MERCURY BAY TIMBER COMPANY.

New Zealand Herald, Volume XXII, Issue 7272, 10 March 1885, Page 6

MERCURY BAY TIMBER COMPANY.

ANNUAL MEETING. Thb annual meeting of (shareholders of the Mercury Bay. Timber Company was held at the company's office, Fort-street, yesterday, Mr. Thomas Peacock, M.H.R. (Chairman of Directors) presiding. The Secretary (Mr. B. Gilmer) read the report and balance-sheet aa follows :—

i Your directors hive pleasure in stating that the business of the company has been of a pr n table character during the half-year just ended. Aβ might have been expected i om our special facilities for shipping, much of our timber has found its way to Australian .nd other outside ports. The stock of logs at the mill, which had been got down by floatage, baring been cut up, the mill for some months has been wording by day only, instead of by day and ni.ht, as at the beginning of the half-year. The directors are glad to say that the tramway, to connect the Moewai Bush with 'he mill, answers its purpose admirably, and by its menus the mill is kept supplied at present, It is not intended, to continue the supply of logs from ihU source beyond the time when a supply of timber is got by a fresh. We hare now a large stock of logs in the ireeks, and confidently expect a good supply with the first rain. The mill and plan, are iu a thoroughly efficient condition, and the attention of yonr directois has also been directed to the necessity for taking additional precautions agaiuet are ; steps are now being taken to .give greater security in that respect. it will be seen, on inference to the statement of accounts, that after writing off the sum of £1624 for depreciation, there remain* a not balance of £3vi79 as profit for the half-year. The directors recommend that a dividend be declared: it the rate of 10 per cent, per annum on the paid up Capital. This will absorb jt.1874, ana the balance of undivided profits will then amount to £12,760 7a. It will also be evident that in ihe property represented by paid-up capital and undivided profits, the shareholders h-vo assets over and above all liabilities amounting to £50,235 7s. equal to mure 'h*n £1 per share. If, in-toad of building up the necessary capital out of profits, as has < een done, the capital had been paid-up ny the shareholders, a considerable portion of the accumulated profits might have been paid in dividends. The directors expect that they will now be able to pay regular dividends, in addition to paying off the remaining indebtedness of the company. Messrs. J. M. Clark and Thomas Morrio retire from the Board, in accordance with the articles of association, but are eligibly and offer themselves for re-eleoii:>n. An auditor will also have to be appointe i for the year.— For the Board of Directors., Thomas Pic acock, Chairman. Fort-street, 3rd March, 1885. . BALANCE-SHEET. Dr.—Capital, 100,0u0 shares oi £1 each, £100,000 ; 49,95.) shares issued at £1 each, paid-up, 15: each, £37,485 ; bills payable. £ 785 18s 5d ; outstanding pay orders, £2u4 17s 5d ; sundry creditor.-, £15,029 lie 4d ; profit and lost account, £14,624 12s : total, £70,129 10s 2d. Cr.—Forest, freehold, and leasehold Ltnd. mills, trams, &c , £30,476 10s 2d (less depreciation. £1594 10s); stock-logs in booms and creeks, sawn and dressed timber, goods In store, Ac, £33,162 7s 8d; livestock (less depreciation. £30), £260; office furniture. £30 ; suiirtr •■ debtura. including contractors' advance, £5479 14a k<l; unpaid calls, £293 Is 3d; due en forte ted shared, £12 10«; bills receivable, £2006 12s 9d ; cash on hand, £3 12s 8d : total £70,129 19s 2d. ",- PROFIT AND LOSS ACCOUNT. i —Depreciation on mi 1 machine)?, buildings, tic., £.1624 li's ; SiUries, interest and d seount, insurance, trade expenses, &C-, £146S 15s lid ; balance, £8279 2* 4d : total. £6372 8s 3d. Cu.—Gross profits on timber and stores, £6035 6s lid , commission, £265 lie Id transfer fees, £1 2i C'i ; r-nts, £70 7« 9.1 ; total, £6372 8s 3d ; balance, £3279 2s 4(1.

balance, being net profits for the half-year, £3279 2s 4 1 ; profit and loss acco mt, as per Uat statement, £13,335 19s Bil ; less dividend declared let September, £1874 5s ; directors' honorarium, £131 5s : forfeited ■hares account, £15 : balance, £14,024 12s.

The Chairman, in moving the adoption of the report and balance-sheet, said it was unnecessary for him to make any remarks, because the report gave pretty full information as to the work done during the last six months. Be might state that he had visited Mercury Bay since the last meeting, and was pleased to see the efficiency with whioh the operations were carried on. Everything was in excellent order, and the tramway, to which reference had also been made in the report, was working very satisfactorily. The directors had written off for depreciation in exceee of what some concerns in the same line were doing. The directors considered it was a wice course to pursue, aud it would recally come back to the shareholders, for there would be the more to meet present engagements, and increase the undivided profitß, which now amounted to over £12,000. They hoped that dividends would be kept up regularly. They would soon be clear from every outside liability, and ultimately hoped to be able to set free the undivided profits to the shareholders. The directors were also considering whether the profits could not be increased by the style of timber which was put out. Of course, shareholders were aware there was a good deal of difference in the class of timber a mill pat out. The fundstobe eetasidewas something likel7iper cent, on the paid-up capital of the company. TheChairinan concluded by statingthatan application was about to be made for the setting auide of the injunction obtained against the company in regard to floatage of timber. Mr. Melville seconded the adoption of the report, and suggested that, in the circumetances, a few more shares might be issued to the present shareholders in a certain proportion to shares held. The Chairman said he would be very glad to bring the matter before the directors for consideration. DIKKCTOBS. Messrs. J. Mi Clark and T. Morrin were unanimously re elected directors, on the motion of Captain moKenzie, seconded by Mr. Alexander Ewen.