KAIAPOI WOOLLEN CO.

Press, Volume LX, Issue 18152, 15 August 1924, Page 10

KAIAPOI WOOLLEN CO.

ANNUAL REPORT. PROFIT Of* £5281. The annual report of tlic directors of the Kaiapoi Woollen Company to be presented to the meeting of shareholders this month, has been issued. The directors state: —

During the past three years the company has met the losses created by the aftermath of ■ war in the tremendous slump in values of imported merchandise, and it was anticipated that, with normal trading conditions, the company's operations would be resumed m a- satisfactory manner* i Unfortunately r the year has proved to be a most abnormal one for trade, one of the main features being the huge volume of imports which nas poured into New Zealand. In the case of woollen textiles alone this amounts to £1.154.802, while apparel and readymade clothing, also hosiery, show huge totals. The official figures for these three lines of imports for three comparative four-yearly periods are as follows: £.

While there are many lines in above classes not made in this country, ihe bulk of them compete directly with New Zealand woollen manufactures. Owing to the deporable state of the woollen trade in Great Britain large quantities of these goods have reached New Zealand at job prices, which benr no relation to the cost of manufacture. In many cases these are not made of pure wool, yet they compete severely with our "own pure woollen manufactures, with the'result that business in the latter has been depressed, and for the first time for many years some New Zealand mills haive been working part time. Dullness of trade in woollens has been accentuated by the phenomenally fine autumn and winter, and owing w keenness of competition and heavy stocks, the sharp rise in price of wool has not been reflected in selling prices. Rigid supervision has been given to the values of stocks. Depreciation has been provided on properties and plant which are in excellent order, and appear in the company's books at a low figure. . .. During the year considerable internal reorganisation S-as been effected in the direction of economy and efficiency, and the Branch Clothing Factories at Greymouth and Timam have been the company's clothing manufacture being now . concentrated at Christchurch.

TTie profit and loss account shows an available balance of £5281 10s sd. which the directors recommend 'should be dealt with as followsTo pay a dividend of 6 per cent, to the cumulative preference shareholders absorbing £4601 14s, and carry forward the balance. .

WAIHI MINE. (2&BS8 ABSOCIAtIOS TBLBQEiLH.) ; AUCKLAND, August 14. 3%e Waibi Mining Co. during the period ended Agust 2nd, treated 18,001 tons of ore for- 56230» of gold and 34,5630 a of silver. For the game period last year 16,333 tons were treated and yielded 54100z of gold and 42,£280z of silver.

1910 to 1913 ... 6,212,602 1916 to 1919 ... 7,810,618 1920 to 1923 ... 15,204,813

The retiring directors are Mr W. H. Clark, who.submits himself for re-elen-tion and Mr James Jamieson, v/ho, owing: to ill-health, does not seek reelection. Balaaicfi Sheet. The balance-sheet appears-as fbllows:— CAPITAL AND LIABILITIES. Nominal Capital- £ s. d. £ e. d. 600,000 shares of < ,il . each600,000 0 0 Subscribed Capital—■ • 378,305 Ord. . Shares of £1 each 373,305 0 0 76,695 Pref. , ' Shares, of. each'. 76,695 *0' 0 LeaS-nncalled 450,000 6' 0 capital—being* 10s per share • on 15 0,00:0. - shares ' 75,000. 0 6 Paid , - "up 875jb00 :; 0 0 capital . 1215 employees' benefit shares v' ■ , of. £X each V v l;215 0 0 .Sundry credi- ~ : - tora aiid deposits 310,735 6 10 Accounts — ■ , <v ' : General, Ac- , cident IneictDce, and Em- : p 1 o y e e-8' W« 1 f a r o Fund 40,265 13 ,3 Profit and Loss Account- •... 5,281-10 5 £732,497 10 11 GontingeuV-Liability-Bills under, disccunt, £19,631 3s lid. . PROPEBTT ■: AND :■ ASSETS., £■ . a. d. " £ . e. d. Property and . plant ..' 189,8.82 7 6 Lees depreciation .. 5,000 0 0 184,362 7- 6 Sundry debtors 69,463 8 10 Bills receivable 773 -7 4 Shares—British Dyes, Ltd. 500 0 0 Cash in hand and" at branches 339 11 8 Goods in. < transit 3,787 7 1 Stock, manufactured wool and materials 453,251 8 6 ; £732,497 10 11 Profit and Loss Accorait. - The profit audioes account is as follows: — DEBIT.- . £ ■ s. d. £ - s. d. Balance, July 1 09 21,124 14 10 Dividend of 6 per cent, on pre/erenod 4,601 14 0 shares 25,726 8 i0 Less amount transferred from genertl reserve 23,726 8 10; .Depreciation on plant and b"ilding8 5,060 0 O Advertising, repairs, general and travelling • . . ■ , '.- . expenses .. 28,459 18 .8 ' Rates aiid taxes, • salaries, interest and discount 41,438 17 5 Balance ' - 5,28110 5 £80,180 6 6 CREDIT. £ «. d. By warohonse and '. ma&u- . fscturing; 80,150 1 6 accounts Transfer fees .. 30 S 0 £30,180 0 6