FOREST COMPANY

Nelson Evening Mail, Volume LXXII, 16 July 1938, Page 2

FOREST COMPANY

STATEMENT BY .MR LYONS l I’A. —Uv Electric ielegraub-Cnavricht CANBERRA, 15th July. The I'riine Minister, Mr Lyons to-day made a statement regarding the rights oi Australian investors in New Zealand Peipotual Forests, Limited, arising out of two years’ correspondence with the New Zealand Government leading up to the appointment ot Mr J. 8. Barton. &.M., as chairman of the Bondholders’ Incorporation Commission. Mr Lyons said negotiations had been proceeding for some time between New Zealand Perpetual Forests, Limited, and New Zealand Forests Products, Limited, for an agreement regarding a basis on which the forests should be handed over to the latter company. A basis of settlement had now been readied by the trustees for the bondholders, and it only awaited ratification by the Bondholders’ Incorporation Commission, after which New Zealand horests Products, Limited, proposed to begin the work of realisation, involving the setting-up of woodpulping factories.

-Mr Lyons added that the Commonwealth Government was greatly indebted to the New Zealand Prime Minister, Mr Bavt'ge, for the help he had rendered at all times. Mr Lyons said he was also deeply appreciative ot his evident desire to ensure the protection of the bondholders. Mr Lyons announced that Mr Barton had come to Australia with the full autha ritj of the Dominion Government to explain to any interested bondholders the circumstances leading to the formation of New Zealand Forest Products, Limited.