KAURI TIMBER COMPANY.

Auckland Star, Volume XXVIII, Issue 298, 23 December 1897, Page 8

KAURI TIMBER COMPANY.

ANNUAL REPORT AND BALANCESHEET.

The following are the report and balancesheet of the Kauri Timber Company for the past year -. — The directors' report is as follows :— " Your directors, insuhmitting the balancesheet for the ninth year of the Company's operations, to 31st August, 1897, have to report as follows : The increased business referred to in their last report has been well maintained throughout the past year, but has necessitated a considerable sum of money being put into log stocks, and a consequent temporary increase of the Company's indebtedness to their bankers. A further sum of £15,000 has been paid oh the debentures on satisfactory terms. The balance-sheet has been prepared, under legal advice, to conform with the requirements of the new Companies Act. This involved some alteration in the form of the accounts, including tlie insertion of the item of £197,502 4s 7d, representing the value of timber cut in the ordinary operations of the Company during the nine years of its existence. Owing to his departure for Europe in May last, Sir Frederick Sargood resigned his seat on the directorate, but has been actively engaged whilst in London in furthering the interests of the Company there, and will now shortly return to Melbourne. No steps have been taken to fill the vacancy, as your directors feel confident that the shareholders will concur with them in the desire that Sir Frederick Sargood should on arrival resume the seat he has held on the Board since the formation of the Company. Messrs Lush and Harper are the retiring- directors, and, being eligible, oli'er themselves for reelection. " That the assets and liabilities of the Company on the 31st day of August, 1597, were as follows :— LIABILITIES. Capital— 450,000 shares of £2 each .. .. £900,000 0 0 Less uncalled ISs per shai;o .. 405,000 0 0 41)5,000 0 0 150,000 shares issued as paid up to £2 per share .. 300.000 0 0 1 £795,000 0 0 Debentures and accrued interest secured by mortgages over portion of the assets of tiie Company .. .. £12,050 0 0 Premium payable on redemption of debentures 12,000 0 0; Sundry creditors .. .. 20,550 3 5 I Duo to contractors, account logs 31,121 17 1 "Debenture sinking fund and accrued interest under conditions of debentures r 25,897 7 10 * Fire insurance fund .. / .. 21,755 2 3 •Marino insurance fund .. .. 5,202 -1 5 1 "Officers' guaranteo fund .. .. 278 3 G I Due to banks and accrued interest 38,822 15 6 Unclaimed dividend 10 0 Total £1,198,750 11 0 *Theso funds although they have been transferred from profit and loss account for the special purposes mentioned are not reserve funds. Contingent liabilitiesBills under discount .. .. £12,71-1 13 6 ASSETS. Real Estate (not including standing timber thereon) at cost as approximately apportioned ..£148,158 13 5 leaseholds, Leasehold Forests. Mills, Buildings and Timber standing on Freehold Lands at cost as approximately apportioned loss deduction for timber cut, a: 97,502 4s 7d, Vessels and Bush Plant atcost. Rafting Gear, Furniture, and Stocks at valuation 701,127 1 3 Kauri .Freehold Gold Estates Shares at Valuation 15,000 0 0 Bills Receivable ..£2,03113 fi Sundry Debtors .. 52,896 0 7 51,927 11 1 Less provision for Bad . and Doubtful Debts 2,110 1 1 y 52.517 13 0 Cash in hand and at Bankers .. 3,707 10 10 Progress Payments to Comractors Account Logs 9,215 3 9 Consignments Less Drafts .. .. 4,201 9 0 Debenture.Sinking Fund Investments Commercial Bank Prof. Shares at Cost .. £3,655 13 5 Cash in Bank .. .. 541 It 5 — 4,097 7 10 Cash in hand of Trustees, Executors and Agency Co. (Ltd.) for redemption of Debentures .. 220 10 10 Debenture Expenses ..) 23,827 7 11 Premium payable on Thcso Redemption of De- items bentures .. are 10,500 0 0 Preliminary Expenses I not 6,000 0 0 Accumulate .1 Assets f represented Depreciation being by for timber cut olr Assets. Company's Land 197,502 4 7 since formation of Co. / Balance Dr. Prof t and Loss Trading account 13,605 19 7 £1,198,750 11 0 Contingent Assets— Bills under Discount, per contra .. .. £12.744 13 6 Profit and Loss AccountTo ManagementandOflice Salaries, Printing and Stationery, Rents, Rates, 'Taxes, Directors' and Auditors' Fees and all Expenses at Head Office and Branches .. £45,335 1 4 Del Credere for Bad and Doubtful Debts 3,717 8 0 Repairs Mill and Plant .. .. 7,999 12 6 Fire Insurance 3,260 17 2 Interest Paid and Accrued .. 14,715 17 4 Balance carried down .. .. 27,240 12 1 £102,281 8 5 Balance from last year .. .. £40,852 11 8 Profit for year brought down .. 27,216 12 1 Total at Dr. of Front and Loss Account £13,005 19 7 By Profits on Timber and Stores HOld, Cum and Flax Royalty, etc.£102,278 3 0| Transfer Foes 3 5 5! £102,251 8 5