N.Z. FORESTS, LTD.

Evening Post, Volume CXXII, Issue 97, 21 October 1936, Page 14

N.Z. FORESTS, LTD.

ANNUAL MEETING

EFFECT OF NEW LAWS

(From "The Post's" Representative.)

LONDON, September 30. The reason for the annual meeting of New Zealand Forests,' Ltd., being held considerably later than usual this year was explained by Sir Charles A. Harris (chairman), to shareholders on September 29. Legislation ordering the substitution of shares in the company for bonds of New Zealand Perpetual Forests, Ltd., had been introduced by the 'New Zealand Government, he said, and the auditors had endeavoured to acquaint themselves more fully with the consequent effects. Assurance had been received that the company's interests would be fully safeguarded. In his annual address Sir Charles repeated what he had'said in previous years, that the company's plantations were steadily increasing in value, and it was a case of being "happy in having no history." As the time for realisation came nearer there would be much to watch and consider in the arrangements for that end. These were already being planned by the companies in New Zealand, and close' touch would be kept with the. proceedings. The balance-sheet showed that the company's share capital is of 200,000 of 5s each, 23,527 of which had been fully paid up. Guaranteed endowment debentures of £50 each have been, paid up to the extent of £28.450. Surplus on redemption of debentures is placed at £377 and premiums received in respect of debentures issued subject'to deferred payment at £206. . Sundry, creditors and credit balances are £ 159. Payments to trustees for the debenture holders, less the cost of purchase of the afforested land, are shown at £14,796. Cash in hand and in bank is £150 and investments £3304. Commission paid on' issue of shares and debentures is shown as £1481.