N.Z. PERPETUAL FORESTS, LD.

Dominion, Volume 29, Issue 199, 20 May 1936, Page 14

N.Z. PERPETUAL FORESTS, LD.

Last Year’s Results The directors of N.Z. Peruetual Forests. Limited, in their report for llic year ended March 31, 1936, state that the balance brought forward from last year, after deducting dividend paid, was £15,279/9/-; •" which add the profits lor the year, including interest on investments; after making due provision for depreciation, future planting and maintenance costs, taxation, etc., £22.104/16/-. a total of £37,384/5/-. less interim dividend of 4 per cent., paid on ‘November 1, 1935. £7901/8/6, leaving a balance to credit of profit and loss account of £29,482/16/6. Out of this the directors recommend the payment of a dividend of 4 percent., which with the 4 per cent, paid in November last makes a total oC 8 per cent, for the year, which it is proposed to pay as in the past to Australian shareholders from Sydney, and to New Zealand and English shareholders from Auckland, and which will nmo.unt to £7901/8/7, leaving tn l>e_enrried forward to next, year £21.581/7/11The net planted acreage of the forest established is 162.546 acres. During the year bondholders were incorporated into a company under the Bondholders Incorporation Act, and the position nt. the moment is that in-effect there is only one bondholder —N.Z. Forest Products, Limited. An extraordinary general meeting o. shareholders will be held on June 8 1" approve the draft new articles of association. The retiring directors. Messrs. VI. Fraser. H. L. Smith and 0. Jones, offer themselves for re-election. The balance-sheet shows; —Liabilities: Paid-up capital, £197.536; creditors. £139.559; reserve for planting and maintenance, £1,126,554; reserve account. £6552; profit and loss appropriation account. £29.483. Assets: Land and buildings. £25.535:’ plant, etc.. £12,111; inventories. £5269; maintenance reserve fund. £595.420; special reserve fund investments, £123.612 : shares in subsidiaries (at cost). £7997; loans to subsidiaries. £17.366; debtors. £70.154; forestry investors. £160.235: investments, mortgage, bank and cash, £482.0.87.