WELLINGTON WOOLLEN COMPANY'S YEAR

Evening Post, Volume CVI, Issue 33, 8 August 1923, Page 2

WELLINGTON WOOLLEN COMPANY'S YEAR

The directors . of the Wellington Woollen Manufacturing Company Limited, submitted the fortieth annual report and balance-sheet, with: statement of profit and loss to 30th Juno ult., to announce a result which, under the changed conditions of trade generally, is satisfactory, enabling the maintenance ,of dividend at the same rate as last' yeafi'! !: The 1' usual' 1" annual provision—£sooo-^has been ' made for depreciation of plant and buildings. As the company's employees are insured to cover all claims under the Employers 1 Liability Act. and there is no longer any necessity for the special reserve of £4000, it has been transferred to the general reserve, and the latter account has been brought up to £80,000. The directors Tecommend that a further dividend of 7 per cent, be paid on both ordinary and preference shares, the balance remaining to be carried forward.

As announced in the last report of the directors, arrangements were then being considered for increasing mill output. A* large addition to the buildings and plant at Petone was subsequently put in hand, and this will ba completed within a few weeks. The extension will give a substantial increase in output at but little extra overhead cost.

The directors much regret to record the death of Mr. D. T. Stuart, who since the company's inception was associated with it, first as auditor and in recent years as ! director, in b6th positions doing excellent work for the shareholders. ■ The vacancy on the directorate was filled by the appointment of Mr. Alfred Smith. The retiring directors are Dr. C. P. Knight and Mr. J. F. Dyer, who offer themselves for re-election. The auditors (Messrs. Henry Kember and Son, and Ernest W. Hunt offer themselves for re-appointment. ■: