Page 2 Advertisements Column 7

Dominion, Volume 4, Issue 1226, 7 September 1911, Page 2

THE WELLINGTON WOOLLEN CO. 0 — ANNUAL MEETING. Tho annual meeting of tho Wellington Woollen Company was held yesterday, Mr. W. H. P. Barber, chairman of directors, presiding. 111 moving the. adoption of the report and balance-sheet (a summary of which has already been published), the chairman said that on tho same occasion last year the attention of shareholders had been drawn to tho decision of the directors to extend the mill at Petone by installing some new machinery to increai-o the output, in order to obviate tho recurring necessity for running into overtime at busy seasons. A reference was made in the report to those additions, which, with the extension of the town houso and factory, involved a total expenditure of £10,653. Both additions and extensions were about complete, and had put the company in a position of having ono of tho bestequipped businesses of the kind in the Dominion. At the town factory the extra room was badly needed for more economical working, aiid this had made provision for a new dining-room for the employees. It was a largo, well-lighted and ventilated adjunct to tho roof promenade, where the female workers, whilst enjoying a magnificent harbour view, wore enabled to get sunshine and fresh air during meal-lime, without going out in the dusty streets. The directors had been able to maintain a 7 per cent, dividend on both issues of shares, to carry forward a larger sum, than was brought forward, and to write off an increased amount for depreciation of plant and buildings.. The amount provided this year was £3500, as against £3000, making a total writingoff since manufacturing operations commenced of £53,3-1-1, an average of £2200 annum. The stock figures were higher than in the preceding balance-sheet, but of that increase S2 per cent, was represented in raw material, stores, aud trimmings, the actual increase ill the manufactured stock being £2700. It would be seen that the expo.nscs this year were lower by £510 than last year, although these had included the cost of a display at the Wellington Coronation Industrial Exhibition, where the company's fine show, no doubt, attracted the attention of many shareholders. In conclusion, he wished to say that the company's affairs were going along satisfactorily, tho whole organisation, from the directors down, doing its best to further the interests of shareholders, and he wished, 011 behalf of the board, to thank the members of the staff for their loyal efforts during the year. Mr. J. R. Blair seconded tho motion, which was carried. Mr. Warbnrton accused tho chairman of being partial. He knew that'he (the chairman) at. the last meeting was not impartial, but had overlooked it. He had mentioned at the last mcetinfr the suicidal policy of reducing the stall and interfering with it, and the results were disastrous. I Mr. F. W. Haybittlo understood that the motion to adopt the report was carried, and asked what locus standi Mr. Warbnrton had. The chairman said it was correct that the motion had been carried, but he would allow Mr. arburtoa some latitude. ■ Mr. Warbnrton drew attention to "tho bank overdraft, deposits, and bills payable. which in 1910 were £19,SGG, aiid in 1011 £-12,495, or an increase of £22,620 due to the bank and public. It seemed to him impossible tliac the amount could bf so large.—Last year the stock was valued at £80,962, and this year it was -'•>5,517, an increase of £11.555. 'The clmirtnaa did not mention depreciation at nil. In 1309 it was £2090, in 1930 j-U-'itiJ, and this year nil; although the stock was £1-1,555 more, the company had I c,early lost £2500 last year 011 tho figures. The speaker also alleged that the stock was loaded with bank interest. Coming to tho profits: These in 1910 were £13,(104; and in. 1011 showing an alarming shrinkage of £4170. -The company had suffered an irreparable loss by Mr. Brice leaving. He was -all exceedingly able man, and very .popular in tho trade, but the strained relations between him and the Managing Committee culminated in his leaving. Tho shareholders were now suffering for the interference with Mr. lirice. The control' was now jjractic-ally left to the directors and clerical staff, which was equivalent to-Eeuding tho lonic to sea with the purser in charge of the engines. The altitude 'of tlio employees to the board had been shown by the formation of a union. Why, too, had tho architect bo?n changed? Mr. Warbnrton nlso wished to know why tin directors had given j a donation of £25 to the Children's Hospital, without the authority of tho shareholders. He moved: "That the report be referred back to the directors for reconsideration and adjustment" Mr. Blair pointed out that the wholo of Mr. Warburton's speech was out of order. The chairman: Absolutely out of order, _Mr. Warbnrton: I sar it is in order. You should have askc-d the shareholders if they had anything to soy before putting the motion adopting the report and balance-sheet. The chairman: I did so. Mr. Warburton: You did not. You tried to slur the meetiug through to stifle discussion. The chairman: You have already spoken. I rule you out of order. Mr. Warburton: As n shareholder I have a right to speak at this meeting. Tho chairman: Please sit down. You arc out of order. Your motion having 110 seconder lapses. The discussion then simmered down, and the chairman stated that the'stocks had never been taken to greater advantage of shareholders than at the present time. Tho increased stocks were duo to several important contracts which tho company had in hand,' and it was essential that provision should bo mado for them. Dr. P. Knight and Mr. Exlev were reelected directors, and Messrs. 11. Kember and Son and E. W. Hunt were re-appoint-ed auditors. HARBOUR BOARD. :— DRAWING OF DEBENTURES. Mr. R. Fletcher, chairman, presided over the first half-yearly drawing of narbonr Board debentures yesterday. Among those present were several agents of debentureholders. There were twenty debentures drawn for redemption on February 28, 1912, of theso eight, numbered 3761 to 3708, fell duo automatically. The numbers drawn wero 2203, 30C3, i 905, 2561 29"G 3071, 3203, 3128, 6693, Gl7B. .6314, 6107. Mr! T. S. Weston, notary public, signed tho statutory declaration as to tile result of the poll. LICENSING COMMITTEE. 0 The quarterly meeting of tho Wellington District Licensing Committee was held yesterday. Dr. Jl'Arthur, S.M., presided. Renewals -wore granted to JL M'lntosh (Royal Tiger Hotel), R. T. M'Farlane (Clyde Quay Hotel), and T. Palmer (Princess Theatre Hotel). Transfers wero granted as follow:—P, W. Corby to T. Kingston (Caledonian Hotel), A. J. Mace to A. H. Cock (Central Hotel), W. ,T. Conner to R. A. Marshall (Barrelt's Hold), In respect of the Hotel Cecil it was agreed that Mrs. Margaret M'Parland should car.ry on tho business till the next quarterly meeting of tho committee. Regarding the Clarqndon Hotel Miss Mary Brown was given a similar permission. ECCLESTASTES 111 CHAPTER, VERSES W, 20. 21. 22. For that which befalleth the sons 0( men befalleth beasts; even one tiling be. (illcth them: as the one dieth, so uioth tile other; yea, they have all ono breath; sn that a man hath no pre-ciniiienc,) above a beast: for all is vanity. HI co unto ono place; all aro of tho du<t, and all turn to dust again. Who knoweth the spirit of man that eocth upward, and the epint of (ho beast ihat eoeth downward to the earth? Wherefore 1 percoivo that thero is no. iMiik better than that a jnaii should rc<. joico iu his own works; for that is his portieu: for who shall bnug hiiu t u what shall no aflor himi'-AdvL Woods' Great Peppermint Cure, for Coughs and Colde, novor fails, Is, Gd.