NEW ZEALAND ORESTS
COMPANY’S ANNUAL MEETING u-rom Our Own Correspondent! (By Air Mail) LONDON, Oct. 2. Sir Charles Alexander Harris was re-elected chairman of New Zealand Forests, Ltd., at the annual general meeting this week. The directors, in their report, referred to the important change effected, through the creation under legislation of the New Zealand Government, of a company known as the New Zealand Forest Products, Ltd. with the object of harvesting and marketing the timber produced. The change is regarded as “ one of obvious interests to all parties.” Sir Charles, in his address, said; The legal position of our company with reference to the proposed organisation for developing the forests which have been planted has been materially affected. Some five years ago New Zealand Perpetual Forests, Ltd., which had contracted to plan' and maintain the forests, combined with the Australian Forestry Bondholders Trust Company to form a ‘Realisation Committee,’ ' which should consider the methods to be adopted for realising the produce of the forests. “The committee, after, careful investigation, came to the conclusion that it was desirable in the best interests of all the bondholders to create a new company in which the bondholders would all in due course become share holders. The task of collating the interests of the various classes of bondholders being very involved, an proach was made to the Government of New Zealand, which appointed a Statutory Commission tr inquire into the whole matter. “On the recommendation ot this Statutory Commission, an Act was passed which enabled the transformation of bondholders into shareholders in what is now the New Zealand Forest Products Company which might not only lake over the care of the forests, but provide for the realisation of the forest produce; that is to say. for cutting the timber pulping the wood and arranging for the erection of sawmills and factories under expert advice as soon as the timber was ripe for such operations " It will be seen at onct that an extension of enterprise has now been added to .the more afforestation of large areas and we are. as . board, impressed with the great care demanded, first, in consolidating the position of the shareholders of New Zealand Forest Products, Company: secondly, in planning the arrangements for what is now commonly known in New Zealand and Australia as realisation.”
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Otago Daily Times, Issue 23332, 26 October 1937, Page 10
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386NEW ZEALAND ORESTS Otago Daily Times, Issue 23332, 26 October 1937, Page 10
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