MITCHELSON TIMBER COMPANY.

New Zealand Herald, Volume XLVII, Issue 14345, 15 April 1910, Page 7

MITCHELSON TIMBER COMPANY.

PROPOSED LIQUIDATION.

The annual report of the Mitclielson Timber Company, to bo presented to shareholders on Monday, April 25- next, states that the year's transactions resulted in a loss of £233.5 18s 2d. Deducting this from tho amount of £639* 6s Id to credit, on January 31, 1909, it loaves £4060 7s lid to carry forward. In consequence of last winter's freshes not having realised expectations, the output of tho mills was considerably reduced, and, therefore, tho sales of sawn timber for the year were £17,000 less than for the year ending January, 1909. In this connection tho log stock has increased by £4663. The directors anticipated better results, and are grievously disappointed at the result of tho year's operations. The market in Australia for kauri and white pine has weakened considerably, with tho result that the merchants aro now more exacting, and considerable allowances have had to be made, and reclamations demanded for the year wore abnormally heavy. The position of the company is that., owing to the : shortage in sales (of £17,000), and owing to exceptional delays through bad weather and bar harbours, finance has suffered to such an extent that it is impossible to carry on without more capital, and the directors consider that the best course to pursue would bo to wind-up the company and liquidate its assets to the best possible advantage. Accordingly an extraordinary meeting of shareholders will be held immediately after the annual meeting for the purpose of considering a resolution authorising that the company bo wound-up. The profit and loss account shows that the capital of the company is £75,000, the actual liability on shares issued amounting to £74,306 ss. Other liabilities are: Bank of New Zealand, £40,418 5s 3d; sundry creditors, £19,694 Is 3d ; bills payable and orders current, £11,709 18s; marine insurance fund. £678 16s lOd. . This, together with the balance (£4060 7s lid) from profit and loss, makes a total of £151,067 14s 3d. The assets of the company are: Shares, £1350; vessels, £15,600 0s lid; mill properties and plant, £45.402 8s lOd; trams, clams, and booms, £2853 2s 4d ; bush properties, £23,336 17s 5d ; lotrs. and sawn, timber stocks, general, and mill stores, £53,076 Is lid; sundry debtors (including advances to contractors), £7501 18s 7cl; bills receivable, £600; unexpired insurance premiums, rents due, and sundry payments in advance. £1045 17s 6d; cash at head office and branches in transit, £301 6s 9d; ' total, £151,067 14s 3d.