TIMBER TRADE

New Zealand Herald, Volume LXX, Issue 21505, 31 May 1933, Page 7

TIMBER TRADE

A DIFFICULT YEAR PARKER-LAMB'S LOSS A loss of £9559 is disclosed in the 29th annual accounts of tho ParkerLamb Timber Company, Limited, for the year ended March 31. This compares with a loss of £6897 last year and £4763 in the provious year. Tho debit in tho profit and loss account now stands at £16,808. Tho report of tho directors states the timber industry had suffered another bad year, and trade throughout .New Zealand and Australia had more or less been at a standstill. The company had been unable to dispose of stocks to any great extent, with the result that sales were considerably reduced and sinco the sales tax came into operation the position was even worse. Tho mill had been working barely half-time. Bush operations also had been restricted, with the result that stocks were a great deal lower than usual. The retiring director, Mr. Hendry Luke, is offering himself for re-election. The capital of tho company remains at £52,500... The bank and sundry creditors are owed £33,408, as against £38,266 last year. Assets are reduced by £4858 to £85,908. The principal items in assets with last year's amounts in parentheses are as follows: —Land, buildings, plant and machinery at Auckland, Onehunga and Hangatiki, £16,282 (£16.386); freehold property, £4170 (£4517); timber stocks, £18,009 (£29,313); bushes, logs and advances to contractors, £16,262 (£16,358); trade and secured debtors, £11,191 (£i3,220). Gross profit for the year amounted to £720, as against £6942, while expenses were £10,280, compared with £13,839. The company has shown a loss for three consecutive years owing to tho difficulties existing in the timber trade. Part of tho loss in tho year ended March 31, 1931, was extinguished by the use of £4411, which stood to the credit of the profit and loss account from the 1929-30 year when a profit of £Bl9 was earned. The balance of the losses is being carried forward. No dividend has been paid since 1928-29, when 5 per cent was distributed, as against 6 per cent in 1927-28.

NATIONAL COMPANY UNSATISFACTORY RESULTS Owing to a continuance of difficult trading conditions, unsatisfactory results are again reported by the directors of the National Timber Company, Limited, the operations of which showed a loss of £4506 for the year ended March 31. This compares with a loss of £4629 in the previous year and £1586 in 1930-31. The accounts show a trading loss of £653 for the year, compared with £353 in the previous year. Salaries, rates, taxes, general expenses, etc., amounted to £2023 as against £3219, and £2073 was written off in depreciation, compared with £ll2O, totalling in all £4338. Rents and transfer fees were £172 higher at £244, leaving a net loss of £4506. This is transferred to the profit aild loss account, reducing, the credit balance therein to £994. The report states that more milling has been done than in the previous period, but even then it was considerably less than half normal capacity. This, in spite of the exercise of every possible economy, meant increased costs. The prices obtainable in an overstocked and depressed market wero under last year's low level record. The whole of mill, plant, machinery and buildings have been kept in excellent condition and depreciation heavier than usual has been written off to bring values into line with present-day levels. Mr. J. J. O'Brien, who has been on the board sfiiee the inception of the company, is retiring on account of illhealth, and appreciation is recorded of his long and valued services. The retiring directors. Messrs. J. A. Lamb and G. J. Browne, are offering themselves for re-election. The capital of the company is £70,000. Assets total £75,921, as against £79,339. The amount owing to sundry creditors has increased from £513 to £5lB and bank overdraft from £3125 to £4308. The company paid a dividend of 6 per cent for the year ended March, 1923, the second year of its existence, and in the two following years the dividend was 8 per cent. Then up to 1930 there was no return, but in that year a dividend of 3 per cent was paid. There has been no distribution since. HEMP MARKET FIRMER WEAKNESS IN FRUIT The Department of Agriculture has received the following cablegram, dated May 27, from the High Commissioner tor New Zealand, London;—

Tallow. —A fair demand at auction. Of 1052 casks offered, 486 were sold. Generally firm at last rates quoted. Mutton, dark to dull, beef, sweet and/or mixed, and beef, fair to good, were 6d better.

Hemp.—•The Manila market is firm and good business has boon done in "K" grade for June-August shipment, which sold at £l6 ss, and August-Oc-tober shipment at £l6 ,10s. Tlio sisal market is firm. Juno-August shipment sold at £l7 2s 6d; closing value, £l7 ss. August-Qctober shipment, £l7 10s. The New Zealand market is firmer, in sympathy. Small . business has been done in rejected for June-August shipment at £ll 10s. Shippers offer fair at £lB ss.

Fruit.—The Port Dunodin discharged at London in good condition. The Opawa discharged at Liverpool; apples in sound condition; pears in forward condition. Arrivals of Australian apples in three weeks to June 13, 7,750,000 cases. The market is becoming quickly demoralised and little improvement is expected before the end of June. Apples.—Hulk prices: Granny Smith. 12s Gd to 13s Gd; Cleopatra, Dougherty and Ballarat, 10s to lis; London Pippin, Lord Wolseley and Adams Poarmain, 8s to 9s; Sturmer, 10s Gd to lis Gd; Jonathan, Delicious, Dunn's, 9s to 10s; Homo Beauty, Otago Cox's Orange, lGs. Pears. —The market is glutted. The Ojoawa and Rangitane Winter Coles and others over-ripe. Bulk sales: P. Barry, 12s to 13s Gd; Beurro Bose. L'lnconnu, Beurro Clairgeau and Beurre Diel, 9s to 10s Gd; Winter Nelis, lis to 12s; Keiffer and Vicar of Winkfield, 8s Gd to 9s Gd; Twyford, 7s Gd to 7s 9d. £'s Winter Cole, 8s to 9s; £'s (per bundle), Winter Nelis and P. Barry, 9s to lis; Giblin, 12s; Coniico, 10s; Beurre Capiamont, Conference and Beurre Clairgeau, 7s; Winter Cole, 7s Gd to Bs. Trays (per bundle), Winter Cole, 9s to 10s Gd; Josephine, 13s Gd; Beurre J3osc, 7s 6d to 9s; Cornice, 12s 9d.

STOCK EXCHANGE COMPANY The annual report of the Dunedin Stock Exchange Proprietary, Limited, states economic conditions are still affecting the proprietary's business, and adjustments of rents have been required to assist some tenants. After allowing for depreciation on the building the net profit J'or tlio year was £572 higher at £1594. This, with the balance from last year, makes a total of £-10-15, from which an interim dividend was paid in November, absorbing £6OO, leaving an available balance of £3445. The directors recommend that a dividend at the rate of 8 per cent per annum be 'paid. This will absorb £BOO, leaving £2645 to be carried forward.