HELENSVILLE TIMBICR COMPANY (LIMITED).

New Zealand Herald, Volume XXI, Issue 7160, 28 October 1884, Page 3

HELENSVILLE TIMBICR COMPANY (LIMITED).

Tiie ordinary annual meeting of shareholders of the above company was held at their office in the Colonial Bank Buildings, Queen-street, yesterday, when the directors submitted their third annual report and balance-Bheet for the year ending 30th September, 1884. There\vere present: Messrs. Arthur Bull (presiding), John Reid, JR. A. and Isaac McLeod, D. Oxley, Win. McLeod, J. Chambers, and John A. Walker. The minutes of the previous meeting having been confirmed, the following report and balancesheet were read by the Secretary :— Your directors have pleasure in presenting their third report and balunce-:-he-.t for.the year ending 30th September, ISS4. Tho mill and the machinerynave been maintained in ethcient working order. The cose of all repairs, besides tho hum of £03615 a 31 for depreciation, has been char<ed to revenue account. The balance of tho year'* trading after deducting the above sum of £636 15s 3d. shows a net profit of £2303 4s sd, which added to the amount brought forward from last year, makes a to al ot £3408 Us Od to be dealt with. Your directors propose to appropriate £71 8i for directors' fee*, and to pay a dividend of 5 per cent., amounting to £433, leaving a balance of £2907 3s Od to be carried forward lo profit and toss new account. In accord nc} with the articles of association, tho directors reiirlng are Messrs. H. P. Kavanagh and Thames Melville ; but as it is intended that the number of directors be reduced to five, no oleciion of directors will take place. Tho auditor also retires, but is eligible, and offers himself for reelection.—Arthur Bull, Chairman. Auckland, 17th October, 1534. Balance-sheet at SOtu September, ISS4. Dr.— Capital, 4000 shares at i.5 each, £20,000; capital issaod, 1706 shares at £5 paid, £8530 ; 25 shares at £2 12s 6tl, £65 12s 6d ; 4 shares at £1, £4— £5599 12i 01; bills payable, £3GIG 134 2a ; National Bank of New Zealand, £1690 16s Id ; .Rational Bank of New Zealand—outstanding cheques, £37 10s— £1728 6s Id ; sundry accounts owicg by company, £710 9s Id ; dividends uupild, £18 2s 6d ; balance of profit and loss account, £3408 lis 9d : total, £13,031 17s Id. ' Cb, —Freehold property, £424 12s Gd; freehold property (bnsh), £516—£940 12s sd; mill buildings, machinery, and railway siding, £6367 12s 3d; less depreciation, £63615s 3d—£5730 17s ; sundry accounts owing to comp ny. £3194 19s 3d ; timbnr at mills and yards and stores, £5073 16s 3d; cash in hand, £14112s Id: total, £18,03117s Id. Profit and Loss Account. Dr.—Wages and salaries, £4336 10s 7d ; general expenses, discounts, and commission, £2304 10s 6d; freight (railway charges) £1314 6s ; depreciation, £030 15s 3d ; balance. £3408 lis 9d- Total, £12.000 14s Id.Cr.—Balance from 30th September. 1883, £2010 14s Id; less preliminary expenses. £113 3s 9d; le?s directors* fees, £182 Ids; lass dividend at 10 per cent, £669 9s— £905 fls 9J—£1045 7s 4U ; rents uf houses, £78 9s; I gross praflt. £10,87817s 9d. Total, £12,000 14» Id. The Ch aiesian moved the adoption of the report and balance-sheet, and stated that last ; year had been a bad one for the timber trade

generally. The company had commenced with too little capital; and it was partly owing to this that a larger dividend could not be declared. A peculiarity about the company was that of owning no large bußh, although they held a small one near Helenaville. This fact, ' however, possessed the advantage of enabling them at all times to estimate their true position, their stock being practically within their booms; and there need be no fear but that in the Kaipira district thoy might always depend upon the market for their supply. The most strict economy had been exercised in working the mill, and many reductions aud alterations had been adopted. It being nccessary that - a large stock of timber should bo kept 'on hand on account of their owning no bush, and as the market showed signs of hardening, they had taken advantage of the low prices lately ruling, and had purchased a considerable quantity. The sum of £5073 163 3d represented the stock in hand, o£ which £4542 was baulk timber. As in addition to the above purchase they had entered into contracts for about twelve months' supply, they were unable to declare d largo dividend at present, but had great hopes of being able to declare an interim dividend. The gross profits wonld represent a dividend of about 35 per cent. In answer to Mr. John" Eeid, the Chairman explained that the £424 12s 6d freehold property referred to the mill site. The business of the two yards at Newmarket was carried on in one cise by the company and in the other by a man who sold on the company's account, and it was found beneficial to maintain the two systems. It might also be stated that in the event of any bush land in the immediate vicinity being placed in the market, the directors would be inclined to secure it for the company. In answer to Mr. Chambers, the Chairman said they had been singularly free Irom loss, and that £30 or £40 would cover all the bad debts since they started; The Chairman continued : The overdraft had been reduced within reasonable limits, and the directors were making every effort to pay it off altogether. Mr. John Eeid, in seconding the report, said he thought that £424 was not sufficient to be put down for the valuable mill site and water frontage, and on account of the latter at least £1000 might be added to the credit of profit and loss account. The rent of the houses, amounting to £76 9s, was a good interest on the freehold property. He could suggest nothing to the directors, but considered the company to be in a most satisfactory condition, and that when the overdraft was paid off it would be a most valuable property. The report and balance-sheet were then adopted. Mr. John Milne was re-elected auditor for the ensuing year, his emolument being fixed at £25 per annum, the question of office accommodation to be left in the hands of the directors to deal with. A dividend of five per cent, was declared payable on and after 3rd November. A vote of thanks was accorded to the manager, Mr. Curtis Moore, to the present secretary, Mr. John A. Walker, and also to Mr. Kavanagh, who for some ticae held that position; and, with the usual vote of thanks to the chair, the meeting terminated. At an extraordinary general meeting, afterwards held, article 14 of the articles of association, was altered, reducing the number of directors from seven to five.