PERPETUAL FORESTS.

Auckland Star, Volume LXIX, Issue 142, 18 June 1938, Page 4

PERPETUAL FORESTS.

COMPOUNDING BONDS. i — DELAY TO SETTLEMENT. Ail early settlement of all matters outI New Zealand Perpetual Forests, Ltd., has standing between the bondholders and I biTii obstructed, according to the chair- | man of the latter company, by certain 1 persons not directly interested. The chairman. Mr. William Eraser, outlined tile position at the company's annual meet ing. Mr. Fraser said that a doubt had been raised in the minds of certain bondholdeis in Australia, particulat ly Vietorii. as to the fairness of the proposed compounding agreement. "The lesulting representations made to the Federal Government, and passed on to the New Zealand Government have created all a', "insphero of uncertainty that priM'ludes any early implementing of the tentative agreement reached with New Zealand Finest Products. Limited, last December." I Bondholders' Commission. ! Kevicwing the events leading up to the t present position. Mr. Fraser said that in j 1931 a realisation committee was set up , comprising five trustees and directors of the Australasian Forestry Bondholders I Trust Company, Limited, and two direcI tors of the New Zealand eomnany. Steps i were taken to prepare for the creation | of a co-operative company comprising all ' the forest owners owning acres acquired I from the company, and a test was made j among all classes of bondholders to asccr- | tain the amount of support such a ■ company could expect from the forest ow tiers. | Following the appointment of the j Bondholders' Incorporation Commission, i said Mr. F laser, the company co-operated j with th" Trust Company in making application to the commission t.o have its j bondholders brought under the provisions I of the Bondholders Incorporation Act and ■ incorporated into a oompanv. The coniI lnissioners devoted much time and took a I greir deal of evidence before tina 1 !*- j settling the terms that should govern t'v incorporation of the bondholders into a oompanr. I "Sin-.- that time we have advanced a ! lon-r way toward a final compounding. I which in all probability would have now ■ been achieved, hvit for the obstructive I activities T l'ive already referred to." Mr. j Fraser added*