The Daily News. THURSDAY, MAY 1, 1902. A BIG TIMBER SYNDICATE.

Taranaki Daily News, Volume XXIV, Issue 102, 1 May 1902, Page 2

The Daily News. THURSDAY, MAY 1, 1902. A BIG TIMBER SYNDICATE.

Fur some time past a rumour has been current with regard to the disposal of the large timber areas in the interior of the North Island. A week or two ago it was stated that a syndicate had secured the whole of the Waimarino forest containing, it is said, a vast quantity of splendid totara. A few days ago we published a telfgram from Wellington giving some particulars of a company formed in Auckland and Wellington for the purposa of working the large forests of the interior. The Auckland Herald is now advised that the directors of tbe syndicate are Mr J. E. Fulton, engineer, Wellington, Dr Fell, and Mr Tudor Atkinson, solicitor. There are 25,000 preference shares of £l, and 50,000 ordinary shares of 4JI, of which 37,500 have been issued to the existing shareholders as fully paid paid up, by way of consideration of the company's properties. A preference dividend of six per cent, is to be paid I out of the profits. Leases of 33 and !21 years have been acquired from the | native owners of Tihoi and Ponakuni, including 6245 acres of totara and matai. Ferty three thousand acres of freehold have beon obtained by the Wellington Industrial Development Company from Mr Jam's Grice, wish 3232 acres of totara and matai, and 2284 of mixed timber. The purchase money of the freehold is £12,484. It is estimated that there is a total of 380,000,000 feet of totaro, and 1120,000,000 feet of matai on th« properties. It is estimated, also, that the company will be able to market from the leaseholds at least 1,000,000 ft within 18 months after the tramway is working, and thereafter 100,000,000 ft (?) per annum. There should be a profit on an output of 12,000,000 per annum of siivn timber of from £40,000 to £50,000, thus enabling substantial provision to be made for a reserve fund. A sum of £IIO,OOO will be sufficient to enable the companies to carry out all the works necessary for their operations, to pay the balance on tho properties, and tho tramway from the bushes to Putararu, a length of 40 miles, from where it will 'be railed to the Thames, a distance of 82 miles. The tramway route from the forest to Putararu is now being acquired, it is expected that tbe tramway will ultimately be carried on to Taupo. It is proposed that the dryer and shorter length* of the timber eha'l be floated do>vn tlie Waikato River, and it is expected also that flix svill form an clement iu the profit of the cjmpmy. A number of reports have been furnished as to tho quantity and quality of the timber. The Wellington Industrial Development Com p u y is to be worked in ronnrc:ion with this proj-ct, and shareholders in the two companies will hold an equal number of shares in each.