KAURI TIMBER COMPANY.

Evening Post, Volume CIV, Issue 147, 19 December 1927, Page 12

KAURI TIMBER COMPANY.

Mr. George Lush, chairman of the Kauri limber Co., at the recent annual meeting ot the company, deplored the reduction m gross profits by £20,000. Price-cutting, due to an overstocked market, not only affected values of timbers sold during the year, but also necessitated writing down accumulated stocks to below cost, which has had a very deflating effect on the years profits. Since the close of the year there has been a partial recovery in stock value owing to the reversion to former prices in lines that had been very drastically cut. It was' gratifying to record that associate companies in New Zealand contributed fairly to the year's profit, and their progress indicated the soundness of these investments. "We have had a great amount of prosperity of recent years, and in the past," said the chairman, "with an incomparably inferior equipment, we have weathered far worse conditions than those prevalent to-day. Taking a comprehensive view o£ our present position, we believe that better times are ahead. On the whole, I think the report may be considered fairly satisfactory." When seconding the motion for the adoption of the report and balance-sheet, which was agreed to, Mr. J. M. Gillespie said that it was clear from the remarks of the chairman that the directors had experienced a strenuous and anxious time in the last year. It was pleasing to learn, however, that they were .-nore hopeful about the present term.