According to teh intarwebz, "P.K." is a licorice-flavoured chewing gum named after Philip K. Wrigley, William's son and at the helm of the company through 1961. It is still sold, at least in Australia/New Zealand.
I remember the peppermint P.K. gum, but there was no licorice flavor when I was a kid. P.K. differed from other Wrigley products because it didn't come in sticks, but in candy-coated squares like Chiclets, a gum made by one of Wrigley's competitors. The only licorice flavored gum I remember being on the market in those days was Black Jack, which was made by Adams.
P.K. is also referred to in the 1975 film Trobriand Cricket, and features in some of the islanders' chants, like "The bat / the bat / it sticks to my hands like P.K."
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