DEMAND FOR TIMBER

Waikato Times, Volume 125, Issue 20910, 15 September 1939, Page 2

DEMAND FOR TIMBER

BARTHOLOMEW COMPANY PROFIT OF £3337 FOR YEAR A steady demand in the North Island for certain classes of timber, which was sufficient to keep the mill running full-handed and at full time throughout the year, is recorded in the v annual report of the' chairman of directors of the Bartholomew Land and Timber Company, Limited, Mr A. L. Tompkins. The report will be presented at the annual meeting of directors on September 28. After full allowance for depreciation and taxes had been made, the year’s transactions resulted in a profit of £3337 8s 7d. An interim dividend of 2i per cent was paid in April, and from the £7224 Is 9d credit in the profit and loss account the directors recommend a final dividend of 2i per cent, making 5 per cent for the year. In addition, a bonus of one per cent accounts for £SOO, leaving a balance of £5474 is 9d to be carried forward. "The leeway to be made up to overtake the demand for dwellings would Indicate a continuance of our present output,” says the report. ”The proposed Government rural scheme would be welcomed, as Jt would provide a market for those grades not up to the standard required for dwellings now being built. Plant, machinery and tramways have been well maintained and a hauler was purchased during the year.” The director to retire by rotation is Mr C. Sutcliffe, who offers* himself for re-election. Mr L. N. Ross again offers his services as auditor. 'Hie balance sheet discloses that freehold land, bush, buildings and afforestation at Government valuation and cost, less depreciation and royalty are valued at £29.709. Tramways at cost less depreciation are shown at £6032. Mill buildings, machinery and plant and the like are valued at £13.447, and log and timber stocks at £6878. The assets total £75,460. In the profit and loss account salaries and directors’ fees account for £1387, while £lßsl is set aside for income tax and £3OO for social securitv tax.