N.Z. FOREST PRODUCTS

New Zealand Herald, Volume LXXIII, Issue 22356, 29 February 1936, Page 9

N.Z. FOREST PRODUCTS

REALISATION COMPANY WORK STILL TO BE DONE THE RIGHTS OF SHAREHOLDERS The steps leading to the formation of New* Zealand Forest Products, Limited, for the realisation of forest assets are summarised in a circular issued by the Australasian Forestry landholders' Trust Company, Limited, trustee for the bondholders in New Zealand Perpetual Forests, Limited, who are now incorporated as shareholders in Forest Products. The Trust Company states that the Companies (Bondholders incorporation) Act was passed very largely as a result of the efforts made by the Trust Company, in conjunction with New Zealand Perpetual Forests, Limited. It was realised that under the existing trust deeds there was no power for one issue of bonds to combine with other issues in carrying out a joint realisation scheme, and it was felt that the only proper and practicable method of safeguarding the bondholders was to obtain legislation enabling the bondholders of the various issues to be united as shareholders in a company whose constitution contained adequate provision for the realisation in due course of the bondholders' assets as a whole. The circular continues: —"There is still a great deal of work to be done before the new company will bo in a position to function as is intended, and as the shareholders live in many parts of the world, the future conduct of the business must be in a great measure left in the hands of the directors. The permanent board of directors to be appointed bv the statutory meeting of New Zealand Forest Products will require to submit a scheme to the Bondholders' Commission for adjusting the rights of the different, shareholders, owing to the fact that the trees growing on the various properties allocated to the different issues are at varying ages. The Trust Company has already given a great deal of consideration to this matter, but this question, and also various important adjustments which must necessarily be made between New Zealand Perpetual Forests, Limited, and the new company, will require very carefid consideration." The statutory report of New Zealand Forest Products states that the total number of shares to be allotted is approximately 170,000, of which 141,'498 shares of £BO each had been allotted at February 17. All the shares have been issued to bondholders of New Zealand Perpetual Forests. Limited, in exchange for bonds acquired by the company. Of the shares, 117,634 have been issued as fully-paid otherwise than in cash and 23,864 have been issued paid up, otherwise than in cash, to varying amounts, the total amount paid up on such partly-paid shares being £344,775. The total amount of cash received to date in respect of the 23,861 shares issued as partly-paid is £30.249. No cash has been received on the 117,634 shares allotted as fully-paid. THE CITY MARKETS LOWER ORANGIE PRICES HEAVY VEGETABLE SUPPLY As a result of heavy shipments arriving at close intervals, oranges were obtainable at the City Markets yesterday at about 5s a case cheaper than a week ago. A large shipment of Jamaican oranges is expected by the Port Brisbane on Monday, while Fiji bananas will arrive on Tuesday by the Waipahi. Large quantities of tomatoes, many of poor quality, were available yesterday and prices eased. High prices were realised for peaches from Otago. There was again a good supply of Bon Chretien pears, which met with a better demand. There wore very heavy supplies of pumpkins, cabbages, marrows and beetroot, which sold at low prices. Cauliflowers, green peas, lettuce and beans also were offered freely, but there was a good demand. A large supply of poultry was available, and old hens and unfattened j-oung drakes proved difficult to sell • Values were:— FRUIT Apples, Albany Beauty, 3s 6d to 6s n cose; Gravenstein, 4s to Cs Gd; Cox's Orange. 4s to 7s Cd; Delicious, 2s Gd to 3s Gd; Munro, 3s to 4a; windfalls and others, 2s to 3s: pearg, Bon Chretien, local. 3s to 6s; Hawke's Bay. Gs to 7s Gd; tomatoes, outdoor. extra choice, 3s Gd to 4s Gd; others. Is Gd to 3a Gd; oranges, Californian. 31s to 32s Gd; Jamaican, 255; grapefruit, Californian, 2Gs; Jamaican, 225; lemonß, choice, cured, 7s to 12s; others, 4s to Gs; grapes, hothouse, Hamburg, Gd to Is per lb.; Coleman, 9d to Is; Moroc, 9d to lOd; peaches. Golden Queen, 3s Gd to 4s Gd a case; Late Red, 2s Gd to 3s Gd; crates, 5s to 10s; plums, Doris. 7s to 12s; Grand Duke. 7s to 8r; nectarines. Otago. Gs to lis; strawberries, Captain Cook, extra choice, Is B{d a chip, blackberries, 4d to G3d a chip; raspborrie.*, 4s Gd a tin; passion fruit, 3s to 7s Gd a case; quinces, Gs to 9s. FIELD PRODUCE Beet, 3d to Gd a dozen; celery, cooking, 4<l to 9(1 n bundle: dessert. Is to 2s; carrots, 5d to lOd a dozen; cauliflowers, 7s to 9s Gd a sack; cabbages, 1 sGd to 5s a sack; cucumbers. Gd to Is Gd a dozen: French beans, 3s to 4s Gd a bag; stringless, 4s to 8s Gd; green peas, 7s to Us a bag: kumaras, lsd to 2d per lb; leeks, 2d to 2jd a bundle; lettuce, 3s to 7s 9d a cose; marrows, Gd to Is a dozen; melons, water; 2d to la each; rock, 3d to Is 3d; onions, 2s to 3f o bag; potatoes, 2s to 4s 9d a bag; pumpkins, 2s to 4s per cwt.; parsnips. 4d to 9d a dozen; radish, Gd to Is a dozen; rhubarb. Is to 2s a dozen; spinach. 9d to Is 3d a dozen; spring onions, 9d to 2s a bundle; swedes. Is Gd to 2s Gd a bng: turnips. 3d a dozen. POULTRY Cockerels, heavy breeds, prime, 3s Gd to ss; not prime, 9d up; light breeds, prime. Is 3d to 2s Gd; not prime. Gd up; fat roossters, heavy breeds, prime, Is 9d to 2a 3d; light breeds. Is 3d to Is 9d; fat hens, heavy breeds. Is 9d to 2s 3d; light breeds, Is to Is 3d; pullets,' heavy breeds, best, 3a Gd to 5s Gd; smaller, Is Gd up; light breeds, best, 3s Gd to 5s Gd; smaller. Is Gd up; drakes, young, prime. Is Gd to 2s; smaller, 9d up; old. Is to Is Gd; ducks, young, 28 to 4s: old, Is to 1b Gd; geese. 3s to 4s Gd; turkey hens,, 3s Gd to 6s Gd; gobblers, Gs to 14s; guinpa fowls. 3s to 3s Gd. ' TIMARU GAS COMPANY DIVIDEND OF 5 PER CENT The accounts of the Timaru Gas, Coal and Coke Company, Limited, for the year ended December 31, show an available balance of £1322, against £1398 in the previous period. After paying an unchanged annual dividend of 5 per cent, £347 is carried forward, against £269 brought into the accounts. BRADFORD TOPS PRICES FIRM, BUSINESS SMALL LONDON. Feb. 27 The Bradford tops market is firm, but business is . small. Following are to-day's prices and those of recent weeks:—

Feb. G Feb. 1!J Fob. 20 Feb. 27 Per lb. Per Hi. Per lb. Per lb. () d d <1 Seventies . 34 y, at 1 /, 33 3-1% 34% Sixty-fours . 33 33 33 Sixties . 32 32 32 32 Fifty-eights 25% 25V, 25% 20% 25% 20% Fifty-sixes . '20% 20% IS? Fifties M\V 14V? ](>% 14% l(i% Forty-sixes 14% Forties 13% 13% 13% 13%