WELLINGTON WOOLLEN COMPANY,

Evening Post, Volume LXIV, Issue LXIV, 13 September 1902, Page 2

WELLINGTON WOOLLEN COMPANY,

The annual meeting of tho Wellington I Woollen Company .was proceeding as we went to press yesterday. In seconding the motion of the Chnirnaan (Hon. C. J. Johnston) for the adoption of • the annual report, Mr. R. C. Kirk so|d it> was very pleasing to see that j x the company had a continued • career of oven prosperity. The position of the company was very satisfactory, and he desired to congratulate the directors on the way in which the business was carried on. He also congratulated them oh the decision to launch out on a worsted plant, arid he sincerely trusted that the venture would be a profitable one. The motion, as stated yesterday, was agreed to without discussion. tyfr, W. A. Pitzherbert returned thanks for his own, and 'Mr, Exley's re-election as directors. He bud, ho said, been a director for nineteen years, and should he be opposed at any time and not re-elected, j ho should feel as if he had been taken ! away from his own home. Still, if a better man came forward it would be the I duty of shareholders to elect him. He had taken part in the ups and downs of the company. I Ho believed there would 1 be no more downs, but that the company would continue to have an upward movement. Mr. D. T. " Stuart returned thanks for his re-election as one of the auditors. He congratulated shareholders on the very satisfactory position of the company. A long discussion took place on a motion by Mr. J. G. Fox, seconded by Mr. Percy Blundell, to increase the directors' honorarium by £300, so ns to bring it up to £750. Mr. Fox said ho did not think the increase he proposed wus any too much, considering how well the directors monnged the business, and how much the shareholders were indebted to them. Dr. Prtndergnst Knight opposed the motion, principally because he considered that the directors did not hqld sufficient shares. If their remuneration was to be increased ' thf>ir qualification should also be increased. He would not oppose a moderate addition to the honorarium, but the amount proposed by Mr. Fox was too much. The Wellington Trust and Loan Company, with a capital of £100,000, only gave its directors £200 a, year, and they attended a; meeting every week. The shareholders of tho Woollen Company had confidence in the directors, and reelected them, buj> hod the directors confidence in the company? If they hnd confidence in it, why aid they not hold more shares? lie held that the articles of association could not be altered except at a special meeting. The Chairman said it was competent for the present meeting to pass Mr. Fox's motion, but, being special business, it would have to he confirmed at a later meeting. An amendment wus proposed by Mr. R. C. Kirk that the honorarium bo increased by £17S— from £450 to £625. Ho disagreed with Dr. Knight that tie matter could not be dealt with at the annual meeting. Mr. Acocks seconded the amendment. The Chairman explained that the directors had uot naked or suggested that the motion ihould be proposed. He quite disagreed with the view that the directors' qualification wufi not sufficient. It had been a matter of satisfaction to him to see that tho dealings of the directors in the slinres had been almost nil. The directors had the fullest confidence in the company, but they had never sought to take advantage of the knowledge they possessed. lie pointed out that while the directors did a great deal of work, and received - £450, the Gear Company directors were paid £950, the Wellington Meat Kxport directors' £800, and the Alanawatii Railway Company directors £1500 Ho did not think the duties of tlie directors of the companies he had named were more onerous than those of the Woollen Company directors. Mr. Fox explained that he had acted entirely on his own initiation in. bringing the matter forward. Mr. W. H. P. Barber, a director, pointed out that in addition to twenty-seven regular meetings lust year the directors had paid frequent visits to the mill and held many special meetings. The amendment was lost on the Chairman's casting vote, and the njotion on being put was negatived by one vote. The honorarium will therefore remain at £450. The directors did not vote. A henrty vote of thanks to the heads of the depart mente, and Messrs Heeles (General Manager), and A. £. Donne (Secretary) concluded the meeting.