Mercury Bay Timber Company.

Auckland Star, Volume XVII, Issue 214, 11 September 1886, Page 6

Mercury Bay Timber Company.

Tlhehalf-yearly meeting of thesharoholders of the above Company took place at noon on Sep. 1 in the olhce, Fort-atreet, Mr Then. Peacock (Chairman of Directora) presiding. About a dozen shareholders were present. The report and balance-eheet which were presented were taken as read. They were as follow :—

In presenting to the shareholders this, their eighth hali-yearly report and balancesheet, your directors have to report that the business done does not quite realise the anticipations hold by them six months ago. For some time past an unusual depression in the timber trade has prevailed all over the world, and, urged by the necessity for outlet, the lumbar-producing districts of Europe and the American Pacific Coaßt have forced .heir stock a into every possible market. Our main outlet, the Australian porta, have been flooded with consignments, bo that only a limited quantity of kauri has been absorbed, and that at prices lower than hava been known for many years. Notwithstanding the extremely cheap freighte, pine shipments from Europe have been moat unsatisfactory to owners, and the Oregon trade has resulted in heavy loss to the mills. It is therefore only reasonable to expect that at a not very distant date some improvement in prices will take place, for retailors cannot always maintain their Stock by operations resulting in loss tc the producers.- In addition to the abovs cirOumstances affecting the interests of your Company outside this colony, there have not been wanting local causes, fuch as the collapse of our home trade and the absence •f good fteshets, which have contributed to thwart our efforts. Looking at all the circumstances which hare concurred to impede the Company's progress, shareholders may still feel somo satisfaction at the not profit balance of £1,908 0s lid for the halfyear, and they may rest assured that in arriving at that result tho stocks of sawn timber and logs have boon valued in conformity with the low prices now ruling, so fihat any sales now made will leave a profit. Surrotinded, an business now is, with more than usual uncertainty, the directors deem it prudent not to recommend the paymeat of a dividend, but they have the belief that the interest on1 capital thus withheld from the proprietary will be fully provided for in the dividends that will be paid at Sobio future period.