WHAKATANE PAPER MILLS
DEBENTURE ISSUE SUPPORT FROM SHAREHOLDERS (Per United Press Association) AUCKLAND, Dec. 19. A meeting of Auckland shareholders in the Whakatane Paper Mills, Ltd., decided unanimously to recommend strongly that all shareholders should subscribe to the proposed £150,000 debenture issue. The meeting was attended by 54 shareholders. The managing director of the' (Mr H. A. Horrocks) said the purpose of the debenture issue was to pay British and Swedish firms who had supplied the equipment, the balance owing to them being £BO,OOO, to provide for working capital and the purchase of raw materials required to be imported, mainly chemical pulp. The issue, Mr Horrocks continued, was receiving strong support from shareholders generally, and the amount subscribed to date was approximately £50,000. Mr Horrocks said the plant was going into production in the first week of February. A resolution was carried unanimouslv expressing firm confidence in Mr Horrocks and the board of directors.
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Bibliographic details
Otago Daily Times, Issue 23687, 20 December 1938, Page 12
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154WHAKATANE PAPER MILLS Otago Daily Times, Issue 23687, 20 December 1938, Page 12
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