WELLINGTON WOOLLEN COMPANY.

Dominion, Volume 2, Issue 606, 8 September 1909, Page 4

WELLINGTON WOOLLEN COMPANY.

T • ANNUAL/MEETING, />. The twenty T sixth".annual, meeting .or; tho j Wellington,';., 'Woolleii Manufacturing Com- y - pany, Ltd., was hold, at tho > Chamber :of ( •CommeToo yesterday. Mr. A, :& Esloy, } chairman' of directors, presided, and nearly r .thirty :.*sharoholdorß>.. were" 1 ■'.'present.'. The ! ohairman, ; in moving tho adoption of the J 1 annual roport;;(vrliiolr has;ftltoady!been,pub- | - jih , Thji Dominion), .reminded >: .tto .• •'-ehareholdera that tho .poriod under,'roviow j had been oho of sovero financial' depression, j rind general 'contraction ; of, business-• enter-' j priso throughout the Dominion. It should. ; therefore, :bo satisfactory, to: thom .to find' ' ■ that, undortisnehfoircumstanc63,-tho."Volumo. ' ...of -business.:did not.,show a : .; ■• Tho sales were slightly in'.'cxccss .of lost-year' s-f and-would undoubtedly have been normal conditions. ■'.'Tlio orders lit hand for dolivery next season j wore ;also ! satisfactory,; and indicated a -larger '• turnover during: tho i.eoming:-year .ri Mt.t Brice fhad- .told .'him 'that a more, cheerful ■ tone was ', already: Apparent, and that ■ with ■' tho moving of excessive retatt stocks into ■ consumption, more confidence'in the forward •■ outlook, prevailed in -tho, trado., ~Tlksto was also more: inclination to lean on "local "supply orid, indent less. Mr; Exloy iebntinued:—"l' must tell you .that, owing to a ohango -whioh 'we havo made in.our systom,- by pneing the goods'ftom' mill; to. warehouse on cost' of labour and material_only,-the result-for this jxjar appears worse' -relatively'to last'year ■■■■ than aotu'ally is the case, by.its effect,in re-. : ducing stock-taking' value; also of the '~ ,largo Dalarice' carried ■; forward" from last year should, ; under: -tlio. • now, 'system, brightly. ,be- : long to this.,, Wo are however able, andaare •'•■ taking tho with 'a■ surplus :in : hnnd,s:of roverting : .toour > .'policy :•. in moro . prosperous times, of, building up.a reserve.in . tho stock until:''a < :'veryllibdfal-'margin., r, of seciirityhas been reached.. ,Th'ero" is rio doubt : that a.-sound,-and substantial improvement , has '.been l ;':effected.iu';the: position: ■: of this company during the last three" years, and there,is at present'every"promise;Of its .-.■ permanence and deyolbpment.., You must re? . memberjthat this, .industry "has:-.passed '•', th'roughi five. : difficult /years, 'due'principally. : , to market'disturbances, Vncpntrollable l( 'bUt, _ - not of ; permanent "'nature/;'; It-is . 'only'" '. reasonable to supp^sß..th.at,;.this l ' muoh lpager ; andthat;a.:steauief"''and'more : iiormal'itondit-ion.intho .woollen trade should . /'be approaching. '.Wo are in. any.'case,.'de-.. cidodly ; fctr'onger and-better equipped to :,.:th« nnd I r v'cntur6 v to,tbll you that'l. ; "/am personally h'ppeful;.of ■ soon reaohing: a. . '.higher qividend-paying level, with.]full"safety ' ' - reserVo.jin .the stook', ; 'f6t.' ¥ bad <Jiiße?'o-.-.Tj!e ; , 'stabilityj of our •financial.!position has boon ■ Sfurther-jimproved.'by ,tlie, additional ,ca,pitaj ■/called up, £14,403, -less. aVfeductiori'in the' / 'a-'mount>''of calls on deposit; £1615, i- differ-. ■ enco "bf. i£12,788.. .Our.