Page 15 Advertisements Column 3

Otago Witness, Issue 1423, 1 March 1879, Page 15

report that the Calk were promptly met, only £4112 103 remaining unpaid out ol a total of £210,655 caliedup capital. The Company's trade continues to be ol a steadily progressive character, and it has lately been found necessary to considerably extend the floor space of the Factory, although the building wjs pronounced by many to be vastly out of proportion to trade requirements when erected three years ago. The very handsome profits now derived fronjt this department sufficiently testify to its euccea . The sales of merchandise at Danedin also show very satisfactorily ; those tor the quarter ending 31ft Decombi-r having amounted to over £103,000, and the average monthly sales for the nine months to over £28,000. The eevere and long-continued drought in Auckland, referred to in last Report, can scarcely, from a mill-ownei'B view, be siid to have broken up, but the light winter rains were, by careful management, turned to good account, supplies of logs having been made available to keep the Company's mils working more than full time from July to December inclusive, and thus, at the present time, the Company is accenting orders from Auckland market at the highest rates yet obtained f«r kauri at the mill. In Septemher last the Company took over the bußiness of Messrs R. and A. Tapper Brothers, of Invercargill, and thereby secured on f ivourable terms the largest, and moat valuable connection in the rising district of Southland. A London office has also been opened in suitable premises at 114 Cannon street, which gives the Company the benefit of direct and exclusiverepresentation, under experienced management, in the British markets. For the satisfaction of shareholders a valuation of the freehold and leasehold lands situate in Dunedin was made in December last by J S. Webb, Esq., Valuer under the Land Tax Act (whose name is a guarantee for competence and independence), and returned at £12,603 in excess of the value at which they stand in the Company'a books, but this has nob been taken into consideration in the annexed balancesheet; and while this valuation ia of a gratifying nature, the Directors are of opinion that it i 3 understood, owners of adjoining sections havin? recently declined bona fide offers to purchaEe at a very considerable advance The extensira freehold lands in connection with the Bush Mills, &c , were purchased by the Company at prices but slightly over those paid by the Crown grantees, and being all in good locations their value has improved correspondingly with the advance on property throughout the Colony. The advantages derivable from this source will be more fully set before the shareholders at the next balance, by which time th« Direotors purpose obtaining a valuation of the entire lands at Head-quarters, the Branches and Bush Mills, a course which commends itsolf as a means to ascertain the real position of the surplus assets of the Company, exclusive of the Reserve Fund now standing at £12,000. Keferenoe to the balance-sheet will show that 7869 shareßiemain unallotted, and the Directors, deßirous of meeting sucb inquires for them as may reasonably he expected to result from the success ol the Company's operations, recommend that they be offered to intending purchasers at 20s premium on the following terms, viz. : - 20s on applicatiun, 203 on allotment, and the balance by four payment? of 20s each, payable at intervals of three months. Applications will be received at the Head Orhce and Branches, and it is not intended that any material outlay should be incurred in connection therewith, as the Shares ought eventually to become largely enhanced in wlue, for apart from the handsome profits which the business has made and is capable of sustaining, the accrued Reserve Fund and increase in the value of lands held by the Company should exceed £50,000, or equal to a sum in excess of the premium named on the entire issue of shares. The Direotors look forward with increased hope and confidence to the future, feeling assured that the Company'a business is now in such a state that the satisfactory profits derived from it for so many years past can be steadily maintained by careful and at the Bame time energetic management. The Company'^ entire Plant and Premises are ia excellent order and condition, and all insurable risks are covered. The Books and Statements of the Company at Headquarters and all Branches have been most carefully examined by various responsible auditors and certißtd correct, and the Stock Liits have all been certified by statutory declaration made by the respective Managers of Departments as truly and correctly taken and extended at cost prices. The Dividend and Bonus now recommerded by the Directors, if adopted, will be payable at the Company's Offices, 185 Princes street south, Dunedin, and at the Branches on and after 10th March, 1879. By order of the Board. WALTER GUTHRIB, Managing Director. Ci UTHRIE AND LARNACH'S NEW V3T ZBAUAND TIMBER AND WOODWARB FACTORJES COMPANY, LIMITKD. BALANCE-SHEET, 31st DECEMBER, 1878. Liabilities. £ s. d. Capital .. .. £250,000 0 0 Less unallotted shares ..£39,345 „ Arrears of calls .. 4,112 10 43,457 10 0 206,542 10 0 Bills payable .. .. .. 146,858 2 3 Bank ol iNew Zealand .. .. 3,3 10 211 Open credits per ledgers . . . . 46,818 5 3 Wages, rents, interest, &c, due at thiß date .. .. .. .. 3,665 11 5 Discount on unsecured book debts and bills receivable on hand .. .. 1,269 16 1 Depreciation .. .. .. 1,514 10 0 London and branch drafts in transitu 14,721 7 9 Reserve .. .. .. .. 5,000 0 0 Dividends unpaid '.. .. .. 8 9 4 Profit and loss account .. .. 24,033 3 (i £487,771 18 6 Assets. Stock-in-trade £230,095 8 9 Book debts, secured and unsecured . . 91,051 19 5 Bills receivable in hand .. .. 10,474 11 8 Cash in hand and at branches . . 790 5 1 Remittances in trausitu . . . . 376 0 0 Freeholds and leaseholds at Dunedin and branches, and goodwill paid to Guthrie and Larnach .. .. 50,229 1 9 Buildinvss, machinery, and premises at Dunedin and branches .. .. 57,060 17 6 Manukau Bush-mtlls, freeholds and leaseholds 24 783 12 9 Ships ». 15,815 10 8 Horses, drays, harness, and bullocks . . 2,179 1 2 Office furnituro, stationery, revenue and postage stamps .. .. 1,665 12 5 Share? in other companies . . . . 456 0 0 Insurance policies unexplrod and rebate on bills payable, &c. .. .. 2,633 0 4 Charges on consignments, &c. .. 181 17 1 £487,771 18 6 Contingent liability -Bills under discount £109,981 10 1 PROFIT AND LOS 3 ACCOUNT, 31st DECEMBER, 1878. To management, wages, rent, rates, interest, insurauce, travelling and office expenses, bad and doubtful debts, and miscellaneous charges.. £52,818 15 5 „ Depreciation .. .. .. 900 0 0 „ Balance.. 24,033 8 6 £77,751 18 11 By balance brought from last account £ 1,042 11 8 „ Gross profits on goods manufactured, and on merchandise at Duuedin and branches, commission,&c. 74,828 4 9 „ Premiums on shares .. .. 1,881 2 C £77,751 18 11 We have examined the above Balance-sheet, and compared it with the Books, Vouchers, aud stock Lists, and hereby certify that it Is a correct statement of the affairs of the Company as shown by the books and other documents. WILLIAM BROWN, l Ali . THOS. MUODIB, I Auditors.

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