THE KAURI TIMBER CO., LTD.

Auckland Star, Volume XXXIV, Issue 304, 22 December 1903, Page 5

THE KAURI TIMBER CO., LTD.

The annual meeting of the Kauri Timber Company, Limited, was held at the Broken Hills Chambers, Melbourne, on 9th December, Mr W. G. Sharp in the chair.

The directors' report stated that the output of the Company had been in excess of that of last year, while the profits had been considerably better. The assets for the year, £726,000, were slightly in excess of those of 1902, but the margin between the assets and liabilities remained practically the same. The profit for the year was £27,400, which with the bah/rice from 1902 amounted to over £51.000; out of this sum a dividend of 4 per cent, was declared, absorbing £23.400, and leaving over £ 27/100 to carry forward to next year.

The chairman, in moving the adoption of the directors' report and balancesheet for the year ending 31st August, 1903, congratulated the shareholders on the successful result of the Company's operations for the past year. He said that in view of the increased charges for taxation and increased cost of standing and log timber, it must be admitted the year's business had been very satisfactory, improvements in the milling plant had added materially to the efficiency of the mills. It would be seen on reference to statements of liabilities and assets that the debentures had been reduced by £23.700. leaving them now at £210,000. This had been done by payimr off thp fourth instalment of £13,700. as well as by the exercise of an option permitting the payment of an extra £ 10.000. He had much pleasure in acknowledging the loyal assistance and support rendered to the Board by the local directors in Sydney and Auckland, and by members of the staff throughout all the branches. The prospects of the Company's business in the coming year are good, business done for tlie period already passed of the current year being a little better than that of its predecessor. The report was adopted, and a vote of thanks passed to the chairman and directors. Mr W. G. Sharp, chairman of the Company, who is the retiring director, was re-elected, also Messrs. A. M. Valentine and C. M. Holmes as auditors.