THE KAURI TIMBER COMPANY.

Auckland Star, Volume XXXVIII, Issue 288, 3 December 1907, Page 2

THE KAURI TIMBER COMPANY.

A SUCCESSFUL YEAR. The following is the directors report of the Kauri Timber Company to be presented at the annual meeting of shareholders in Melbourne on December 11.1 The report covers the twelve months ending August 31, 1907:—"Few opportunities offered for acquiring Kauri bush during the past year, and stocks of both sawn timber and logs are unpreeedentedly small, the amount of cash in hand being proportionately large. Such conditions naturally lent themselves to a reduction of our Debenture Debt, which was accordingly reduced by £50,000 during the period covered by our accounts, ' and by a further payment of £30.000 on Ist October last. At its present reduced i figure of £46,400, this shouid not be a source of much further anxiety. Another loss by lire to the extent of j nearly £ 1.000 has been sustained. This I is admittedly the great danger iv connection with all timber industries, and the strictest precautions are being taken, i and no expense on fire-extinguishing ap- j pliances spared to reduce this risk to a minimum. After providing for this loss, depreciation of mills and machinery, and ap- ; propriating a further £-J5,000 in reduction of the Accumulated Assets Deprecin,- \ tion. the balance of Prolit and L.-OSS, in- I eluding £8.289 (is. 9d. brought forward; from last year, amounts to £37,398 173. 5cL. out of which it is proposed to pay a dividend of 5 per cent, absorbing £29.250, and oarry forward to next year j the balance, £8,148 17s. sd. j In view Of the heavy loss of capital ,' sustained by the original shareholders, who are still largely represented on the' share register, and the very small return on their investment received for so many years, it is a great gratification to the directors to be able to recommend an j inereaee of even 1 per cent in th£ rate o5 dividend, and with the material reduction in our annual interest charge it is hoped that it will not be necessary to revert to a lower rate, though the paralysing effect of the present tariff delays and uncertainties, coupled with ■ the " unfavourable weather conditions j prevalent throughout Australia, are at . I the moment discouraging features. j Your directors consider that the time. , has now arrived for a careful estimate and re-valuation of our kauri forests in view of their undoubted appreciation in ! value. This is now being proceeded ! with, and the item of Accumulated As- | j sets Depreciation is consequently differ- j entry stated this year. ; The Profit and 1.-oss account for the year end-ed August 31st is as follow?: — The profit and loss account for the year ending 31st August i≤ as follows: — i Dr.: To management and office salaries, | ' printing and stationery, rents, rates, taxes, j j directors' and auditors' fees and Ell ex- j I penses at head office and branches, £i".H54 I 3/11; d<?! credere for bad and doubtful ■ debts, £S96S 1/8; Qre insurance loss, £IGBS i 13/9; freehold mills depreciation. £9500: 1 leasehold mills depreciation. £5000: accumulated assets depreciation. £23.000; repairs, etc., mill and plant. £7417 18/9; fire insurance, £ys.j 7/0: interest paid and j accrued. £5750 G/S; balance at 31st August. 1007, £37,398 17/5. Total, £135,419 9/8. Cγ.: By Balance from 31st Angust, 1006, | ±':<1,650 6,-fl; Iv.-ss Dividend »t the rate of ; i per cent pe\- annnm, paid for the year i ended :Ust August, 1000, £2;!. 400; balance, j t'.SiSp O,'J; Profits on Timber ni.rl Stores Sold; Gum and i'lax, Royalty, etc., £VM - , 100 10/10; Transfer Foes, £20 12/1. Total f105.419 n/S.