•'.total liabilities .have, '.been reduced by £24,843 during the year, '.'and at £42,615, withithe assets . at £187i569.' Thofrecholdland aiid; .valuable ' water rights in-.-Potone,- /about:. eighteen ''-. 'acres, 'r4main-Mvthe''accoun,ts ,'at';the 'original . x.pnco of(■£e4oo;-"and",with ; ;(mill. ".machinery, ■ ..warehoujse,'' etc;; : appear;■t6-day'. : ','at."j£7J.,ssß, i (after wfltmgs-dgwn ; at';■ various .times „of £48,0(ky.0f-which! more-than'£3o,ooo .w;brt¥:' ■:' /is still i 4 good arid efficient w6rkingorder; hav,','.ing been] maintained so out of profitj andi.now 'costing'jus nothing. The"stock, v;£93,ss9t-;',-'£ls,ooolleM- thaiif in-firstTplass J saleable condition, :and;well.provided, for.: as J T have''explained. W.book. debfa, £22,t)00, \Varo about,.'equal: to'.'that bf /Wst-.jre'nr,--,'after '■•• l ample V.provision.: for.'.; future .•: bad idobtS' .has : ,.been maided; little more, I.'rieed say, '! except that..l ,tbihk' you'.may'.Test assured, -both diwcte'rs and-the staff.will db'their'best' ; to obtain: a fuller'measure of; success, and a ■^'■Wgh'er..:dlvWendrpijina." : lovel.-.''fpr:.-tho'' : "v'"i»m-. : .- ; ' pany.; .1 '■ noK.i-move; tne. adoption -of ,re,pprt; •"'. and bahtrice-'slieot, which'ca'rfies'wiihita.qitirc dehd: ofj-;6s perlilaent." 4 for.' : tho, "ycaruoa 'thp/, - .brdinaryj sharesj-;also, a 'dividend 'at thd'Tato 'of 6-per'cent.,'per annum''bri I 'the preferred vshares,ijayablo on September 8." . - : .Mr. •D..',Ti;/Stuttrt,iseconded,f,tho.i:niotioh, : Tho liabilitie3•^^ore':^49;f«^:^a'nd: : '*'thes ! e, ;.. than- "covered : by— :.unv called ;capital,;, ; '-■'wore; ':haVihi|' :: more called up on tho preferential shares; :: ; : Tho'.:assets wero i 187,569, showing that'tho' ■'. healthy,- : '. position;- ■ .What might bo regarded : .as.liquid assets, ;.'.--namely;' debtors', bills, and cash £22 > 246,'' and E stock £93)559,- amounted, to more :thari'two :.';'and a^quarter.'Jtimes-^he';liabilities'.y.The ; made-up stock ■ was ; 'hot altogether, a' liquid 'asset, .but: a considerable 'portion- of, the ; sum' ■;' .qubted'was; represented -by Jwdol—the chaif- :'".'■•■ mariicould■'■say;how"mTich.',>'.',v ," .r.".,v.v..... y:v ; *'. The. chairman t-£IO,OOO, •-•/ 'I ?: .'■ ■'..:^Mr.,Stuart,concluded by,'emphasising tho ;.'•sccoiTent position. [6i ' : the r company.; ;>.'■]'■ •■: ■-.':.: ;:.. .said ~; t he.: conipany ' :hp,ught-' its' '-landr.'at' l'e t tpnp' twenty-five .years' '.''• ago for £2400, and.vit':-was -k'till : set..''ddw'n: -'.. at.that v sum in tho accounts, but he:thought ;. ■£12,400;w0u1d, be .a.'reaspnablo ~valuatioh"'for '.'••■'■ itVhbwv The company!-also.: had :'.valuable :. water rights, which woro worth £10,000;- and ■';,thus..its. position was; £20,000. better 'than. : ': .was'showu,in .the 'balance-sheet.'.i-^V'-v';:".'■}''■' ;. ; ■"■ i'horeport and batohce-sbee£ ivefo:'a'Q6ptett.' i. ■"'. --.'■■ A', vote: of tbv'tho'directors-aria' 'staff, was carried on tha "proposil-of'-Mrr-R-.' l :;:;,(!..- Kirk. - -.;.;:"v :; ; p-;, :>,V. ~:-. .' .•;;.. The election* bf Auditors'was ;•;conducted. by ballot,' aiidHlie A'es'ults; :iM' r aft-; ; | ;■■':nounccd (by■advortisemint,'iri''tl'«'s r 'js'sub.'Tie! •■. following were.- ','■.''• J; R. Blair, and ;R;'•' .0., *;Kirli; laudito'rs,, ■'■,;; Messrs. Keinber. ,'and Wr;Huht"."