appears that BP’s pro to take Coles shares, rather ash, as their price for Penneys. means that BP’s, in their n, are merely contemplating ig the form of their big in ent. Instead of operating ys, they will allow Penneys to with Coles, and thus get their from Coles instead of from ys, without the direct respon -7 of operating the chain of is Philp still are faced with roblem of replacing shipping ;ir South Pacific services, and lairman (see elsewhere) made ;ual outspoken comments on tuation.