“Timber Empires Getting Bigger”

Press, Volume C, Issue 29651, 23 October 1961, Page 16

“Timber Empires Getting Bigger”

(New Zealand Press Association)

WELLINGTON, Oct 22. The timber industry was getting into fewer and fewer hands and empires were getting bigger, said the chairman of C. and A. Odlin Timber and Hardware Company, Ltd., Mr John Grierson, at Friday's annual meeting of shareholders. He was discussing the decision to increase authorised capital from £700,000 to £850,000. Mr Grierson said it was very necessary that the company be able to protect its position in these circumstances by being able to buy into other concerns. The company had nothing in mind at the moment, but “we have had a look at some businesses.’’ By increasing authorised capital the directors could move more quickly if anything cropped up. Going to the shareholders to gain the necessary authorisation in these circumstances might take some time and divulge the intentions of the company. A total of 150,000 new £1 shares will be created and their disposal will be at the discretion of the directors at such times as they may think fit in the interests of the company. "Tighter Times Ahead" “I think things in the building industry are going to toughen up a bit but I think this company will continue to prosper,'' said Mr Grierson. Speaking to the annual report, he said total sales of all departments in the financial year increased by approximately £400,000. Under .11 the circumstances profit of £87,034—up 18 per cent—could be regarded as satisfactory. “Since balance date the Government has announced the curtailment of State expenditure on housing and general construction and has also applied severe restrictions on the issue of import licences. Nevertheless, it is hoped that with the opening of two new branches at

North Shore and Porirua they should assist to cushion any general reduction in turnover elsewhere as soon as they become fully established.” Mr A. E. Oldin said the revaluation of property and shares to the extent of 80 per cent of Government valuation _ was the result of inflation and the company’s original thrifty policy of ploughing back profits.