WELLINGTON WOOLLEN CO.

Hawera & Normanby Star, Volume LXV, Issue LXV, 6 September 1913, Page 5

WELLINGTON WOOLLEN CO.

WELLINGTON, Sent. 5. At the annual meeting of the Wellington Woollen Co. to-day the chairman referred to the company's record year, and the meeting passed a dividend _of 8 Tier cent. Mr Warburton criticised the balance-sheet, urging Government appointment of auditors to investigate public companies' accounts. He criticised the balance-sheet item by item, and also suggested amalgamation with the Kaiapoi Co. for their mutual interests. The chairman called Mr Warburton to order for personal references, and the meeting impatiently applauded the latter in order to silence him. The chairman said Mr Warburton's criticisms were calculated to do harm to the company, which was in a thoroughly sound financial position and with prospects never better. He also said Mr Warburton had only ten shares in the company, worth £20.' The chairman had no doubt whatever thnt Mr Warburton would get. £30 for his shares in the room. The report and balancesheet were unanimously adopted.