LEYLAND-O'BRIEN TIMBER

New Zealand Herald, Volume LXX, Issue 21647, 13 November 1933, Page 7

LEYLAND-O'BRIEN TIMBER

PROFIT MAINTAINED DIVIDEND OF 5 PER CENT A slight improvement of £2BO in not profit is recorded in tho accounts of Leyland-OMJrien Timber Company, Limited, which earned £-1822 for the year ended September 30. The dividend lor tho year is maintained at o per cent, lroe of income tax. Tho amount brought into tho accounts iroin the previous year was £21,018, an appropriation of £20,001 ironi the amount of £11,619 carried forward in 1932 having been made during the year to writing down propertics and mortgages, making £20,170 available. 'I he directors recoinmend tho lollowing appropriations:—To pigment of a dividend of Is a share, free of income £ooooj to d i roc tors' honoraria, £510; and to carry forward, £22,930. I lie report states that in common with all companies holding large investments in mortgages and properties it has been found necessary to appropriate a considerable sum to tlie writing down of these securities. I lie retiring directors, Mr. AV. 101liot and Mr. .J. Thornes, are olfcring themselves for re-election. I'ollowing is a comparison of the company's results for the last three years:— ■ 1931 i mi Brought forward. £50,0:11 XMO,(iS3 t.c.-IS* Ket profit . . . 3,102 4,5au -LS'J2 _ . £s:i,l!>:i .151,189 £20,170 Dividend, p.c . . 5 5 5 Amount .. .. (i.OOO 0,0110 0,000 Directors' honoraria 510 510 5.10 Curried forward. i'lG.os:! i' It .''4o £22,0:10 " Balanco forward after appropriating £20,001 to writing down pro per tics and mortgages. iih' a further reduction of £'5017 in expenses, a saving of £10,571 has been etieetcd under this heading in the last three years. The current items totalled J_'l 1,-155, as against £18,102 last year. On (.lie other band, tho decline in gross earnings continued, a fall of £3300, to L' 10,277 being recorded, as against a fall of £3219 to £22,037 in tho previous year. Paid capital is unchanged at £120,000, 'and reserve stands at £31,102, as against £31,127 a year ago. Creditors are owed £1897, an increase of £515, and a new liability appears in contractors' suspense account, £l3lO. Assets, with last year's figures in parentheses, include sundry debtors, L'o3|s (£12,081); mortgages, £105,700 (£l-11,0.18); buildings and plant, £18,893 (£5-181); stock, £SB-12 (£7559); shares in other companies, £2-1-11 (£2255); freehold properties, bush and logs, £33.511 (£21,559); war loan, £7921 (£9821); cash, £1844 (£1092). LAND COMPANY'S LOSS FURTHER SUM OF £73,769 RESERVES AGAIN DRAWN ON (Received November 12, 6.35 p.m.) LONDON, Nov. 11 The accounts of the New Zealand and Australian Laud Company, Limited, show a loss for the past year of £73,709. Deducting £7725 brought in, this leaves a debit hatttnee of £OO,OI-1. The transfer of £IOO,OOO from tho contingency fund loaves £33,950 available for a dividend on tho A preference 4 per cent shares, which requires £30,000. The amount carried forward is £3956, Tho losses of the company during the last four years total £203,103, as follows: I £74.182; 1932. £10,350; 1933, £73,709. ! During tho same period £390,000 has i been transferred from reserves to cover 1 j the losses and some dividend require-] | ments, while since 1927 the fund has ] been called upon to the extent of j £190,000. To pay the 4 per cent pro-I ferenre dividend in ]932 a transfer of £40,000 from contingency reserve was made, £7725 remaining after tho year's loss and dividend' requirements of £3,0,000 were met. Ordinary shares last participated in 1931, receiving 2 per cent, £130,000 being taken from reserves to meet the preference and ordinary dividend charges in tlmt year. Tho company has a capital of £3,000,000, a-third of which is in preference stock, and, in addition, has issued £077,400 of debenture stock. It carries on sheep and cattle stations in New South Wales, Queensland and Western Australia, and also holds land in Otago, New Zealand. PRICES OF METALS A WEAKER TENDENCY, (Received November 12, 5.5 p.m.) LONDON, Nov. 11 Following aft; yesterday's quotations on the London metal market, compared with, those of November 9: Nov. 10 Nov. 9 ! Per Ton Per Ton £ s d £ a <1 Copper, stall., spot . . 11l 15 0 .'1! 10 10} Copper, alan., 3 nioa. 31 IB IS 31_ 18 9 •Copper, electrolytic 35 0 0 35 0 0 S to to no 0 0 :io 0 0 ! Copper, eb'C., wire bars 30 0 0 30 0 0 ; Lend, soft, spot .. II 17 li 12 00 1 Lead, soft, forward . . 12 1 3 12 39 . Spelter, spot . . . . 15 lti 3 to 1/ 0 , Spelter, forward . . 15 IS 9 10 1 3 , Tin, •slnn., spot . . 229 7 0 230 2 0 s Tin. Man., 3 mos. . . 8 !) 228 17 0 I •American 8.25 cents a lb, compared with j 8 cents 011 November 8. Quotations for other metals, with j those of November 4 in parentheses, are: — l'ig iron, home trade, £3 2s (id j (£3 2s Od); exports, £2 15s <£2 12s , Oil). Antimony, British, £39 10s (£39 10s); foreign, £23 5s (£23 2s (id). Molybdenite, £2 Is (£2 Is) a unit. Wolfram, 27s 9<l (275) a unit. TIN IN NEW YORK (Received November 12, 0.35 p.m.) NEW YORK, Nov. li Tin (standard), November delivery, is quoted to-day at 51.35 cents a II)., compared with 52.20 cents 011 November U. TEIIPETUAL FORESTS REPORT UPON OPERATIONS A statement of the finances and operations of New Zealand Perpetual j Forests, Limited, as at September 30, 1 shows subscribed and paid capital 1111-1 changed at £241,311 and £197,03() respectively. The bond subscription is C 3 838 29*, representing 133,359 bonds of £25, £3O, £3O IDs, £32 10s, C 35, £lO, £ls, £SO ami C 55 eac h. The | figures coin pi Ire with L'3,l * 3,-13 I aml \ 129,297 respectively at September 30, 1932. Trustee reserve funds held bv Australasian Forestry llondholdeis' Trust Company, Limited, imluding amount expended on topographical survey, amount to £507,430. Iho funds are invested as follows: —(Jovcnunent securities, New Zealand, £87,950; Australia, £149,210; India, £7099; a total of £211,805; New Zealand local body securities, £10,500; mortgages, .Yew Zealand £120,050, Australia £ISOO, a total of £130,ood; uninvested funds with trustees on fixed deposits and in current accounts, net, £127,802; topographical survey expenditure, £13,530; held ill separate trust, £1122. Tho forestry administrator's certificate shows that 150,511 acres were planted during the seasons 1921 to 1933, and that at September 3(1 a total of 1250 acres had been planted in the 1933 season.