Perpetual Forests Reorganisation

Manawatu Times, Volume 63, Issue 165, 15 July 1938, Page 5

Perpetual Forests Reorganisation

RIGHTS OF AUSTRALIAN INVESTORS United Press Association. —By Electrlo Telegraph.—Copyright. Received Thursday, 11.30 p.uu CANBERRA, July 14. The Prime Minister (Mr. J. A. Lyons) to-day made a statement regarding the rights of Australian investors in New Zealand Perpetual Forests, Limited, arising out of a two years correspondence with tho New Zealand Government and leading up to tho appointment of Mr. J. is. Barton as chairman of the Bondholders ’ Incorporating Commission. Mr. Lyons said negotiations had been proceeding for some time between the New Zealand Perpetual Forests, Limited, and the New Zealand Forest Products, Limited, for an agreement regarding a basis whereon the forests should be handed over to the latter company. A basis of settlement had now been reached by the trustees for the bondholders and only awaits ratification by tho Bondholders Incorporation Commission which New Zealand Forests Products, Limited, proposed to begin the work of realisation involving the setting up of wood pulping factories. Mr. Lyons added that tho Commonwealth Government was greatly indebted to Mr. Savage for help rendered at all times and was aiso deeply appreciative of his evident desire to ensure the protection of bondholders. Mr. Lyons announced that Mr. Barton had come to Australia with the full authority of the Dominion Government to explain to any interested bondholders the circumstances leading to the formation of New Zealand Forests Products, Limited.