TREE PLANTING

Rotorua Morning Post, Volume 2, Issue 224, 16 May 1932, Page 6

TREE PLANTING

PERPETUAL FORESTS ANNUAL REPORT REVEALS ' VERY SATISFACTORY POSITION. 8 PER CENT DIVIDEND PAID The Direetors of New Zealand Perpetual Forests Ltd., report for the year ended 31st March, 1932, as follows: — The balance brought forward from last year, after deducting dividend paid. was £2181 ls 3d; to which add the profits for the year, including interest and dividend on investments; after making due provision for depreciation, future planting and maintenance costs, etc., £39,194 15s 2d; leaving available £41,375 16s 5d. Out of this sum th,e direetors recommend the payment of a dividend at the rate of 8 per cent, for the year ended 31st March, 1932, which it is proposed to pay as in all past years, to Australian shareholders from Sydney and to New Zealand and English shareholders from Auckland, and which will amount to £15,797 0s lOd; and the direetors have set aside a provision for taxation of £15,000, making £30,797 0s lOd. This leaves to be carried forward to next year £10,578 15s 7d. The direetors also state that, "In last year's report reference was made to the exceedingly difficult conditions, and also to the adverse exchange rates which then prevailed. These difficulties have certainly not been lessened during the year now under review, but in spite of their continuance the shareholders are to be congratulated on the satisfactory results which have been obtained. These good results have only been made possible by the enthusiastic co-operation of all the company's employees, and your direetors desire to record their appreciation of the splendid service rend'ered by the staff. Economy has been closely studied and the remuneration of the direetors and of all the company's employees has been reduced in conformity with the lead given by the Government of this country. "The company has now completed the establishment of 132,096 acres of forest. "The visiting trustees and their independent forest authority, Mr. R. Dalrymple Hay, have again 'expressed themselves as being entirely satisfied with the quality of field work carried out on the forest properties of the bondholders under the administration of this company. "During the year under review the balance of the brokerage business of Smith Wylie and Co., Ltd., as our agents, was acquired, thus effeeting further consolidation of the company's affairs. Selling Agents. "Your company have also entered into arrangements with the Australasian Forestry Bondholders' Trust Co., Ltd., under which your company becomes the selling agent.of the bondholders and manager for the realis-v tion of their forests. This importrnt agreement greatly widens the scope of your company's work and still further strengthens the community of interest already existing between share ■ holders and bondholders. The arrangements thus made make it more and more obvious that the ultimate interests of the shareholders in respeec of the realisation of the forests owned are one and the same as the interests of the bondholders. "Your direetors having, after full consideration, deeidsd that the time has come when the shareholders should be given a more definite stake and a larger interest in the realisation project, intend to submit at the annual meeting for the approval of the shareholders, a proposal for the distribution amongst shareholders of a number of planted acres to be divid ed pro rata to the amount paid up on their respective shareholdings, sum interest to be attaebed to and form an inseparable part of 'each share in respeet of which they are issued. "Your direetors have from time to time observed transfers of shares which have taken place through outside parties at a less price than might have been obtainable had the shareholders wishing to dispose of their shareholding enlisted the services of the company's selling department. With a v-iew to affording assistance to shareholders who find it necessary to sell any part of their interests in the company, your direetors offer the services of the company's selling oe- . partment in the realisation of such interests. Instructions to dispose xf shares, if sent to the secretary of the company, will have the most cai'ei'ul attention." The retiring direetors by rotation are Messrs. w- Fraser and J. S. Broun, who, being eligible, offer themselves for re-election. Mr. William Goodfellow, Managing Director of New Zealand Co-operative Dairy Co., Ltd., Amalgamated Dairies, Ltd., etc., has been duly nominated as a candidate for the -office of director.