WELLINGTON WOOLLEN COMPANY.

Evening Post, Volume LX, Issue 106, 1 November 1900, Page 2

WELLINGTON WOOLLEN COMPANY.

MEETING OF SHABEHOLDERS. The seventeenth ordinary general meeting of the shareholders of the Wellington \Voollen Manufacturing Company (Limited) was held in the Chamber of Commerce last night. The Chairman of Directors (Hon. Cf. J. Johnston) presided, and in moving the adoption oi the report and balance sheet us published, he said: — "Keierring to the balance-sheet, I would point out that our increased indebtedness of kj.O,klbiJ 7s sd, and the increase of £12,516 8s 4a in, stock i*, in both cases, mainly due to our having a somewhat larger quantity of raw material on hand than was the case last year. Our turnover has increased. The profit from manufactures is greater by £1644 14s 6d than last year, and your directors are well pleased at being able to again recommend the payment of a dividend equal to 8 p.er cent, per annum. We carry iorward an increased amount, and the General Manager informs us that he has satisfactory orders in hand. There is a small item to the debit of profit and loss account which is unusual, and which it is necessary I should mention. I allude to the sum paid to the Transvaal War Fund, and I shall presently ask from you an expression df approval or otherwise of the directors' action in making the donation. In connection with the South African War, I may inform you that a fair proportion of the requirements of the Contingents was obtained from us, and, it is a pleasure to be able to say, that the heavy strain on our employees consequent on the speed with which the work had to be dpne was cheerfully borne. You will be interested to learn that the Christ church Exhibition will open with, a goodly show of our wares, and wo, look for satisfactory comments thereon fvom the general public. la the direction of economical m orking some £1472 has been spent in additions to plant, tEe result being Satisfactory. The mill has.been kept in goodjorder and the whole equipment ia running satisfactorily. Last year the General Manager expressedthe hope. that & /^orated plant would be added to our machinery. A committee of your director* has had the matter in hand, and jt was intended to have made some statement t to ;you on the subject, but the fullest information has not yet been obtained, aud no decision has been come to;- 1 jnay state, however, that so far as ttyjy investigated the matter, the' committee are favourably impressed with ihe advantage to be gained by the suggested extension. The plant ia an expensive one,' and we £\hou.,d hi addition require to supplement to a considerable extent our motive power. In conclusion, I have to express the Board's appreciation of the services rendered to the company during the tfear by the General --anager (Mr. Hples), the Secretary (Mr. Donne), the Mill Manager (Mr. Ramsden), the heads of departments and employees generally. I beg to move the adoption of the report." f The motion was seconded by Mr. Joshua Bell. Mr. G. M. Kebbell said that the Woollen Company was now occupying a good position among the dividend-paying companies) ,'fend jts shares were reckoned to be as good as those of most of the other companies. He therefore thought the time had arrived when the sum of £1000 comprising the dividend equalisation fund should be transferred to the reserve fund. The existence of a dividend equalisation fund was at one time a strength to the company, but it might now be construed by some people a« a' sign of weakness. The Wear Meat Company had a big reserve fund, and people sometimes pointed out that it earned forward so much money that it was able to pay the next year's dividend even if it did not earn money during the 12 months. He was also of opinion that the item in the balance-sheet 'insurance premiums unexpired, JBislO," should be wiped out. Mr. D. T. Stuart said that as an accountant, he could not agree that it would be wise to wipe out the item re insurance premiums unexpired. The Chairman was inclined to agree with the suggestion that the time had arrived when the dividend equalisation fund should disappear. It certainly did not seem to be necessary now that the item should appeal* in its present form, and the directors would take the matter into consideration at an early date. He did not, however, hold wirth Mr. Kebbell that tho insurance premiums unexpired item should De wiped off. It could not be Reasonably left out. Mr. H. Kembor disputed Mr. Kebbell's statement that the dividend equalisation fund might be regarded as a sign of weakness, and he • contended tliat jtf the books were to be property kept the unexpired insurance premium item must remain. The motion for the adoption of the report and balance- sheet was agreed to, and the Chairman remarked— "That also carries with it the approbation of the war vote." (Applause.) Messrs. A. E. Gibbs and A. Warburton were re-elected directors without opposition. The meeting re-appointed Messrs. H. Kember and D. T. Stuart auditors for the year, and on the motion of Mr. J. G. Fox, seconded by Mr. F. Penty, the fee of each was fixed at 50 guineas. Messrs. Gibbs and Warburton thanked the companyfor their re-election. 1 Votes of thanks were passed to the direotors, the General Manager (Mr. M. G. Heeles), the Secretary (Mr. A. E. Donne), and the staff generally for their efforts during the year, Several farmers in the Pohangina district have experienced losses in. cattle lately through tutu poisoning. - (Fov continuation of News see page 7.)