KAIAPOI WOOLLEN COMPANY.

Evening Post, Volume LXXVI, Issue 43, 19 August 1908, Page 3

KAIAPOI WOOLLEN COMPANY.

The directors of the Kaiapoi Woollen Company, in their annual report, state that notwithstanding the serious dislocation of trade caused by the late fire, your directors anticipate that the report and balance-sheet, now submitted, will be considered satisfactory by the (shareholders. The new issue of snares authorised by shareholders was reserved principally to present holders, but will be available to the public after the Ist September next. The plant has been kept at the usual high standard of efficiency by the expenditure of £3667 on new machinery, and £1819 on necessary repairs. The sum of £5400 has been provided for depreciation. Stock has been carefully taken at present values, and provision made for all bad debts. After paying the interim dividend of 3 per cent., absorbing £3000, the profit and loss account shows an available balance of £7492 5s 2d, which your directors recommend should be allocated as follows: — Dividend of 4 per cent, for half-year, making 7 per cent, for the year, on ordinary shares, and on preference snares a dividend at the rate of 6£ per cent, per annum from allotment ; £1500 to reserve; the balance of £1432 to be carried forward. The retiring" directors, Messrs. G. H. jjlackwel) and" J. A. Frostick, offer themselves for reelection. Messrs. Caverhil' and Modlin seek re-election as auditors, and in view of their largely increased work the directors recommend that remuneration be fixea at £100 each.