Fraser, said in Auckland that ihe approval of the Commission meant that New Zealand Perpetual Forests, Ltd. would transfer to New Zealand Forest Products, Ltd. the planted forests of more than 170,000 acres, together with cash, investments, and other assets amounting to over £1,300,000.
Out of this sum, £595,006 was already held, in cash and liquid securities, by the Australasian Forestry Bondholders' Trustees, and the balance, £700,000, was being handed over by New Zealand Perpetual Forests, Ltd, in the shape of cash, Government bonds, inscribed stock, shares, buildings, plant, and unplanted land. It was estimated that there are approximately £1,000,000 in cash and liquid or easily realizable assets, for the use of the products company.
New Zealand Forest Products, Ltd. would assume complete control of the forests, with sufficient funds to continue maintenance and development, and to commence cutting and marketing the timber.
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