ISLAND TRADE

Southland Times, Issue 18825, 19 May 1920, Page 5

ISLAND TRADE

AUSTRALIAN SHIPPING ENTERPRISE.

A BURNS, PHILP EXTENSION. (By Telegraph.—Press Assn.—Copyright.) (Australian and N.Z. Cable Association.) SYDNEY, May 18. (Received May 18, 7.25 pgn.) At the annual meeting of Burns, Philp, and Company, the chairman stated that the company was preparing to meet the development of the Eastern trade and the increased requirements under the new Pacific conditions, including direct services between the larger island groups. It was intended in order to overcome the dislocation caused by strikes and other disabilities, and to compete with foreign competition, to form a separate island company with headquarters at Fiji, where the inter-island services would centre. Everything possible was being done to maintain Australian and British interests against keen outside competition. The chairman explained how the Burns, Philp South Sea Co. had paid the parent company £500,000 in scrip and the shareholders of the parent company were offered contributing shares in the new company at par, equal to one share in the new company to five held in the parent company. A feature of the company’s merchandise transactions was the big increase in the New Zealand section.