SOUTH OTAGO NOTES

Evening Star, Issue 23737, 19 November 1940, Page 2

SOUTH OTAGO NOTES

[From Opr Correspondent] OBITUARY. An old resident of Balclutha passed away at liis residence, Balclutha North, on Saturday, in the person of Mr Andrew M‘Farlane, at the age of 68 years. He was a son of tho late Mr Duncan MTarlane, and was born at Balclutha. ■ He followed the occupation of bridge builder and worked with his father on many important works throughout Otago and further afield. He married Miss Ellen Symonds, of Barnego, in 1905 T and his widow, one sou, and three daughters survive him. CRICKET. Milton again defeated Kaitangala in tho second round of the Stewart Shield fixtures. Kaitangata batted first and made 86 (Stanway 27, Garvin 15, Pryde 12, Leishman 12; Wybrow three wickets for 9 runs, W. Heads three for 34. Bowie two for 14, Currie Two for 14). Milton replied with 148 (.1. Kane 50 retired, Davies 36, Bowie 15, Olver 11; M'Caughan two wickets for 1 run). Owaka still leads in the competition by two points from Clutha. MILTON GUN CLUB.'

The recently formed Milton Gun Club officially opened the - season on Saturday under excellent conditions.' Three matches were fired, the results being: Six-bird shoot— K. Mortimer (12yds), six birds; S. Sharpe, J. M'Corkindalc, J. Allan (all 11yds), J. Gorton (17yds), four birds each; H. Hood (11yds), two birds; I. Lee (11yds), one bird. Nine-bird shoot; H. Hood, J. Allan, and I. Bee (all 11yds), tiet} with five birds each, and in the shoot-off Allan won; E. Mortimer (12yds), S. Sharpe,' and J. M'Corkindale (11yds), four birds; J. Gorton (17yds), two birds.

Six-bird sweepstake: A. Shanks and I. tee tied with five birds, and Shanks won in the shoot-off; E. Mortimer and H. Hood, four birds; Dr Mirams aml S. Sharpe, three birds; J. Allan and J. Ejstwood, twobirds. All were on 11yds, with the exception of Shanks and Allan (12yds). BRUCE WOOLLEN COMPANY.

The forty-third annual meeting of shareholders of the above company was held at Milton yesterday, Mr P. M‘Skimming presiding over a small attendance. In moving the adoption of the report and balance sheet, the chairman expressed pleasure in reporting a record year in the turnover as' reflected in the increase of £42,527 15s 4d in gross profit compared with the previous year. After transferring £36,000 to income lax. reserve and writing £6,000 oil as depreciation of plant and premises, the net profit was £23,715 7s 4d, From this amount the payment of the dividend on preference shares and a dividend at the rate of 6 per cent., plus a 2 per cent, bonus on ordinary capital, absorbed £IO,BOO, and tbe transferring of £7,800 to reserve was recommended. Tbe bank overdraft had been reduced from £53,901 11s 3d to £2,303 7s lOd, and since September 19 the balance had been liquidated. The increased trading of the company was furlhcr revealed by the increase of £5,723 16s 5d in book debts and a reduction of £22,480 12s 3d in stocks. During the year considerable reorganisation had been made, new plant having been installed and much more ordered.

Mr A. H. Allen (Dunedin) seconded the adoption and complimented the company on the position disclosed. He said it was gratifying to know that the reserve account now exceeded £20,000.

Mr W, Moore also congratulated the company on the grbat improvement made. A few years ago the bank overdraft had seemed overwhelmingly large, but this had now been liquidated. It was a sad thought, however, that the two occasions on which the company had been buoyant had been owing to war. and he thought provision should be made to assist the Spitfire fund or ih* men when thcv came back.

The Chairman resented the statement that the war had been wholly responsible for the improved position. There had been an improvement the previous year, when there was no war except during the last few weeks of the year. The company had been reorganised, and if there had been no war it would have h*d a good year.

Mr K. H. M'Millan also extended congranulation?;. f>nd Hie motion was carried.

Messrs R. At. Rutherford and T. Krm’e wore re-elected to the directorate, and Mr J *T. L'nie was reappointed auditor. The directors’ recommendations regarding the dividends were adopted, and votes of thanks were accorded the management and staff.