DAIRY FINANCE
NEW. COMPANY IN. WAIKATO
The New Zealand Dairy Farm Mortgage Company, formed in Hamilton, has been registered with a share capital,of £100,000. Of the capital, £75,000 has been contributed by the New Zealand Co-operative Dairy Company, Ltd., and £25.000 by the Challenge Phosphate Company, Ltd. , . Mr. C. J. Parlane, general manager of the New Zealand Co-operative Dairy Company, Limited, is reported to have described the enterprise as the outcome of frequent requests to the company to provide facilities for suppliers to obtain money on first mortgage. . The £75,000 contributed by his company came from the capital of the company. The capital would be lent on first mortgage, fully safeguarded. To enable ' the new company to obtain adequate finance, ,an amendment was made to the Trustee Act during the last session of Parliament to.provide for the issue by the' New Zealand Dairy Company of trustee debentures. Mr. Parlane said the enactment was a tribute to the financial stability of the New Zealand Dairy Company, and the instance was. he believed, the only one in New Zealand of the debentures of a private enterprise being recognised as a trustee security. Four directors are in control of tne new company, two representing the New Zealand Dairy Company, one the Challenge Phosphate Company, and one- the debenture-holders.
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Bibliographic details
Evening Post, Issue 86, 11 April 1936, Page 16
Word Count
215DAIRY FINANCE Evening Post, Issue 86, 11 April 1936, Page 16
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