COMPANY AFFAIRS.

Auckland Star, Volume LXVIII, Issue 120, 22 May 1937, Page 4

COMPANY AFFAIRS.

NATIONAL TIMBER. ' DIVIDEND 5 PER CENT. The account* of the National Timber Company, Limited, for the year ended March 31. show a net profit of £3171, against £4357 in tlic previous year. A final dividend of 2V& per cent is recommended, making j per cent, unchanged. for the year. This requires £3500 anJ directors' fees a further £375. The balance carried forward is £30, against j £734 brought into the accounts. j The report states that the demand for J j sawn timber has been fully maintained and sales are in excess of last year. Due to higher wages and reduced hours, workin? costs have increased and the net profit is lower, although the controlled selling price remains etationary. Any further j cost increases must be a serious matter jto the industry. I Extensive work has been carried out on I the main tram line and branches for the ! inirpose of opening up new bush areas. i This work is still proceeding, but it will : be iume time before the full benefit can :be obtained from this extension. Tht I road has not yet been constructed to the j area of bush recently purchased, but it is hoped that access may be available by I nexe summer. This should make a very valuable auxiliary supply to the mill. Several sales of land and sections have l>een made during the year, and a further loading scheme has been undertaken for the purpose of opening up additional *ee- | tions. All gear, plant, machinery and ■ trams have been maintained in good ! order. I The retiring directors. Messrs. G. P. I Lamb and J. Hardley, are available for i re-election. ! Results for the past three years are ae follows: — , If>3s 1936 1937 £ £ £ Hrouzht forward SRI 252 734 N.t profit 3.541 4.357 3.171 ' C4.ini> £4.60« £3.1)0.- ' Mividond. 5 p.C. 3.."i0(t 3.500 3 r»00 IMre.tnrs' fees .. 350 375 375 Carried forward . £1'52 £73-1 £30 Paid capital stands at £70.000 and total assets at £82.670. Of these the chief items arc land, building and plant £34.075; timber rights, £22,988, and cash! PARKER LAMB LOSS. A net loss of £920. against losses of ,7* 123 In t] e Previous year and £11,221 in 1930. is shown in the accounts of the Parker Lamb Timber Company, Limited, for the year ended March 31. The debit balance in the appropriation account now stands at £40.723. The directors' report states that since last year a half-acre section of t?l7 Onchunga property and a quantity of mill machinery have been disposed of. The I leasehold properties are hard to quit I I he balance of the machinery not in use lis still offering for sale. The loss diir>n<* the year was dup wholly {o til-? leases in Auckland. If these could he di-posei of the directors feel certain that a profit I could be made on trading at Onehunga. J his section of the company's business j requires to be well stocked to meet the demand now offering for timber and the (directors have this in mind. GISBORNE GAS. (By Telegraph.—Own Correspondent.) GISBORXE, Friday. A net profit of £1008 for the year ended March 31 ie shown in the accounts of the Gisborne Gas Company, Limited, against £1120 earned in the previous year. Revenue shows a substantial increase, but costs of production and distribution expenses also were increased. The profit is struck after making allowances for taxation, depreciation and the writing off of obsolete plant It is recommended that the same dividend be paid as last year. 3d a share, or 1% per cent, the balance being carried forward. NORTH BROKEN HILL. (By Telegraph.—Press Association.) WELLINGTON, Friday. North Broken Hill. Limited, Melbourne has advised the Stock Exchange Association that the directors have declared a dividend of 1/6 a share, payable in Melbourne on June 25. The amount of the dividend is the same as that distributed in March when the first payment on the subdivided shares of 0/ each was made.