WELLINGTON WOOLLEN COMPANY.

Auckland Star, Volume XXIV, Issue 259, 1 November 1893, Page 2

WELLINGTON WOOLLEN COMPANY.

UNIFORM WAGE RATE PROPOSED.

(BY TELEGRAPH.—PRESS ASSOCIATION.)

Wellington, this day. The tenth annual meeting of the Wellington Woollen Company was held lasb night. Mr T. K. McDonald presided. The reporb showed thab during the year the directors had added to oach of the original shares oub of accumulated prolibs, a bonus of 12s per share, amounting in the total to a sum of £6,765, thus replacing the capital previously reduced in consequence of losses sustained through the action of the original preliminary Board. The profit and loss account showed that, in addition to setting aside £2,000 for depreciation, and £1,000 to bho dividend equalisation accounb, there remained, after the paymenb of bhe bonus referred to, and an interim dividend for the half-year, a substantial balance. The direcbors recommended the paymenb of a further half-yearly dividend upon the old shares, upon the basis of £4 paid-up per ..hare, ancl carrying forward a balance of £1,982 to the nexb year's accounb. Tho Chairman, in moving the adoption of the report, etc., said already there were signs of a disturbance in trade in the shape of a cut-throat competition. The great danger of such competition was the7 inevitable tendency to reduce wages, and for mills to become praotically the vassals of largo warehousemen, Ib would be wise, he said, on the part of bhe repreeenbatives of the whole of tho mills in the colony to meet together and frankly discuss the future. Between 1886 and 1801, the value of the manufactures of the industry rose from £194,311 to £279,175, or 43*67 per cenb. Yet last year there wore imported from tho United Kingdom wool piece goods to the valuo of £151,245, blankets to tbe value of £18,372, and yarns £6,242; or over £200,000 of goods. The groat majority of those could be made ati well and as cheaply iv bhe colony. In addition to this, no less than £257,382 worth of apparel was imported. These figures, ho aaid, would show that the exertions of importing firms are boaiing fruib, and bhab there was an exceeding wanb of desire on tho parb of many people to support tho colony's own industries. This was a quesbion of equal moment to employees. He repeated the suggestion mado three years ago that a New Zealand Union be formed to arrange a standard rate of wages throughout evory mill in the colony. The reporb was adopted. Messrs Thomas Mason (re-elecbed) and G. M. Kobble were elected direcbors.