Shareholders Get
pp. 20-154 · Read in the full issue
Burns Philp’S First
Bonus Issue Since 1918
A Gift Of £3-Millions
• The announcement, at the ginning of April, that Burns PI shareholders were to receive a Bot Issue of one share for every f\ held created much interest in Pacific Islands. Although the fim cial strength of the BP group grown very much in the last 3 years, there had been no Ba Issue since 1918.
Anything that happens in Burns Philp empire is necessac news in the Pacific. No other sir interest has contributed more t: BP to pioneer transportation trading, planting, shipping, andt nancing of private enterprise in South-west Pacific Islands.
This new Bonus Issue really not expected. There had been i sistent hints from interested qu ters in recent years; but Chaim James Burns rather scotched idea a year or two ago whem pointed out that shareholders v served very well indeed by the portunities given them to buy issues of these high-premium shi at par (ordinary £1 shares usuj sell at 55/- to 60/-).
However, sentiments stirred hy\ Company’s 75th anniversary s ened the hearts of this can Board: and a gift worth nomin about £1,000,000 (actually anytl up to £3 millions) to the lu shareholders was quietly annourr There is no doubt that the was made possible by a ste appreciation in most of the Company’s assets over the couple of decades; but there is; yet any indication of what groin assets is being written up to n the charge. One newspaper a mentator says the said grr include: • The shipping fleet. • Australian and New Zeaj real estate, including the Syo Imperial Arcade, which it bor< during the war for £600,000. • Investments, including a 14> cent, interest in G. J. Coles an large holding in Queensland lir ance. • About 40 island plantat and 14 Australian country gen stores.
Remarkable Service Record)
Reviewing their 75 years of cessful trading, the Directors m that the Company had been ses by the following outstanding offi for these periods: Joseph Mitchell .. .. 67 x James Burns 60 F. E. Loxton .. .. 58 E. P. Lee 50 PT. W. Black .. . • 41 All except Mr. Lee (the Gen;
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Secretary) are Directors- an are still actively in harness, a anniversary indicates a long sr years - yet the Co. had beei eight years in existence whee Mitchell joined, and probabc wisdom teeth had not yet bee when Messrs. Burns, Loxton an entered its service.
Floating Stores
Mr. Burns (who has Chairman for a long time) is of the late Sir James Burnss the Co.’s doughty founder di believe in mollycoddling.
Jimmy” still was a youth whr was sent pff in a little ship i New Hebrides as a supercargo.i he learned Islands storekeepin hard way. In some comment • activities of 50 years ago ; >he v “I once served (over 50 years two years in the New Hebrio supercargo. We had two vess this trade and called at aboir ports or anchorages in Hebrides and Banks Group.
“In those days the steamers floating shops and had verr trade-rooms in the ’tween deo “We carried two crews white, to run the ships, anc other, Island boys, mostly Tanna, to run the boating tl from the shore (as there we wharves anywhere), carrying s the mail and passengers, goo« dered from Sydney, etc., and rr ing with copra, sandalwood on Islands produce.
“All payments for produce any trade goods purchased,, settled in golden sovereigns, were carried in safes in £lOOO “Many kinds of peculiar r© were made, at some bf these is ports where the ship only call© haps once every three or six rtn One request to a supercargo, my time, was from a trader wanted him to choose him a “However, what happened 55 ago when I was supercargo o old Tambo, Ysabel and iV was happening in other parts i Pacific, as the steamers running to Papuai Guinea, Solomon Islands, G Ellice and Marshall Islands, P. c Group (Hull, Sydney, CantonK Howe and Norfolk Island, etcc “The first Island shipping, as I have heard —i.e., on a n service—was the run from Coo to British New Guinea with tH sail schooners Ivanhoe and 1 in the early 1880’s; and all S€ mentioned were running steamers before 1900, “Before Sir James Burns s this South Sea Islands tradfc before Burns Philp was forim had small vessels running o coast between Sydney, Brisbau Nth. Q’land ports, as far m» Cooktown.”