BUSINESS IMPROVED

Evening Post, Issue 28, 1 August 1936, Page 12

BUSINESS IMPROVED

WELLINGTON CORDAGE CO

The directors of Wellington Cordage Company report that for the year ended March 31 last, the profit for the year was £491 0s 6d. An improvement in business during the year is noted, sales having improved. "Better results would have been realised but for the abnormal rise in the cost of raw materials, of which the company imports considerable quantities from overseas," the report continues. "Advances in selling prices could not be made to accompany costs quickly enough, however, to qu; te compensate. ... So far as can be se'Jn business prospects show signs of improvement, and your directors hope that profitable results will be apparent with the new financial year." The directors regret to announce that the death occurred of Mr. John S. Swan, who had been a director of the company since its inception. Mr.. John Passmore, senior manager and director of the' company, and the original founder of the business, had suffered a break-down in health, and on medical advice had resigned ,from the company's service and directorate. The board puts on record its appreciation of his careful and long service of 25 years. Mr. John Passmore, jun., has been appointed works manager and elected to the board in his place. Mr. E. M. Boulton. who was elected to fill a vacancy on the board, and during the absence of the chairman to be acting chairman, retires, but is eligible for re-election. Mr. C. R. V. Swan has been nominated as a director and a ballot will be necessary. Mr. E. Bucholz, present auditor, retires, but is j eligible for re-election.