KAURI TIMBER COMPANY

Auckland Star, Volume XXVII, Issue 286, 2 December 1896, Page 6

KAURI TIMBER COMPANY

A PROSPEROUS YEAR.

The ei£;lit- annual general meeting cf tho Kauri Timber Company Limited wns hold at Broken ilill Chamber!*, Melbourne, rooently, Sir Frederick Sar^ood, M.LC, presiding. Tho (UrsctM'.» roporbod that

t!io businopa of the company had lar;;oiv incrcused, all tho dspo?ita owitig by iho company at tba dfii;o of tho pccvii: ii? balance sheet had born psid off, and rhe indobtediioas to tiho bariku cotisi'.'erably ro ducod, A Palo of portiori oi dim corapn.'iy'fl auriiorous ifir.d to a v.oult!>y lv^'.i.h -,yndicuto for £37,500 cash and 31,'.»;50 puUi up £1 nliaros had beon cfiected. Lbbl' moniti i' 45,000 worth of debonture-j had boen paid oi!. Tho Chairman, in moving tho adoption of the report, bind thn ?f»ios of timber had risorv ia«fc yenr to £"71,444 —an increase '•■'■

£78,000 over tho precodinjj; yc-w. r.rul Die gios:i profits bad tntalleiJ £!'iS,9f!."s, an increase of £37,.'.1(j. The not profit >or too yoar h;id been £2'<iM>2. Thoy luiti, imk.ed, faii-iy turned tho cornor. Tho tnlnl reiiucflon in indebtodneas to hanks and for

deposits reaching X, 13,167 had been efl'oe'.cl. The board hud decided to iindcrtuko sti own underwriting, by which means largo fiuma wouid bo pa-roil. Thnir ordinary current liabilities atrer-2{jntod £3.1,015: but in purchfiscd timber, good debt', etc., they had far more than oulfiiiicia to liquidate thoro, Tito fiftlo oi tho Whanfjapoa land lind ivicroa^o'! tho sinking fuad from £1G,17,i to £59,090. In _ tho assets thero wero tick (Sown iti.ma totalling £49,327 which vvoro reaily nob convertibla asaot-t, but cm against thab tho directors had not include'! oharox in ihe mining company which had purchased tho Wluni^ipoft Ent'ibo, for which thoy had had an oticr of iM9,000. Gcnorally, the buf-'nni»s was in a promining stntc, there bcin^ roady salo ior timber at n wood profit.

Mr H. H. Reid aecondod the motion, which was citrriod.

Sir Frederick yarjjood and Mr IT. Pd'forpon were re-slootod as directors, and Mewarj Ilolb and F. •!. VVtlson mm auditor^.