N.Z. PERPETUAL FORESTS.

Auckland Star, Volume LXIV, Issue 113, 16 May 1933, Page 8

N.Z. PERPETUAL FORESTS.

LAST YEAR'S PROFITS £25,455 DIVIDEND EIGHT PER CENT ' Tlie annual accounts for the vear »„} 1 March 31, issued by the directors of \i Zealand Perpetual Forests, showTl profits at i; 28,4, r >!), compared with ffflinin 1931-32, and £15,821 the previousS Tjie customary eight per cent diviS is recommended for payment, and willT paid as in the past, to Australian sham holders from Sydney, and to New Z land and English shareholders C Auckland. Ihe balance brought fonvarl from last year was JC 10,570. DivitUj will absorb £15,803, and £9000 Tj aside for taxation, leaving £14 235 to] carried forward. :■' e

In their report to shareholders th» directors state that it is pleasing t 0 |1! able to record another satisfactory y M r in spite of adverse conditions and exeW' difficulties. " "Further economics have hcea effected during the period under review."

" The establishment of 146,285 acres 0! forest has now been completed by tlie company, and satisfaction with the qualitr of tlie work done has again been expressed by the visiting trustees and their indepen. dsnt forest authority.

" Owing to the demands made upon his time by his other business interests Mr Win. Goodfellow, one of the directors elected last year, tendered his resignation. which was accepted with much regret. " During the year the directors representing the company on the realisation committee have devoted a considerable amount of time to the consideration oi realisation projects, aud;to the furtherance of plans, now well alvanced, for the purpose of bringing about the most satisfactory realisation of the forest-owners' assets, We believe that the date for the final consideration of such plans is rapidly approaching, and are closely observing world conditions and trends in relation to industries in which we ultimately expect to engage in co-operation with and on behalf of our shareholders and cUente."

To ensure that the planted acres aid other assets will be realised to the best advantage, the directors are putting forward the following resolution for submission at the annual meeting of shareholders, which is to be held on June 2:—" That, in order to provide for the sale to the best advantage of planted acres in which shareholders are interested, the directors are hereby empowered to first set aside from the funds of the company a sufficient Him by way of special reserve to repay tie whole of the paid lip share capital, and such, further provision as shall in tie opinion of the directors be expedient or desirable, and thereafter to invest such sum or sums from the funds of the company as they shall think fit, and at suck times as they shall think fit in any business undertaking which in the opinion of the directors is likely to bring about or assist the efficient realisation of the forests." , . The retiring directors, 'Messrs. H. L. Smith and W. L. Davidson, are nominated for re-election. The balance-sheet includes the following items:—Liabilities: Paid capital, £197,536; creditors, £46,538; reserve for planting and maintenance, £1,062,9"! Assets: Land and buildings, £12,563; plant, etc., £21,359; maintenance reserve fund, £566,193; investments, £295,744: debtors, £53,467; bondholders,. £346,122; banks and cash, £41,770.