FOREST PRODUCTS

Auckland Star, Volume LXXV, Issue 217, 13 September 1944, Page 3

FOREST PRODUCTS

HIGHER PROFIT EARNED A net profit of f 10,516, compared with £3419 last year, is shown in the accounts of N.Z. Forest Products, Ltd., for the year ended March 31. Profits from manufacturing was £51,670, compared with £26,356 last year. In addition, interest and dividends on investments and sundry income totalled £15,415. The cost of forest maintenance, £16,042, land tax on forests, £4186, and administration costs, £10,350, had all been debited to the profit and loss account. Provision for taxes was £26,000, against £11,000 last year. The report adds that the development account showed that £13,141 had been realised from timber royalties on area logged during the year, and also that £2500 was recovered from firebreak maintenance carried out by the company In 1939-41. These credits, less £968 expended on planting areas logged, permitted the development, account being reduced by £14,672. To help meet the increased demand for timber it was proposed to establish a new sawmill on the Marnetai forest block, which should be operating shortly. It was expected the timber preservation plant would also be operating at an early date. Progress was reported in preparing for the manufacture of kraft pulp and paper and multi-wall Items, with those for tha previous year in parenthoses, are:—Liabilities, paidup capital, £6,182,856 (£6,181,984); creditors, £32,040 (£43,617); tax provision. £37,000 (£11.000). Assets: Land, forests and farms. £5,238.247 (£5.251,621); plant. ertc.. £6232 (£6948); building, equipment, etc., £386,713 (£383,622); stocks. £95,100 (£47,594); shares In subsidiaries. £3000 (£3000); loans to subsidiaries, £30,152 (£31,801); debtors, £55,413 (£53,926); investments and mortgages, bank and cash, £440,818 (£451.346); P. and I. appropriation, £2515 (£13,032); total assets. £ 6,258,153 (£6,242,890).