TIMBER TRADE DULL

Taranaki Daily News, 3 December 1930, Page 3

TIMBER TRADE DULL

' SMALLEST SALES FOR YEARS. 1 FEW PERMITS FOR HOUSES. ' r The quiet conditions in the timber industry were referred to by Sir George Elliot, chairman of directors of the Leyland O’Briqn Timber Company, Limited,; at the annual, meeting of shareholders at Auckland on Wednesday. 'ln moving the j adoption of the report, Sir George Elliot said that under the adverse circumstances prevailing the company had made a particularly .good showing.; In all. its 33 yearsj : existence there had never been so little timber sold in any one year; The price had been a little higher Jast year, but for 20 years the yield from sales had never-been so low. Last month only 28 permits were issued for the construction of houses in Auckland, and the fact that this business was distributed among. 25 timber merchants illustrated the decline in trade that was being experienced. _ - -. ‘ r . The company’s balance-sheet was much the same. Assets were about £2OOO lower and profits were slightly less than last year. An outstanding item was mortgages, which iltood at £142,581. He was pleased to be able to state that the, interest on these mortgages was very well paid up. Very few were behind, and those that were behind were not considered in any way bad. The company had a good dividend-paying record, having made a continuous distribution for 33 years. In good times many shareholders had considered the directors ultra-conservative in iiot paying more. The directors had not realised that such conditions as were affecting the industry at present would happen, but the fact that they had been ultra-conservative enabled them to pay a dividend that they would have been unable to ( pay otherwise.