From The Archives

July 1945

Three Pacific Companies with Over 4.5 Millions of Liquid Funds A SUMMARY of the annual balance sheets of two of the largest companies trad ing in the Pacific is published below. Both show some reduction of profit but that probably is due to the Pacific war moving away northwards, and taking with it the supply of American dollars which created a

little El Dorado for traders in 1943-44.

Compared with the average over recent years, both companies are doing exceed ingly well. The amount of liquid funds available for investment in the Pacific Territories is worth noticing. If mad-head ed governments do not crucify private enterprise, and if there is anything in the Pacific capable of development and mar keting, there should be a good time ahead,

Pacific Islands Untidy

after the war, for these big firms certainly have huge funds tucked away for use in anything that looks capable of sound returns.

Here are figures showing the avail

able funds (cash) and investments in very safe stocks and shares) disclosed in these balance sheets published recently;- Bums, Philp & Co. Ltd 2,933,734 pounds Morris Hedstrom, Ltd. - 1,140,889 pounds Bums Philp (SS) Co. Ltd. - 577,841 pounds Total 4,652,464 pounds The fourth big Pacific company, W. R. Carpenter & Co. Ltd., does not publish its accounts until August or September. It also has very large liquid assets.

This healthy total, added to the fact that the people of New Guinea and Papua (if they are ever allowed by the unpredictable Australian Government to return to their territory) will have substantial sums avail able from war damage compensation funds, suggests that the Islands Territories, with plenty of developmental money and low taxation, may enjoy something of a boom.

Burns Philp ft Co. Ltd.

A decrease of 22,754 pounds to 202,817 pounds is shown in net profit of Burns Philp & co. Ltd., for the year ended March 31. Morris Hedstrom, Ltd. The accounts of Morris Hedstrom, Ltd., for the year ended March 31, show embarrassment of too much liquid assets - cash and investments exceed by 50 per cent, the total subscribed capital. Value of freeholds and leaseholds has been written down from 312,452 pounds in 1941 to 186,857 pounds in 1945.

The company has given 25,000 pounds to a Fijian scholarship fund; another 3,000 pounds to its pensions fund; and is plan ning a very extensive building programme.

A bonus of 1,000 pounds was granted to Mr H. E. Snell,

general man ager, for spe cial services.

The chairman (Sir Maynard Hedstrom) expects a poor sugar crop this year; but the copra prices should remain high.

The company paid its usual 10 per cent lividend. ■

Established 1930