THE KAURI TIMBER COMPANY, LIMITED.

New Zealand Herald, Volume XXXVIII, Issue 11825, 30 November 1901, Page 5

THE KAURI TIMBER COMPANY, LIMITED.

The directors of the Kauri Timber Company in submitting the balance-sheet for the 13th year of the company's operations to August 31, 1901, report as follows: —" Tho second 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. £261,200 to £247,100. The volume of business has kept un and with prices well maintained the results for the year show a trading profit of £57,436 153 Id, which, with the balance brought forward from last year, £51,623 0s 7d, amounts to £109.059 15s 3d. Of this sum your directors have deemed it prudent to allocate £55,000 as a _ provision against the depreciation of certain of the assets, as shown in the statement of accounts, this deduction of £55.000 leaves available £54,059 15s Bd, which it is proposed to appropriate as follows:—To payment of dividend for the yew at the rate of 4- per cent. per annum. £23,400; to carry forward to next year, £30,659 15s Gd. Your directors desireto express their sense of the great loss sustained by the company in the death (since the issue of their last report) of Mr. .John Sharp, who had been a director of the company since its formation, and whose lifelong experienen of the timber trade and high personal qualities rendered him a most valuable and highly esteemed member of the board. The vacancy on the board was filled by the appointment of Mr. Frederick H. Wilson. In rccordanco with the articles, Mr. Robert Harper, M.P., is the retiring director, and being eligible offers himself for reelection."