ROTOITI TIMBER YEAR

Evening Post, Volume CXVI, Issue 102, 27 October 1933, Page 3

ROTOITI TIMBER YEAR

• -The directors of Botoiti Timber ''Company report operations for the year'ended June 30,1933. While regretting 'tliat'the accounts . show a • loss for the year of £6553 9s lid, of which £2779 10s 5d represents depreciation and £1224 16s 2d bush cut out, they state that they have no need to remind shareholders of the continued depression in trade that has been experienced by the sawmilling industry during the period coyered by the accounts. The actual bush cutting has been reduced to the barest minimum necessary to cope with the trade offering,-and-consequently the stocks on hand'at the end of the year show a reduction as compared with the previous year. The directors considered that it was better to 'keep the mill and plant in operation, as shutting down would have meant loss of trade connections and a rapid depreciation of the plant and buildings,, which have been maintained in good order and condition. The declaration of dividend on the pro* ference shares has had again to be dee Since the close of the company's year, a considerable increase in trade has been experienced largely through the granting of Government subsidies for building operations. Prices, however,, have not been raised sufficiently to .provide • a profitable margin between production costs and selling prices.- Applications have been made for relief in regard to interest and rents, and if 'these* are granted the company ehould J>e able to continue its. operations and take advantage of the increase in business that is now in .prospect.. ■ Sincere regret is expressed at the death of Mr.. J. Martyn Hume, a director of the.company;since its inception, ilie chairman's resignation is accepted with regret. Messrs. Johp A. Bush and Robert A. Wilson, retiring directors, offer themselves for re-election. . ,