KAURI TIMBER COMPANY.

Gisborne Times, Volume XXVII, Issue 2537, 25 June 1909, Page 5

KAURI TIMBER COMPANY.

HALF YEARLY MEETING. DIVIDEND DEFERRED TILL DECEMBER. United Press Association —Copyright. (Received June. 25, 12.25 a.m.) MELBOURNE, June 24. At the half-yearly meeting of the Kauri Timber Company, the chairman stated that no doubt there, would be some disappointment that the directors had not seen their way clear to declare an interim dividend, in view of the promise made at last meeting to favorably consider doing so. Recent reports had told of scanty opportunities of acquiring new kauri bush, swelling the company’s ready cash, but restricting its supplies. It was satisfactory to be able to state that, having found good investments in this direction which, with expenses for further tram lines and increased log stocks, had absorbed all the company’s available cash, the directors considered it in the. shareholders’ interests to utilise the funds in that manner, and would, ask them to wait for a dividend till the usual annual meeting in December. Although there had been considerable falling-off in sales, a reasonably prosperous year was anticipated. During the iiine months besides the 'payment of £46,000 for the dividend in December last, the company had had special expenditure amounting to about £94,000, none of which was chargeable to profit and loss and, as there were further obligations, it was felt unwise to declare a dividend at present. It was reassuring that the company’s funds had proved sufficient to moot those heavv demands, while there was still a sum in hand which it was anticipated would enable the directors to meet further items of special expenditure they had :n view. .■. -■ / . ■ ■ i.