WELLINGTON WOOLLEN COMPANY

Evening Post, Volume CII, Issue 34, 9 August 1921, Page 11

WELLINGTON WOOLLEN COMPANY

The 38th annual report of tike direc-*" tors of the Wellington Woollen Manufactnring Company, Limited, to 30th June, 1921, states that the directors are pleased to be able to announce to share- ; / .holders a satisfactory result for the - year's operations. The sound position, as shown, is the more gratifying in view of the financial depression' which has been experienced everywhere during the last six months. The company's mills have been unable to produce enough goods to meet the demand in certain classes, but with the additions to plant and buildings, amounting to £54,879 9s i 4d, made during the year, it is hoped that the difficulty will be overcome. Annual • depreciation of plant and buildings has been covered by the writirig off of £5000. The reserve account has been . increased by £6000, and the fire insurance reserve brought up to £10,000. The directors recommend that a further dividend of 8 per cent, be paid on both ordinary and preference shares, arid that the remaining balance be carried •forward."- :

Messrs.' R. C. Kirk and D. T. Stuart retire by rotation, and, being eligible, offer themselves for re-election as directors. The auditors, Messrs. Henry Kember and Son and Ernest W. Hunt, offer themselves for re-appointment.-. The balance-sheets for 1921 and 1920 compare as follow:—

■ - ' 192 L 1920. Capital called up 180,000 150,000 Uncalled capital ...y.. . 20,000 50,000 ■Reserve 70,000- 64,000 Fire Insurance reserve 10,000 9,330 Employers'liability, re- . '......... serve 4,000 4,000 Bank; of New Zealand 178,416 20,211 Sundry, creditors ' 13,313' 83,520Bills payable 19,009 '■ 2,051 Freeholds, Buildings . 185,729^130,849 Raw materials, goods. 255,517 127,88? Government.;'inscribed*"', ",.','.. ' stock ;.v .::.-■" 48,225 ; '48,000 Sundry debtors ........... ■, 66,276 74,683 Rates, taxes, .working' , expenses, insurances, . ■ .','. > . depreciation, etc, ..-. 48,501 .'45,657, Balance, to Profit and • Loss ...... ......... 28,082