KAURI TIMBER COMPANY.

New Zealand Herald, Volume XXXVII, Issue 11373, 16 May 1900, Page 5

KAURI TIMBER COMPANY.

IMPROVEMENT OF BUSINESS. ffij half-yearly meeting of shareholders :n the Kauri Timber Company (Limited) was held at Brokei; Hill Chambers, 31, Quoenitreet, yesterday afternoon, Sir Frederick Sar«od (chairman of the Board of Directors) prowing.

The Chairman said the meeting was in accordance with the articles of association, but - there was no report from the directors at the % meeting. He was,pleased to state that the business of the company continued to progress •- in a most satisfactory manner. In Decem--4 ber the amount of debit was £11, COO, and - since then a dividend equal to £13,000 had 1 been paid.. The amount to debit at date, % after making allowance for discounted bills, etc., was £3000.' That position, he took it, was a highly satisfactory one, and tho directors hoped that the affairs of the company ' would soon be in a position which would allow of regular dividends. It was with ex--4 treme regret ho had to refer to tho loss ■ sustained by the company and the Board through the death of Mr. William Smith, ono of the directors. ! xho meeting then became an extraordinary one, when the Chairman moved a resolution, the object of which was to provide that tho V security of tho debenture-holders hold from the company for tho repayment of the money idvinced should not bo liable to injury. Mr. - A. if. .Valentine seconded the motion, which was agreed to unanimously. Minor alterations to the articles of association wero agreed W. Tho number of directors was reduced to five, and the voto to the Board from £1400 - to £100Q.-Melbourne Argus, April 27.