TIMBER TRADE.

Press, Volume LXVI, Issue 19941, 30 May 1930, Page 16

TIMBER TRADE.

IMPORTS AND EXPORTS. Figures showing the imports and exports of timber during the past five years are "iven by the Government Statistician (Mr Malcolm Fraser) in the Abstract of Statistics The figures are as follows:

The output of rough-hewn timber in New Zealand has ehown a big decrease during the past five years, the total having fallen from 344,094,874 super feet in 1924-25 to 270,214,420 super, feet in 1923-29. In that period the quantity of kauri produced has fallen from 22,891,535 super, feet to 10,742,967 super, feet. There have aleo been big de creases in the quantity of rimu, kahikatea, matai, and totara produced. Beech and pinus insignia shown a slight increase.

TEXAS CORPORATION.

SUCCESSFUL OPERATIONS. The TezaK Company (Australasia) Limited le a subsidiary of the Texas Corporation and distributes Its products throughout Australia and New Zealand. The accounts of the parent eonoern and its subsidiaries for the calendar year luzn are now available, and collect au increasing volume ol business and a material increaae m investment expenditures. This is peruaps not surprising, tor the consumption ol oil is expanding throughout the world, but what is surprising is that with the very iceeu rivalry that exists in the distribution ol pelroieu-ui products the I'exas Corporation should thus forge ahead. I'his may De regarded as a tribute to the quality of the products together with the oompleienesß of the distributing organisation. The earnings of the corporation for the year 1929, available for dividends and surplus, after deductions for income taxes and all reserves wore 45,i518,072 dollars UU.tUI,992) The gross operating earnings were 218,262,140 dollars (£43,881,105), aa compared with 196,234.235 dollars (£40,377,415) in 1928. At the olose of the year the earned surplus was 150,710,075 dollars (£31,010,439), aa against 131,247,826 dollars (£27,005,725) at the end of 1928. The production of crude oil for the year amounted to 1,764,873,975 gallons, and the acreage held at the end of 1929 totalled 5,631.424 acres. Petrol sales for the year reached 1,066,085,930 gallons Bulk distributing facilities, the report states, were completed in the West Indies, Brazil, South Africa, Australia, New Zealand, and the Philippine Islands. The current assets of the corporation in elude cash 27.926,201 dollars, which io nearly 2.600,000 dollars more than at the close of 1928. The marketable securities total 49.727,694 dollars, against ail in the previous year. Notes or bills, eceivable at 2.290,517 dollars show a small increase of about 860.000 dollars. Accounts due, or sundry debtors, are shown at 48,029.800 dollars, as against 32,465,949 dollars. The inventories, or stocks of merchandise, crude and refined oils, are assessed at 185,850,408 dollars (£27,170.082), as compared with 116.073,788 dollars. Materials account for 7.165,934 dollars, and other current assets total 714,571 dollars, the aggregate of the current assets being 271,705.127 dollars (£54.841.025). as against 182.594.888 (£36.518,977) in the previous year. The current liabilities aggregate 89.571,186 dollars, against 62,266.696 dollars in the previous year, and include accounts payable 21,164.716 dollars: accrued liabilities 11,018.530 dollars. and dividends payable 7,887.940 dollars. The funded and long-term debts stand at 128.410.768 dollars, against 26,112,745 dollars. The common capital stock (par value 25 dollars, £5) Is 246.251,250 dollars, as compared with 211.088,850 dollars in the previous year. The total of the balancesheet is 609.858,034 dollars (£121,970,617).

ROMA NORTH OIL COMPANY.

After • long discussion, shareholders is the Roma North Oil Company N.L, at a special meeting in. Melbourne last week, agreed to motions confirming the action of the directors -in participating in tbe flotation of a company to acquire mineral lease No. 5371 near Lakes Entrance and authorising the directors to acquire drilling areas at or near takes Entrance on such terms "and conditions as they think fit. A poll was held for the first motion, but not for the second one. Opponents of the motions criticised the directors' purchase of 40,000 shares in the Kalimana Oil Company, and expressed the opinion that as the company bad ibsndoned its property In Queensland it should be wound up and its assets distributed. Mr J. May, in supporting the directors' policy, said that the shareholders should be grateful to the board for having conserved the company's funds so judioiously, especially in view of tbe losses sustained by other companies which had been engaged in Queensland. The chairman (Mt H. 0. Tucker) explained that the company's liquid assets amounted to £13,450, or about Is 2d a share, subject to expenditure In acquiring the new interests, which would make Roma North practically a holding company. Roma North nad forfeited its lease in Queensland and had transferred its activities to Gippsland because of the great potentialities of that dintrie t as a producer of oil in payable quantities. All the. leases In which it wou'd be Interested were favourably situated. Although the directors already had power to support the search for oil in Gippsland, they had called shareholders together to fulfil the ,>romise made at the previous meeting, when several shareholders disagreed with the board's policy.

IMPORTS. Sup. fe«i. Value 19 19 19 19 19 25 26 27 28 29 VA .. Tl ,300,921 „„ 65.448,115 .. 66.413.SP5 .. , 66,80633-1 ,. .61.066.320 ■ 896,277 611,617 704,440 661.6P6 716,921 EXPORTS. Sup feet Valuo. £ 1936 1926 1937 1923 1929 M> .. 49,204,676 M 40,465,221 „. 37,145,446 .. 34,970,773 .. S9.102.S31 673,832 •175,627 425,223 376.S6' ■139,342 The value o! timber produced in New Zealand during the past five years is shown in ihe following table: — 1924-25 1925-26 t926-27 1927-28 1923-29 :: r ;: 8,46s,099 8,4S8,079 2,932,250 3,433,482 2,399,347