TIMBER INDUSTRY.

Auckland Star, Volume LXVIII, Issue 269, 12 November 1937, Page 4

TIMBER INDUSTRY.

LEYLAND, O'BRIEN

SLIGHT PROFIT INCREASE

A slight increase tn earnLntas in 'o&vci in tlie annual account* of Lcj land. O'Brien Timber Company for the Tear cntlod September 30. Net profit for the year £9352, against £9218 a year ago. an increase of £134. Dividend maintained at 5 per cent. The amount brought into the accounts wan £ 20,021). making £20.372 available. The directors reiommend a dividend of 1 a share. free of income t»ix. Thin will absorb £0000. A further £47.') is appropriated for directors' feed, leaving £22.897 to be carried forward. Ihe report states that provision has been made for the payment of the usual bonus to employees. The retiring -director*. Me«rrs. S. H. Leyland and Mr. J. B. Elliot, are available for re-election. Following le a comparison of the comp»nj"« results for the pa»t three years: — 103 5. 1036. 1037. * € € Brought forward . 23.154 17.277* 2n.(>20 Net profit 8.289 9.218 9.3.">2 31,443 2«.49"t 29.372 Dividend. 5 p.e. .. 6,000 6.000 6.000 Directors' fees . . . 428 47.1 47.-, Carried forward . 2.1,01 20.020 22.597 •After appropriating JC7738 to writing down mortgages and properties. Movements in the balance-sheet items are as follows: — LIABILITIES. „.. K £ Capital 120.000 Same Reserve 30,000 Same Taxation reserve .... 2.102 +I.MMI Creditors 2.3.11 +71.» Suspense account...'.. 9«3 —279 P. and L. account ... 29.372 +2,878 ASSETS. Mortjrajres 77.111 —5.480 Properties, plant, etc. . G.1.99V +4.4J8 Ktock ."i,4.">« -f- 438 Debtors 10.097 +1.727 Investments 10,824 Same Cash 9.311 +3.201 Total assets 184,788 +4,313 Gross profit >wa« £35,8.>2, against £30.863 a year ago. and expenses were £28,500. compared with £21,44.5.