WELLINGTON CORDAGE CO.

Dominion, Volume 28, Issue 230, 26 June 1935, Page 12

WELLINGTON CORDAGE CO.

Dividend of 2 Per Cent. The annual meeting of the Wellington Cordage Co., Ltd., was held yesterday. Mr. R. P. Stewart, chairman of directors presided. Before referring to ,the company’s affairs, the chairman expressed regret at the death of their late chairman, Mr. A. I>. Crawford. A great deal of Mr. Crawford’s time, he said, had been given to the company’s business, and he was most keenly interested in its operations. In regard to the year’s working, the chairman said those present would realise that it was somewhat difficult to compare this year’s accounts with those of last year, because last year’s accounts covered a period of only eight months. The figures ii; the balance-sheet were much the same as those of the 1934 balance-sheet, with a few exceptions. The investment in New Zealand Government stock, £1732 19/11, replaced the cash balance and fixed deposit mentioned in last year’s accounts. The sundry debtors were about £490 lower, and the stocks of materials were £5OO up, which would account for the bank overdraft of £420/11/10. The profit and loss was small, but taking into consideration the fact that the company did not utilise' , all their profit last year to pav a dividend, and the fact that they still retained an excessive reserve for bad and doubtful debts, and the further fact that' they had written heavy depreciation off the plant, the directors felt that they were justified in paying a dividend of 2 per cent., for the year. The report and. balance-sheet were adopted. Mr. J. Passmore, sen., was re-elected a member of the board of directors, and Mr..E. W. P. Bucholz was reappointed auditor. Brisbane Wool Sales By Telegraph.— Press A«su I'onyri-'t. t Brisbane, June 25. .Wool sales were resumed with good and average descriptions selling at par to 5 per cent, higher than closing rates of last sale. Top prices realised for greasy wool were 19d. per lb., and scoured 274 d. per lb. Bradford Tops Very Firm By Telegraph— Press Assn I'np.vrlghi London, June 24. Bradford tops market is very firm, with &4’s quoted at 28 4 <l, per lb. Business is small.