THE KAURI TIMBER COMPANY LIMITED.

New Zealand Herald, Volume XXXVII, Issue 11541, 28 November 1900, Page 6

THE KAURI TIMBER COMPANY LIMITED.

REPORT AND BALANCE-SHEET. The following report and balance-sheet nave been issued by the above company:-—

" Your directors, in submitting the balancesheet for the 12th year of the company's operations to August 31, 1900, have to report as follows:— first instalment of 5 per cent., amounting to £13,800, has been paid off the new issue of the company's debentures in terms of the conditions, reducing the amount from £275,000 to £261,200. The Kauri Freehold Gold Estates (Limited), in which this company holds shares valued in Lost balance-sheet at £15,000 (being uart of the purchase consideration for the freehold sold to the Estates Company), has been reconstructed, and consequently the value of the shares is very uncertain. Under these circumstances, it has been thought advisable to transfer from the amount carried forward last year to credit of profit and loss account the sum of £13,000 as a special provision against depreciation in value of these shares. This will reduce the amount carried down to £33,505 18s 3d, to which has to be added the trading profit for the present year, £35,667 2s 4d, making available for distribution the sum of £69,173 0s 7d. This amount the directors propose to appropriate as follows : —To payment of dividend for the year at the rate of 3 per cent, per annum, £17,550; to carry forward to next year, £51,623 Os id : total, £69,173 0s 7d. Your directong desire to express their regret at the death (since the issue of their last report) of Mr. William Smith, an able and highly-esteemed memb3r of the Board for many years. In accordance with alteration in articles, reducing the number of directors to five, it will not be necessary to appoint another director in his place. Mr. George Lush is the retiring director, and, being eligible, offers himself for re-election.— F. T. Saegood, Chairman." BALANCE-SHEET. The assets and liabilities of the company on August 31, 1900, Were as follows:— LIABILITIES. OAPITAIr--450.000 shares of 33s each .£742,500 0 0 Less uncalled 18s — per share mortgaged to debenture holders ... 405,000 0 0 1- — £337.500 0 0 150,000 shares of 33s each, Issued as paid-up 247,500 0 0 £585,000 0 0 Debentures and accrued inter- . **• -■■ est secured by mortgage over the uncalled capital, and a floating charge over tho general assets of the company ... 263,376 13 4 Sundry creditors 23,932 2 7 Duo to contractors, account logs 29,357 19 5 Fire insurance fund* 50,000 0 0 Marine insurance fund * ... 5,385 10 0 Officers' guarantee fund* ... 589 5 2 Log reserve account* 8,631 13 11 Unclaimed dividends ... ... 902 15 2 Balance credit profit and loss trading account as at August » 31, 1899 ... ... 46,50518 3 Less provision for Kauri Freehold Gold Estates Shares 13,000 0 0 £33,505 18 3 Balance credit profit and loss trading account for year 55 ' 6672 . 4 69.173 0 7 £1,036,349 0 2 CONTINGENT LIABILITIES- -,„-«, « « Bills under discount £17,681 is 11 ♦These funds, although ♦hey have been transferred from profit and loss account for the special purposes mentioned, are not reserve fuals. ASSETS. Real estate (not including standing timber . thereon) at £117,241 410 valuation £117,241 4 10 Leaseholds, leasehold forests, mills, buildings and timber standing on freehold lands, vessels and bush plant, rafting gear, furniture and stocks, at valuation 535,392 18 11 Kauri Freehold Gold Estates shares at former valuation £*5,000 0 0 Less provision ... 13,000 0 0 . • . . 2,000 0 0 Bills receivable 3,695 6 5 Sundry debtors 73,118 3 10 £76,813 10 3 Less at credit of Del Credere Account as provision for bad and doubtful debts 5,874 7 6 — 1 , 70.939 29 , Cash in hand and at bankers 13,512 7 3 Progress payments to contract,. •.-... tors, account logs 9,730 911 Consignments, less drafts ... 14,100 12 10 Commercial pref. shares at valuation 2,778 0 0 Debenture expenses account ... £23,375 0 0 Leas written off for present year 1,168 15 0 i 22,206 5 0 Accumulated assets depreciation, being for timber cut off company's land since formation of company, and consequently not represented by assets 248,447 18 8 £1,036,349 0 2 CONTINGENT ASSETS... Bills under discount per contra £17,681 15 1 PROFIT AND LOSS ACCOUNT. Dr. Management and office salaries, printing and stationery, rents, rates, taxes, directors' and auditors' fees, and all expenses at head office and branches £46,913 4 9 Portion of debenture expenses written off 1,168 15 0 Mining calls paid 1.550 9 7 Del Credere for bad and doubtful debts 3,578 0 0 Repairs mill and plant ... 6,463 7 6 Fire insurance 1.308 5 0 Interest paid and accrued ... 15,115 7 2 Balance for year carried down 35,667 2 4 £111,764 11 4 Cr. Profits on timber and stores sold, gum and flax, royalty, etc £111,756 6 0 Transfer fees 8 5 4 £111,764 11 4 Balance at credit of profit and loss account, on August 31, 1899 ... .„ ... £46,505 18 3 Less provision for Estates shares ... 13,000 0 0 33.505 13 3 Balance brought down 35,667 2 4 Total Balance at credit of profit and loss account ... £69,173 0 7