GUTHRIE AND LARNACH CO.

New Zealand Herald, Volume XIX, Issue 6394, 16 May 1882, Page 5

GUTHRIE AND LARNACH CO.

TBT TELEGBAFH.-OWN CORRESPONDENT.] I 1 ... r . .<■■-■ DOKEDIN, Monaay. ■ meeting of Guthrie andiLarnach Co. SeSre to-day is stated to have been stonny, but the reporters being kept out Kay has to.be taken. The heavy less of £25 000 on the year's working, was not -well* received by the shareholders, and hence the nature of the proceedings at the meeting. The report states that the loss represented in the balance-sheet was attributable almosc entirely to two sources, viz. :-the burning down of the Paroraha mills at the beginning of last year, involving the loss not only by fire, interest, and necessary charges, pending £hV erection' of new mills, which, ocearred nearly twelve months ago, but also from the fact that had the mills been .working, they would, It is beheved, lave nutd&a good profit, kauri timber having advanced considerably in price during the past year, and the winding up of two branches of the building trade also. While in a healthy condition, so far as bad debts were concerned, it has been anything but brisk, the sales having been less than for any previous year, and the prices un•crecedentedly low, indeed lower than has - ever been "known here. The directors, while regretting their inability to report results of a more' favourable character at the present time, believe that the company having been at List relieved of the burden of unprofitable business by the closing, of its branches, and looking to the improved aspect of trade cenerally, they have good reasons for thmkiag that future balance-sheets will show a ' great improvement in the profits of the company. ' ~' The following is an extract from the ' balance-sheet:—Profit and loss account : Credit to .balance of profit and loss account On the 31st January, 1881, after allocation made at the last general meeting, £8845 17s 3d; to management, wages, rent, races, -interest, insurance, travelling and office : expenses, and miscellaneous charges, at the " head office, £44,683 16a sd; to losses at the .branches, including goodwill written off, and loss by fire at Manukan mills, £12,869 113 lid; to provision for doubtful debts, £3000 Ss; to provision for depreciation, £1500: total, £70,998 os 7d. Dr. : By 'gross profits on goods manufactured and ■ Merchandise at the head' ofiice, commission, &c, £46,048 10s Sd; by balance, £24,949 Ms lid : total, £70,99S 5s 7d.