PULP & PAPER MILLS
new venture for BAY OF PLENTY. SHARE CAPITAL OF OYER £2.000.-000. (Pres- Association) CHRISTCHURCH, May 22. Proposal? for merging the present share capital of Timberlands Wood Pulp Company with the bond holdings into a total share capital or more than £2,400,000 for the purpose of almost immediately establishing pulp and paper mills in the Ray or Plenty were endorsed by a 'meeting of Canterbury , bondholders’ delegates this evening. TJie chairman (Mr. A. B. L. Smith) said that when production was started the company would control the largest industry in the Southern Hemisphere. Air. H. A. Horrocku the company’s New Zealand attorney, said that each bond would be taken into the capital, at £55 and the share capital would be written up accordingly to £2.441,44-. Tho present supplies of timber wonkt enbale the company to have an output or. 26.000 to 30,000 tons yearly. - [no cost of production was e.-mr-ated at £ll per ton and the netprofit, based on New Zealand wholesale price? for paper, was averaged at about £l3 per ton. The expansion capacity for the raw material was up to about 1-50,000 tons a year. The mooting unanimously decided to approve of the bond contract being varied and of tho' carrying out-' er the’ merger proposals.
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Bibliographic details
Gisborne Times, Volume LXXIII, Issue 11951, 23 May 1933, Page 4
Word Count
210PULP & PAPER MILLS Gisborne Times, Volume LXXIII, Issue 11951, 23 May 1933, Page 4
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