MERCURY BAY TIMBER COMPANY. Half-yearly Meeting.

Te Aroha News, Volume II, Issue 66, 6 September 1884, Page 3

MERCURY BAY TIMBER COMPANY. Half-yearly Meeting.

(From the Auckland " Star," Sept. 1.) The ordinary half-yearly meeting of the above Company was held this afternoou in the offices, Fort-street, MrD. H. MacKenzie presiding. Twelve shareholders in all were present. Thefollowingreportwas submitted: " The directors have pleasure in submitting the {annexed balance-sheet to the shareholders. Considering the low prices which have ruled since their last report, the result of the Company's operations for the period under review may be considered fairly satisfactory. The timber market exhibits a hardening tendency, and it is hoped thrt during the ensuing summer better prices will be obtained for our productions. On reference to the balancesheet it will be seen that a large amount has been writtan off for depreciation of mill, plant, &c. The amount standing to the credit of the profit and loss account is £13,335 19s Sd, and the directors recommend the payment of an interim dividend of five per cent, which will absorb £1,875, and leave a balance of £11,460 19s 6d to be carried forward to the present year.— For the Board of Directors, P. H. McKenzie, Acting Chairman. Fort-street, August 20, 1884." A balance-sheet was also submitted. Upon the motion of the Chairman, seconded by Mr A. H. Nathan, the report and balance-sheet were adopted. This constituted the business of the meeting, but a desultory discussion ensued upon the future prospects of the Company, which were considered to be good, and the difficulties which had tended to restrict the profits of the half-year. In answer to a question that the production of timber from the logs was 64£ per cent., thus showing a waste"of 35£ per cent. The average sale was at the rate of 10s per hundred feet. Mr Monk stated that if the local Timber Companies continued to have a yard in Australia it would yield them from £30,000 to £40,000 a year. The proceedings concluded with a.vote of thanks to the Chairman.