SUCCESSFUL YEAR WELLINGTON WOOLLEN CO.

Evening Post, Volume LXXXVIII, Issue 59, 7 September 1914, Page 8

SUCCESSFUL YEAR WELLINGTON WOOLLEN CO.

The thirty-first ordinary general meeting of the Wellington Woollen Manufacturing Company xvas held to-day. The directors present were Messrs. R. C. Kirk, J. R. Blair, W. G. Foster, A.. E. Exley, and W. H. IJ.1 J . Barber (chairman). In moving -the adoption of the report and balance-sheet, the Chairman stated that the sales for the year and the gross profit were once more a record for the company. The net result did not, by a small amount, show up to that of .the last financial period, but the year was, in many respects, a difficult one. Opening well, the even tenor of the company's way was temporarily blocked by the sudden industrial upheaval of November, and trade generally fell away. After the strike had been settled, trade for a time continued to be slow, and^ with the increased cost of raxv material and other manufacturing commodities ' a corresponding advance in selling prices was haid to obtain, but in the face of those drawbacks the directors were enabled to present a balance-sheet that should, even under normal conditions, be considered' one for congratulation. "At this time, when a spirit of unrest is on us all and we anxiously await nexvs from the seat of war," the Chairman went on, "you do not want to be detained by me with an exposition of the past, but I assume you would prefer to know if, under the unprecedented circumstances, a continuance of successful trading may be expected in the current year. The directois do not wish to exhibit any gratification whatever at deriving, or hoping to derive, the smallest measure of benefit, from the deplorable conflict now raging in Europe, but in duty to you I am compelled to say that, apart altogether from any benefit that may be so gained, the affairs of the company are in good shape, and, so far. a« it is possible to prophesy, the year on which we have just entered should be financially satisfactory. It was with this belief that the directors, in allocating the year's profits, decided to adhere to the same distribution as in the previous year, rather than conserve in the profit and lass account a greater portion of the available surplus. The sum of £5000 was written off tor depreciation of plant and buildings, making an aggregate under this head of £68,344; £2000 was transferred to the reserve, which now totals £24,000 ; and r dividend of 8 per cent., absorbing £9228, is recommended on both ordinary and preference shares." what remarkable conprisatian there was Stock, which was some £6464 more than last year's, had been taken with accustomed' care, and the value had been full depreciated. The accounts owing to the company were in excess of those of the j>revious year, due to increased turnover. All known bad debts had been xvritten off, and provision on a generous scale made for possible losses. The report and balance-sheet were adopted without further discussion. Dr. Prendergast Knight and Mr. A. E. Exley were re-elected directors, and Messrs. H. Kember and Sons and Mr. E W. Hunt were re-elected auditors.