KAIAPOI WOOLLEN

Evening Post, Volume CXVIII, Issue 51, 29 August 1934, Page 12

KAIAPOI WOOLLEN

ORDINARY DIVIDEND

RESUMED

(By Telegraph—Press Association.)

CHRISTCHURCH, August 2S,

Operations of the Kaiapoi -Woollen Manufacturing Co., Ltd., for the year ended July 10, show a marked improvement on those of the years immediately preceding. A prolit of £6782 in 1933, after £2000 had been transferred to depreciation, has been replaced by a prolit of £17,555 this year, after transferring £0000 to depreciation, For the iirst time since 1930 an ordinary dividend has been paid, the rate being 3 per cent., as against 4 per cent, in 1930. The directors' report states that trading conditions have shown an improvement during the year, but the phenomenal rise which occurred in greasy wools last season, while of great benefit to the Dominion, had an adverse effect on the company's trading operations. Stocks have again been further reduced, and at £203,543 arc conservatively valued. The directors recommend that the available balance, £17,951, bo distributed aS follows:—Preference dividend (two years), £6714 13s 4d; ordinary dividend, £7269 5s 7d; transfer to bad debts reserve, £2000: transfer to tax reserve, £1500; carry forwarcf, £467. / The directors retiring by rotation, Messrs. W. H. Clark and A. F. Carey, offer themselves for re-election.