LEYLAND O'BRIEN TIMBER CO.

Auckland Star, Volume XXX, Issue 278, 23 November 1899, Page 8

LEYLAND O'BRIEN TIMBER CO.

The annual meeting of the shareholders in the Leyland O'Brien Timber Co was held on November 17 at the mill buildings. Colonel Burton, chairman of directors, presided, and there was a good attendance of shareholders. The directors' report for year endin"- 30th September, 1899, was as follows:—'lt is with much pleasure your directors lay before you their second annual report and balance sheet. The shareholders will note with satisfaction the. continued increase of the business that has been steadily going on since the formation of the Company, and the favourable comparison of the balance sheet now submitted with that of the previous year, which, it will be remembered, covered a period of fourteen months. Notwithstanding the large volume of business and output of timber, the bushes and log stocks have been materially increased. This is due to advantageous purchases made during the year. The. mill plant is maintained in a high state of efficiency. The s.s. Stella, which is in first-class order, has been kept profitably employed, and has contributed her full share to the successful results of the year's operations. Your Company took part in the promotion of the recent Auckland Exhibition, and was successful in obtaining three first-class awards with gold medals. A portion of the exhibits was presented to the Auckland Institute and Musuem. A reference to the. annexed balance sheet will show that, after-making allowance for depreciation of the mill plant, vessels, etc., a profit of £8053 2/11 (including balance brought forward from last year) has been made for the year; and, after payment of the interim dividend, etc., a balance of £6328 18/11 remains. Out of this sum the. directors recommend the payment of a dividend at the rate of 10 per cent, per annum, which will absorb £1600, directors' honoraria £125, to place to reserve account £3000, and carry forward a balance of £1603 18/11. In accordance with the articles of association, Colonel Burton and. Mr Owen retire from the directorate, but, being eligible, offer themselves for re-elec-tion; Mr Waymouth, the auditor, also retires, and again offers his services to the Company."

BALANCE SHEET on 30th September, 1899.—Dr.: To capital—4o,ooo shares at 20/, £40.000; less unallotted shares, £8000—net, £32,000; sundry creditors. £1743 19/; total liabilities, £33,743 19/; Reserve Account, £3000; Profit and Loss Account, £6328 18/11. Total, £43,072 17/11. Cr.: By debtors—After deducting bad and doubtful debts, £8337 18/2; timber stocks at mill, £2698 14/5; bushes and logs, £19,901 6/10; mill machinery and plant, £4815; steamer and scow, £2225; mortgages, £3402 2/1; cash in hand and bank, £1602 16/5. Total, £43,072 17/11.

PROFIT AND LOSS ACCOUNT to 30th September, IS9D.— To discounts, trade expenses, -wages, rents, commission, etc., £10,2144/4; repairs and renewals, £1061 13/3; rates, taxes, and insurance* £518 6/11; salaries. £979 13/6; bad debts, and allowances for bad and doubtful debts, £667 18/10; oils, belting, horsefeed, etc., £42S 13/4; written off for depreciation, £562 6/8; balance, £6728 4/7. Total, £21,161 1/5. By timber, ships' earnings, and interest, £21,161 1/5. ; *

To directors' honoraria, £125; interim dividend for half-year ending 31st March, 1899. £1599 '4/; balance. £6328 18/11. Total, £5053 2/11. By balance, £6728 4/7: balance, 30th September, 1898, £1324 IS/4. Total, £8053 2/11.

The report and balance-sheet were unanimously adopted. Col. Burton and Mr Owen, the velkifl£ij.feßfil&*S». w «re re-elected, and Mr 0. B." Waysaouth was re-appointed ouditor.

Mr if. Thornes moved a vote of 'thanks to the staff, with special reference to the managing directors. Mr Thornes eulogised the work of Messrs Leyland and O'Brien, and of all the employees. The motion was carried, and Mr Leyland returned thanks on behalf of himself and the staff.

A vote of thanks to the Chairman for presiding concluded'the meeting.