WELLINGTON WOOLLEN

Evening Post, Volume CXII, Issue 30, 4 August 1931, Page 8

WELLINGTON WOOLLEN

FLUCTUATIONS OF WOOL MARKET

I Directors of the Wellington Woollen Manufacturing Company, Limited, report as follows:—Shareholders, in . receiving this, the forty-eighth balance-sheet and statement of profit aud loss for the twelve months ended 30th June, 1931, will be pleased to learn that.the directors, after writing down stocks, and making other necessary provisions, are able to recommend the payment of a further dividend oi 3 per cent, (making 6 per cent, for the year) ou both preference and ordinary shares, und that the remainder, £3053 2s lid, be carried forward. The usual sum ot £0000 has been written off for depreciation of plant and buildings, which have been well maintained out of revenue. The commercial depression mentioned in several preceding reports became more acute within the year, resulting in the company's output being materially lessened. The wool market fluctuated considerably, which added difficulty to trading, and the earthquake at Hatvkcs Bay in February also hampered business in a large part of the Dominion where the company's products were formerly in firm demand The directors to retire are Messrs. J. F. Dyer and A. E. Mabin, who offer themselves for re-election. Messrs. H. Kember ?°£ i^?V, F- P"V* T- Z- and E- W. Hunt, iM\A.i\.Z., again offer themselves for the position 6f auditors.

The balance-sheet shows, among liabilities, capital £300,000; reserve, including fire insurance reserve, £69,100; bank, sundry creditors, and employees' deposits, £63,031; profit and loss, less interim dividend, £12,053. Assets include freehold land, buildings, plant (less depreciation), £226,331; stocks o£ raw materials and goods, £168,130; sundry debtors, £52,592, and bills receivable, £2587, less reserve for bad debts and discounts, £5903; insurance premiums and cash in hand, £506.