KAIAPOI WOOLLEN CO.

Evening Post, Volume XCIV, Issue 38, 14 August 1917, Page 6

KAIAPOI WOOLLEN CO.

The directors' report of the Kaiapoi Woollen Company for twelve months ending 30th J.tine, 1917, states that the year's working has been satisfactory so far as the circumstances caused by fee war permitted. The demand far the [Company's own productions is very encouraging to the directors, and but for the limited supply of labour the output would have been largely increased. The question of supplies of raw materials which cannot at present be produced I within the Dominion is becoming very serious, but the directors have so far j succeeded ;in obtaining a sufficient quantity of the most urgent lines required by lioth the mill and the factories. The future outlook for supplies is not by any means cheerful, prices are enormous, and shipping facilities very uncertain > but, everything possible is being done to provide for fc&e continuance of the company's maximum output. During the year the reserve dividend equalisation fund has been increased by *ho sum of £3045 6s 9d, and now stands on the balance-sheet at £15,117 16s 9d. The directors feel that it is most necessary- to.support this special fund." The annual valuation of the company's plant and pYemises have been made, and. £41315 .13s 9d has been written off as depreciation. Stocks have been dealt with by .two expert officers, who have checked the quantities and the value of same, .special attention Ijeing given to every class of goods, with/a view of clearing all douhtline lines—this was done before stocktaking. The stocks are higher than last year, but tiiis- is the result of the policy of giving instructions. to cancel all delivery dates and to despatch all goods on order whenevet shipping vras available ; this has proved to have beenf a* sound policy.

After providing for depreciation, the balance to credit for the year is £36,815 15s : of this, amount the directors recommend a dividend to ordinary shsireholders of 8 per cent, and a bonus ofl 2 per cent., and to preference shareholders of 7 per cent, and a bonus of 2 per cent., less the amount already paid as interim dividend. • After prc-viding for the dividend there remains a balance of £12,613 19s 6d, which the directors recommend should be dealt with as follows :—To reserve dividend equalisation fund, £1882 3s 3d; to general reserve, £5000; brought forward, £5731 16s 3dtotal, £12,613 19s 6d.

The retiring directors, Messrs. Wo. Sansom and R. E. M'Dougall, submit themselves for re-election.