Carter Holt year more difficult

Press, 15 August 1978, Page 21

Carter Holt year more difficult

PA Auckland The current year for CarIte; Holt Holdings Ltd, is going to be more difficult: than the last one, the chairman (Mr K. C. A. Carter) said at the annual meeting. “We thought we may have got a boost in Election year, but the situation in housing ' has not improved; there is no improvement in the building supply side of the business.” be said. The year under review) had been a demanding one at all levels, many problems and changes had to be faced, i but a programme of consoli-! dation and forward-planning ji had been progressively im- < plemented, and augured well!' for the future, Mr Carter! said. The planned entry of Australian interests into the! pulp market would not! affect Carter Holt through, its joint-venture company; Pan Pac, Mr Carter said, be-1

cause output is under contract to Japan for 20 years. The value of pulp exports since rhe inception of Pan Pac. in 1972 had passed SIOOM. The group had adequate forests, as a source of raw materials, for many years ahead, and exports of structural timbers to Australia were increasing, he said. The new head office building under construction at Harp of Erin is the first ;m u I t i-storeyed all-wood laminated building. and. augurs well for the future of , timber engineering in this J country, Mr Carter said. A. lady shareholder asked' the directors to “keep an eye on” fees charged by the auditors, and noted that they: were $30,000 higher than for; the previous year. When the! motion to fix the remuneration of the auditors was put? la different shareholder registered a ‘no’ vote, which he ;asked to be recorded in the minutes.