WELLINGTON WOOLLEN CO.

Auckland Star, Volume LVI, Issue 192, 15 August 1925, Page 6

WELLINGTON WOOLLEN CO.

PAYS USUAL DIVIDEND. The balance-sheet or the Wellington Woollen Manufacturing Co., Ltd., ror the year ended June 3Q last, shows that the gross profits amounted .to £70,34 6, agalnsj £71,177 in the previous.year, and rent and transrer Tees Brought in £3V23. against £3145, the total income ror the year being £73,760, or only £553. less than in the preceding year. Rates, taxes, salaries, etc., absorbed £31,9 »6\ against £3i,346i maintenance, provision* for bad debts, !etc, £6657, against £6128; auditors' fees accounted for £262, and there was written off for depreciation £5000, the same as In the previous year, leaving the net prom at £29,933, against £31,586, a decrease of £1653. To the net proHt for the year must be added' £1836 Drouglit forward from the previous year, malting available for distribution £3-1,768, against £33,932 last year. The sum or £4000* has been added to the reserve rund. bringing that rund up to £52,060; the dividend Tor the year absorbs £25,862, or which £12.6 is was paid as an interim dividend, leaving £1907 to.be carried forward. The results are very satisfactory. In view of the Tact that woollen mills in practically all countries suffered severely from the high prices ruling ror wool early in the season and the subsequent collapse or the marKet. The directors in their report state that Ilic year has been one of exceptional diiilcuLty. and add: " Early in the wool season prices ror raw material reached values never berore recorded in New Zealand, whilst at the same time the market ror llntsiii v .-i goods was so congested by importations that buyers.were comparatively Indifferent as to placing forward orders, even without advance In cost. This unusual combination or. circumstances.: caused uncertainty as to the wool buying policy, but that adopted by your directors proved advantageous, and better results were obtained than at one period or Hie year seemed possible." ■'.- -,