PERPETUAL FORESTS.

Waikato Times, Volume 111, Issue 18642, 21 May 1932, Page 5

PERPETUAL FORESTS.

NINTH ANNUAL MEETING

GRATIFYING RESULTS OBTAINED

DIVIDEND OF S PER CENT

The ninth annual general meeting ol areholders of New Zealand I eipetual Forests,. Ltd., was held on the 20th instant. Mr William Fraser, chairman of directors, presided, “In view of the difficulties we have had to overcome during the past year there is good reason for feeling gratified at the results obtained,” said Mr Fraser. "The total area planted with exotic timber trees to date is 132,09 1 acres, which, with the programme arranged for the current year, will bring the planted area up to 1-18,000 acres. With the land used for roads, firebreaks, etc., the total area dealt with will then be 101,500 acres. “The directors feel that the time is opportune to give shareholders a larger stake in ttie growing forests. Certain of the trustees- for bondholders, in conjunction with certain of the directors of New Zealand Perpetual Forests, Ltd., have been formed into a committee to push forward the work of preparation for realising bondholders’ forests. A great deal of work has been done and a qualified engineer’S' report is being obtained. Sufficient advance has been made to indicate lines of development that may be followed. There has been a considerable fall in prices the world over, but we have good r'eason to believe that by tho time we are ready to cut our early crops stable values will have again been established. “The oontract made with the Australasian Forestry Bondholders’ Trust Company, Ltd., under which the company -has been appointed manager for tho realisation of the forests, greatly widens the scope of the company s activities, and also ensures. the best possible return to investors.” Tho report and statement of accounts were adopted, and it was agreed to pay a dividend at the rate of 8 per cent, for tho year. The proposal to distribute a number of planted acres as units to shareholders was carried. The election of directors resulted in tho re-election of 'Mr Fraser and the election of Mr W. Goodfcllow. “In view of the greatly increased responsibility devolving on the directors, 1 feel sure the shareholders will agree with me that we are entitled to congratulate ourselves on the election or Mr W. Goodfellow, managing director of Amalgamated Dairies, Ltd., etc. to a seat on the board,” said Mr Fraser. “By this -election, this company has received a great accession of strength.’’