ACQUIRING FOREST AREA

Poverty Bay Herald, Volume LXIV, Issue 19335, 27 May 1937, Page 15

ACQUIRING FOREST AREA

PLANS OF COMPANY

DIRECTORS' REPOKT

(Per Press Association.) AUCKLAND, this day

In their first annual report the directors of New Zealand Forest Products Limited state that they are preparing to take, over forests formerly maintained by New Zealand Perpetual Forests Limited." As the financial issues involved are of considerable magnitude the two companies have agreed to refer these to the- bondholders' incorporated commission.

When these matters have been settled the way will be clear for the directors to take possession. Meanwhile much preliminary work has been done on utilisation matters. The directors state tho best technical advice is being sought respecting such problems as the suitability of timber for general purposes, Timber for boxmnking. for veneer, or plywood, or as wooJpulp for paper and vvallboard, etc., and also questions of transport, milling and marketing. "Despite, representations which have been made by bond salesmen, or others as to the financial returns which bondholders might cxpecE, the directors feel that, at this stage, they cannot give any definite indications of sums which might eventually accrue thereunder," says the report.

The directors add that tho forests represent an asset of great potential value and a policy of gradual realisation is clearly indicated as being in the best interests of the project as a whole