WELLINGTON WOOL YEAR

Auckland Star, Volume LXXIII, Issue 187, 10 August 1942, Page 5

WELLINGTON WOOL YEAR

A net profit of £Ti,904 compared with £33.814 last year and £33.178 in 1940 is disclosed in the annual acounts of the Wellington Woollen Manufacturing Co.. Ltd.. lor the year ended June 30. Ins result is reached after transferring £7000 i-o general reserve and £5000 to fire Insurance reserve. An interim dividend of 3 per cent on bo h ordinary and preference shares are paid on December 31 last, and a further dividend of 2 per cenu with a bonus of 3 per cent Ls proposed, making 8 per cent for the year, unchanged. The tOial amount of dividend Involved is £24.000. Gross profit was £ 173,057 compared with £ 142.193

The report says the policy adopted In 1940 cr fully maintaining production in the interest . military output had been continued, but at no time cculd the mills or clothing factory rely on a full complement of workers. This hampered development and accentuated shortage of supplies especially for the civilian trade. The maximum depreciation allowed by lair. £14.442. had been written off. Reserves total £91.000. The accounts balance at £540.980 against £485,929 last