COMPANY AFFAIRS.

Auckland Star, Volume LIX, Issue 227, 25 September 1928, Page 4

COMPANY AFFAIRS.

BARTHOLOMEW TIMBER CO

REDUCED PROFITS

DIVIDEND 8 PER CENT

Though showing a reduced profit for the year ending July 31, the directors of the Bartholomew Land and Timber Co. recommend the payment of 8 per cent dividend for the year. In their report, which is to be presented to shareholders at the annual meeting in Hamilton, fixed for October 4, the directors state:— "The past year has been a most difficult one on account of the severe competition amongst millers and the importation of foreign timbers. The immediate outlook, however, Is more encouraging and steps are now being taken to form a marketing association amongst sawmillers. If this is j brought about, considerable economy in sales- and administration should be effected and undue competition, to a large extent, eliminated. Stocks of timber on hand are clean and have been conserva-; tively valued. Plant and machinery are also in good order and well maintained. The freehold of the grazing run, which had previously been held on lease, has been acquired on favourable terms from the Crown Lands Department, and the acquisition of this area should prove valuable to the company in future years. All live stock and farm equipment was disposed of during the year and portions of the grazing areas have been leased. The directors record, with regret, the resignation of Mr. G. Cornfoot, as a director of the company, a position he has held since 1906. Mr. C. Sutcliffe was appointed to fill the vacancy and offers himself for re-election. Mr. A. H. Tompkins, managing director of the company since its inception, was, on account of ill health, granted leave of absence to visit the Old Country. "The profit on the year's transactions, after making provision for depreciation and income tax, amounts to £3738. Adding the balance brought forward from last year, £1019, and deducting the interim dividend paid in April, £2000, leaves a balance of £2757. From this the directors recommend the payment of a dividend of 4 per cent (making 8 per cent for the year), leaving a balance to be carried forward of £757." Past Years Compared. The following table furnishes comparisons taken from the profit and lose accounts in recent years:— Net Receipts. Profits. Div. Reserve. £ £ p.c. £ 1925 .... 11,897 6,5f>0 10 8.191 1026 .... 10.445 5,932 10 15,771 1927 9,086 4,747 8 16,010 1928 .... 8,423 3.738 8 15,757 Balance-Sheet Figures. Following are the chief items from the balance-sheets of 1925, 1927 and 1928:— LIABILITIES (At July 31). 1925. 1927. 1928. £ £ £ Paid capital .. 50,000 50,000 50,000 Sund'y creditors 1,821 3,584 3,246 Bank ;. 1,460 1,892 4,184 ASSETS. 1925. 1927. 1928. £- & £ Freehold pro'ty 26,047 28,190 27,639 Tramways and siding 17,036 16,470 16,470 Machinery and plant 8,281 7.473 7.100 Timber stocks. 3,741 5,32$ 5,737 Shares in other companion . . 2,775 2,775 2,775 Sundry debtors 7,176 10.410 14.018 Total assets .. 68,333 74,295 75,486 During the past few years the timber industry of the Dominion has been experiencing a particularly trying time and the Bartholomew is one of the few companies engaged therein that has succeeded in continuing the payment of dividends. In the figures quoted above the most notable alteration is in the reserves, which increased over £7000 in 1926. This increment was not from profits, but was made by the directors in order to bring the property account in line with the Government valuation. The shares are quoted regularly on the local Exchange, but sales are infrequent as the shares are closely held. For some time past there nas been a buyer at 15/0, but the offer has brought no response. Outside liabilities have more than doubled in the last four years, but they are still light and the margin of assets provides £1 7/3 for each £1 share. What is really wanted is increased turnover, which has been steadily falling since 1925. NEW REGISTRATIONS. Two new companies have been registered at Auckland. The particulars are as follows: — Morrinsville Co-operative Rural Intermediate Credit Association. Object*: To i carry on all such business as is authorised by the Rural Intermediate Credit Act. Twenty subscribers with 25 shares each. Jaffrey's, Limited. Objects: To acquire the business of boot and shoe importers, dealers and repairers, now carried on by Harry Thornton Jaffrey. Capital: £2500 Subscribers: Harry Thornton Jaffrey, 2000 shares; Laura Jaffrey, 500 shares.