LEYLAND O'BRIEN, LTD.
Not since 1915 have times been so bad for the timber industry, according to Sir George Elliot, chairman of directors, at the annual meeting of the LeylandO’Brien Timbet* Company yesterday. Only that morning, said the chairman, he had been advised that the present month would probably be the worst on record. It had been the policy of the directors in the past not to distribute all the profits. The company had over £142,000 invested in mortgages and nearly £IO,OOO in war loan and these accumulations of funds had enabled the company to keep on paying dividends and to maintain the business in a sound condition. Mr. A. G. Lunn said the present position of the timber industry showed that the conservative and cautious policy which had been pursued by the directors in the past years was amply justified. If the slaughtering of prices had resulted in some firms being knocked out of the business it would probably be to the good of the industry, for there was no doubt there had been twice as many firms in the business as the demand for timber warranted. Messrs. W. B. Leyland and C. V. Houghton, retiring direcors, were reelected. ,
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Sun (Auckland), Volume II, Issue 524, 29 November 1928, Page 12
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200LEYLAND O'BRIEN, LTD. Sun (Auckland), Volume II, Issue 524, 29 November 1928, Page 12
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