PERPETUAL FORESTS LIMITED

Dominion, Volume 30, Issue 266, 6 August 1937, Page 12

PERPETUAL FORESTS LIMITED

Annual Meeting of Shareholders Dominion Special Service. Auckland, August 5. An explanation of the delayed date for holding the meeting was given by Mr. W. Fraser, chairman of directors of New Zealand Perpetual Forests, Limited, at the annual meeting. He said there were certain difficulties to be overcome which had contributed to the delay, and also the directors were actuated in part by the unrealised hope, that there would be some more definite information to impart to shareholders. The chairman drew attention to the fact that the company was vitally interested in New Zealand Forest Products, Limited, as, apart altogether 'from any question arising out of its contract and obligations, it was a large shareholder in the new company and, in consequence, ■was vitally interested in any steps taken by that company. He referred to the fact that, whereas in the past the directors had taken a considerable amount of interest and undertaken a great great deal of work in preparation for an early realisation of forests, and did so because they had reason to believe that bondholders who, at that time, were an entirely unorganised body, would desire the earliest possible realisation of their forest asset, with the creation of New Zealand Forest Products, Limited, a new situation emerged. The products company had now become a bondholder and, as an organised entity having its own directorate, was now in a position to consider ways and means for realisation of forests and to bring down a policy which it considered to be the most advantageous to its shareholders. Mr. Fraser stated that he thought shareholders would be pleased to know that one of the new Australian directors of New Zealand Forest Products, Limited, had made eulogistic reference to the very satisfactory manner in which the work of establishment and maintenance had been carried out by the company.

Commenting on the annual accounts, Mr. Fraser said they showed a very satisfactory position. The report and balance-sheet were adopted. The retiring director, Mr. Owen Jones, was re-elected.