FORESTRY CONTRACT

New Zealand Herald, Volume LXXV, Issue 23129, 30 August 1938, Page 7

FORESTRY CONTRACT

MAINTENANCE AGREEMENT

TERMS FINALLY APPROVED TRANSFER OF £1,300,000 The directors of New Zealand Forest Products, Limited, have made an announcement to shareholders that the terms for the compounding of the maintenance contract between New Zealand Perpetual Forests, Limited, and the company have been approved finally by the, Bondholders' Incorporation Commission.

A circular to shareholders .states that the final compounding agreement was submitted to tho commission on August 11. After several days' deliberation, the commission approved the general terms of the settlement, but required certain amendments before giving final approval. Tho suggested amendments were given full consideration by the companies concerned and agreed to, and the commission then made an order giving its approval to the terms of settlement.

The position now was that Forest Products, Limited, would shortly obtain legal possession of the forests and a transfer of cash, investments and assets, valued at approximately £1,300,000, which Forest Products was entitled to receive from New Zealand Perpetual Forests, Limited, in discharge of that company's obligations to bondholders.

Forest Products, Limited, was now in a position which it had not previously enjoyed, as until the maintenance contract had been compounded, it could not tako legal possession of the forests, nor could it take auy practical steps toward their utilisation. With the removal of that obstacle, the directors were now free to give final consideration to plans for utilisation within tho next few months, and they would proceed to implement those without delay. DAIRY COMPANIES KIRIKOPUNI FACTORY SUPPLIERS FAVOUR CLOSING [by telegraph OWN correspondent] DAT(G AVILLE, Monday Bv a majority of 518 votes suppliers of the Northern Wairoa Co-operative Dairy Company, Limited, favoured the closing of the Kirikopuni factory, according to the result of a postal ballot which concluded on Saturday. A total of 895 votes was cast in favour of closing and 337 against closing. • A postal ballot to elect two directors to the company also closed on Saturday and resulted in Messrs. E. G. Appleton and F. E. Crawford being returned with 954 and 944 votes respectively. Mr. W. Kay, with 634 votes, was unsuccessful. RUAWAI DIRECTORATE KESULT OF POSTAL BALLOT [by telegraph—OWN correspondent] DARGAVILLE, Monday Six nominations were received for three vacancies on the directorate of the Buawai Co-operative Dairy Company, Limited, and a postal ballot which closed on Saturday resulted in Messrs. P. MacP. Stewart, T. Wallace and 11. Liggett being elected. The voting was as follows: —Stewart, 376; Wallace, .'520; Liggett, 315; E. 1). W. Wright, 308; A. Validly, 300; T. E. Donovan, 217. Mr. Wallace is one of the original directors of the company, while Mr. Stewart is the Labour candidate for the Kaipara electorate. Mr. Liggett, of Tikinui, is the first director from his side of the river, which area was allocated to Buawai by the zoning commission.

W. R. CARPENTER AND CO.

MORE CAPITAL REQUIRED

Private advice has been received in Auckland that W. Jt. Carpenter and Company, Limited, island traders, Sydney, is to offer a new issue of 100,000 shares of £1 each to (shareholders at par in the proportion of two shares for every 15 held. The paid capital of the company is £740,000, and a dividend of 10 per cent was distributed for the year ended June 30.

STEEL PLATE MANUFACTURE NEW AUSTRALIAN COMPANY The registration of Commonwealth Rolling Mills Pty. Limited, has been formally announced in Sydney. The new company lias a capital of £500.000, which lias been subscribed cquallv by Armco (Australia), Pty., Limited, 'and John Lvsaght (Australia). Limited. It will manufacture, from Australian steel, sleol sheets for motor-car bodies and other specialty sheets previously imported. It is expected that the company will employ a capital of about and directly employ between 400 anci 500 men. Construction of the factory on a site of 80 acres at Port Kcmbla began on January 6, and it is expected that production will commence in January, 1930. MINING NEWS YIELDS OF COMPANIES Clutha Dredging (Otago) ,—1250/,. in 141 hours. Gillespie's Beach (South West land). —sßoz. 13dwt. from 15,582 yards in 123 hours. Mataki Junction (Murchison). — Week ended August 2, a total of 80oz. smelted gold from 23,000 yards. Mataki (Murehison).— 290z. from 8000 vards in 133 hours. New River (West Coast)44oz. from 0000 yards in 114 hours. White's Electric (West Coast).— 370z. from 8170 yards in 130 hours. Worksop Extended (West Coast).— 3407 from 0500 vards in 126 hours. Goldsficlds Dredging (Otago)8oz. 2dwt. for 120 hours' dredging. Oknrito Dredging (South Westland). —Week ended August 27, a total of 17oz. 7dwt. for 08 hours; til hours were spent dredging through a. paddock previously worked by sluicing and during tin- remaining 37 hours the dredge was working on the lagoon section of the claim. UNITED PROVISIONS DIVIDEND RESUMED The directors of United Provisions, Limited, Melbourne, recommend payment of an ordinary dividend of 3 per cent for the year ending September 30. together with a final half-yearly dividend of 4 per cent on preference shares. The ordinary dividend was omitted last year and 2 'per cent was paid for 193536. The dividends will be payable on October 28.