Sir Edgar J, Holberton, C.B.E. (the chairman), said that in submitting a more favourable report than they had been able to do for some time, the directors felt confident in recommending a dividend of 6 per cent, in view of the company's exceptionally strong financial position, and more especially as ample provision had been made for depreciation and An improved demand for their timbers had justified them in considerably increasing their output, and the actual amount produced was some 20 per cent. in excess of the previous year. This had all been disposed of and their stocks of rough timber at the end of the year were some 155,000 cubic feet less than on the previous December 31.

The sawmills had been fully em-played throughout the year. The results unfortunately showed a loss, which had been the subject of a strict investigation, and, as a result, the operations of the current year promised to show a marked improvement,

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