NORTH AUCKLAND LAND CORPORATION.

Evening Post, Volume CVI, Issue 121, 28 November 1928, Page 14

NORTH AUCKLAND LAND CORPORATION.

The first annual report issued by the North Auckland Land Development Corporation, in which considerable Wellington capital is invested, shows a net profit of £5701. It is not proposed to pay a dividend, as the auditor does not recommend it. The chairman (Mr. A. J. Hutchinson) stateß that he is more anxious to see the corporation prove "that closer settlement is possible, that by careful management and co-operation home settlement on small areas can be financially successful than the payment of large dividends. In his report to the board the managing director (Mr. G. E. Alderton) states that "the first. year'a operations have been completely successful, and have exceeded anticipations. The net profit earned is larger than was estimated in the company's prospectus, and the costs of administration are below the estimate. The profit earned represents 24 per cent, on

the paid-up capital." The property is at Kerikeri. Ground was prepared for 12,500 citrus fruit trees, and the same number of passion fruit vines. . Overseas buyers had taken up 50 sections. Building was active on the sections. There were 12 miles of shelter belt on the property. The balance-sheet shows authorised capital of £35,000, of which £18,279 has been paid up. The chief ouside liability is to tho Public Trustee (£46,151), and the principal assets are property £57,182 and sundry purchasers £14,078.