HUGE TIMBER AREA

Hokitika Guardian, 27 April 1926, Page 1

HUGE TIMBER AREA

L\- TAUI’O COUNTRY

[jjY TELEGRAPH —PER PRESS ASSOCIATION AUCKLAND. April 2(5.

What promises to he the largest timber and land development scheme ever attempted in New Zealand has been inaugurated in the past lew days l,y Ihe dotation of the Tongariro Railway Coy., with a capital of £125,000. all of which is being subscribed in Great Britain. The company’s plans include the building of a standard gauge railway Ironi Kakahi. on (he Main Trunk Line, to a point near Tokaauu, on Lake laupo. a distance of about 10 miles. This railway will open up the largest single area of milling timber in the North Island, comprising 60,000 acres, which is estimated to contan 1,000.000,000 super ft. of timber. The nominal capital of the new company consists of £200,000 worth each of ordinary and preference shares, and £26.000 worth of deferred shares. Preference shares are. being subscribed In England. Of the ordinary shares, £IOO.OOO worth will-he made over to -The Tongariro Timber Cov., in return for it's rights over the large area ol forest. This Company will also he relieved of its liabilities, amountng m £IBO,OOO. The company is assured ol fhb Brtisli Government’s assistance,

under the Trade Facilities Act, in rnisj 1I large sums for tlm purchase ol railway material and plant in Great

Britain. Mr Bertram Phillips, a AAelsh hnan oior who has had considerable farm

in,.- experience in Taranaki as a young nisui, is the originator of the scheme The new company does not propose at present, to undertake timber mil.mg itself, hut it will open up the country, and will dispose of its rights over the forest, to a number of milling compiiu-

Tlnder its agreement with, the New Zealand Government, the Company h required to build eight miles of railway in the first two years, and to complete tho line to Lake Taupo in eight years It is thought probable that a contract for the line will he let to Sir A\ A\ . Armstrong, AYbitworth and Co., Ltd., which has much railway construction plant in the Dominion.