COMPANY AFFAIRS.
PAERENGA (N.Z.) TUNG OIL. ANNUAL MEETING HELD. The annual meeting of Paerenga (N.Z). Tung Oil Co. was held in Wellington on Wednesday. Mr. H. 11. Jenkins, chairman of directors, presiding. The report of the directors stated that the position of the company's affairs had improved considerably. The mortgagees had generously met the shareholders by giving them title over 1000 acres in plantation and also by reducing the interest rate to 4V4 per cent. The company had not attempted to sell bonds during the past year, and had concentrated its efforts upon the existing plantations. Some of the two-year-old trees had made a growth of eight feet. Last year the company had received £300 for its wool clip, whereas this year £1000 was expected from that sotirce. Over 1100 Jambs had been reared, and the farm stock also included 300 breeding cows. There was every prospect that the station returns would mot'e than suffice to cover the company's outgoings.
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Bibliographic details
Auckland Star, Volume LXIV, Issue 302, 22 December 1933, Page 4
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160COMPANY AFFAIRS. Auckland Star, Volume LXIV, Issue 302, 22 December 1933, Page 4
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