TIMBER DEAL
BIG CONTRACT ARRANGED NEW MILL IN OPERATION SUPPLIES FOR ORAKEI HOUSES What is said to be the biggest timber contract ever made in JTew Zealand has been entered into by the Fletcher Construction Company. Limited, supplies obtained under the arrangement being used by the company in building houses at Orakei under the State housing scheme. The timber is being taken from a mill at Ongaroto- near Atiamuri, which is cutting into a forest of rimu, matai and totara over an area of 3461 acres. A few months ago a company was formed to exploit the area with a capital of £oO.OOO. the participating capital being £25,000. This was underwritten by a Wellington house, and subsequently sub-underwritten. Before there was any public flotation of share capital, the Fletcher Construction Company entered into a five years' contract to take the whole of the output, with provision for a minimum of 3.000,000 superficial feet up to a maximum of 4,000.000 superficial feet a year, the timber to be taken straight from the saws.
The mill is now in operation and is already producing 50.000 to 60.000 superficial feet a week. On taking delivery the Fletcher Construction Company is conveying the timber direct to its kiln drying plant at Penrose.
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Bibliographic details
New Zealand Herald, Volume LXXIV, Issue 22774, 7 July 1937, Page 12
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208TIMBER DEAL New Zealand Herald, Volume LXXIV, Issue 22774, 7 July 1937, Page 12
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