AUCKLAND TIMBER COMPANY (LIMITED).

New Zealand Herald, Volume XVIII, Issue 6149, 2 August 1881, Page 3

AUCKLAND TIMBER COMPANY (LIMITED).

The annual meeting of this company wa3 held yesterday, Captain Daldy in the chair. The Secretary read tho advertisement convening the- meeting, also the annual report as follows :—

Fourth report and balance-sheet, from July Ist 18S0, to Juno 30th, 18S1: The directors hare pleasure in presenting to the shareholder* their report and balance-sheet for the year ending June 30,1551 The b.-iUice-shect shows a proGt of £21,767 7s Id, from which the sum of £1500 3s has been written off for the depreciation during the year, leaving a not profit of £20,2014s Id, your directors recommend tho payment of a diridend at the rate of 10 per cent., amounting to £ 6040, leaving a balance to carry forward of £14,221 4s Id. It is necessary for you to elect a director la the room of K. Bleazard, Esq., who retires in accordance with articles of association, but is eligible and offers himself for re-election. It is the duty of this meeting to elect an auditor for the ensuing year, and fix hi« remuneration. The dividend will bo payable on application at the company's ofllce, Custom-houso-streot—For the Board of Directors, William C. Daldy, Chairman. Auckland, July *9th, 1811.

From the balance-sheet it appeared that thevalue of forestlands, buildings, machinery, &e., was £-18,068 ; stock in trade, £35,657 ; book debfcj (secured and unsecured), £29 143total assetij, £117,023 5s 2d. Tho amount paid in wages, rents, rates, taxes, bad debts, and insuranco was set down at £23,429 3s Id.

The Chairman, in moving the adoption of the report, said : I have very little to add to the report and statement which you ha're in your hands. Of one thing I can assure you, thatit is a genuine statement. If it.errs at all, it erre on the safe side. You will perceive that the sum set clown for book debts is a large amount. That arises, to a certain extent, as the auditor would tell you, from the mode , of keeping the accoant. There are many contracts going on in regard to our bush lands, advances have to be made which affect the mode of the account on either side. Our property is •of a growing character. At Mangonuiwe have in the course of erection a powerful mill. We have opened bush land there which will make our business as large as that of Whangaroa, or larger. AH our properties are fully up to the value, or beyond the value stated in the balance-sheet. You will see that our stock-in-trade is very large. You will better understand that when I tell you that there are two million feet of timber in stock in Auckland alone, let alono what we have in logs o;id at the mills. In the profit and loss account you will see that we have written off £1506. In three years and a-half that makes £8461, which, I think, is pretty strong evidence of our desire to keep on the safe side. But perhaps some would say, "Hero is a largo sum to the credit of profit and loss; why, therefore, not give us some more dividend?" The answer to that is, " Our trade is increasing; we want all the meaus we can get, and what you have not got in dividend yon have in the increased and increasing business of the company." Indeed, our manager wants to get hold of all the money he can, so as to meet requirements. Our business is growing very rapidly; new markets are opening up in every direction j we must take advantage of these as they present themselves ; we are opening new mills, for we cannot afford to stand idle. All that involves the necessity of having money availablo for our business operations. You are all aware that your directors hold very largo interests in this company. If anything were to go wrong with the concern, it would go wrong with them. You have, therefore, the best security and guarantee that they will look after your interest, which is their own interest as well. I may eay that a grout portion of our success comes through our manager, Mr. Holdship. He is deeply interested as well as the shareholdera and directors. His iuterest is the same as yours. You can see at any time the success which he has achieved. Ido not think I am going too far when I say there is not a mill in the colony superior to this one in Customhouse-street West. I think it is a proof that wo aro doing things in a substantial manner, which is not only a credit to the company, but to the management. We are not deiirous to make any show. I sheuld advise the shareholders to go round the mill and see for themselves. I am sure Mr. Holdship will be glad to givo the shareholders every information. You will learn more by going round the mill and seeing for yourselves than you would from me if I talked for an hour. I beg to move the adoption of the report and balancesheet. . .

The motion was put, and carried unanv mously.

ELECTION OP DIBKCTOR. Mr. Bleazard was re-elected director. AUDITOR.

The fee of the anditor was fixed at £30, and Mr. H. G. Wade was re-elected auditor.

The Chairman said that in Mr. Wade the company had the benefit of a thoroughly practical man acquainted with the business. Mr. G. HoLDsiup did not think lie could add anything to what the chairman said. He could assure them that not only had he great interest in the concern, but his heart also was in it. As to the statement of the chairman, that he was anxious to have all the capital he could get, it should be recollected that the business was one which required all the cash that could be got. The more ready cash the quicker the work ind returns. If there was not cash to meet all requirements they must go outside aud borrow money. That meant interest, overdraft at bankers, or selling shares, which he did not at all like, at the present time at all events. He did not like going to interview bankers. In this, as in every other matter, it was well to be independent. It was much more economical, and conducive to future success. A vote of thanks was passed to the directors, and the proceedings terminated.