COMPANY AFFAIRS.

Auckland Star, Volume LXIX, Issue 117, 20 May 1938, Page 4

COMPANY AFFAIRS.

. NATIONAL TIMBER. LAST YEAR'S PROFITS LOWER. A net profit of £2fi23.\ a reduction of £.">4S, is shown in the accounts of the National Timber Company, Limited, for the year ended March 31. The directors recommend, a dividend of 2 1 /2 per cent for the year, against n per cent, which was maintained from 193.3 until J937. In their repprt the directors state that timber sales over the period wore maintained at the average of recent years. The decrease in net profit was due primarily to the heavy loss incurred through damage by fire to both locomotives. Sn PeriotiH was the damage to one engine that it required practically rebuilding. There was a considerable resultant loss, too, in a temporary hold-up of loj; supplies while jf-pains were being effected, also in extra labour' costs involved in the services improvised to meet the emergency. Another factor was the very high cost of labour in proportion to timber-sales. The directors emphasised the fact that the selling ipricc of timber was fixed by arrangement with the Government and wage rates were defined by Couvte. The margin between those must provide, liefore there was any return to shareholders, costs of timber royalties, overhead costs., depreciation and taxation. PARKER, LAMB ACCOUNTS. REALISATION OF ASSETS. A further loss of £2298 is shown in tho accounts of the Parker. Lamb Timber Company, Limited, for the year, oiuloil March 31. This" compares with losses of £920 in the-.previous year and £4123 in 1936. The debit balance in the appropriation account is now £43.020. The directors state that they have finally disposed of the harbour board leases (the mill and office and yard sites), also a portion of the machinery not required. Further efforts are being made to dispose of the balance not in use. The lose on the year was principally due to the liabilities of the leases and the realisation of the assets mentioned. The Onehunga sales of timber showed an improvement on the previous year. FARMERS' TRADING. BONUS TO STAFF DECLARED. In view of the successful trading year just completed by the Farmers' Trading Company, Limited, as reflected in the accounts published on Wednesday, the directors have decided to distribute £5100 among the members of the company's staff. The amount represents one week's wages for each employee, and the distribution will be shared by all permanent members of the head office, branch and factory staffs now in the company's employ and who were in its employ prior to April 1 last.