THE WOOLLEN INDUSTRY.

Lyttelton Times, Volume CVIII, Issue 12910, 2 September 1902, Page 2

THE WOOLLEN INDUSTRY.

ANNUAL MEETINGS. WELLINGTON WOOLLEN COMPANY. [Pis Press Association*] WELLINGTON, .Sept 1. The annual report of the Wellington Woollen Company shows that the. year's profit amounts to £10,725 13s, which,-with tho amount brought forward, £1553 14s Bd, gives £12,277 7s 3d for allocation. An interim dividend for six months to Jan. 31 last absorbed £2247 9s Id; £2500 has been written oft' for tho depreciation of plant and buildings, and sums of £2OOO and £IO,OOO have been transferred to the reserve funds and employers' liability reserve respectively. The directors recommend the payment of a further dividend of 4J, pVr cent, making i\ per cent for the year, and leaving £1640 (is lid to be carried forward. THE KAIAPOI WOOLLEN COMPANY. The annual meeting of shareholders in the Kaiapoi Woollen Manufacturing Cumpany w»s held in tho Chamber of Commerce rooms yesterday. Mr G. H. Elaekwoll, chairman of directors, presided, and about twenty shareholders attended. The Chairman, in moving that the annual report and balance-sheet, which have been published, should be adopted, said that the* report indicated that the mills had been kept busy, and. tlw ordinary trade sales were good, and would probably constitute a record. Stock had been carefully taken, and its full value was set out in the balancesheet. About £1923 had been spent on building and plant and £Bs4'"had been spent on new machinery, It had been found necessary to obtain a water supply from the. extreme end of the section at. the mill site. Clearer water had been obtained, and a. saving had been made. A new hydro-extrac-tor had been obtained. New sewing machines, shafting; and fittings had also been, attended to. Every provision had beeni j made with regard to bad debts, which were ! very few iind very small. There was very littio difficulty in that respect. There kadi been an improvement in the collecting of accounts, which was in the balance - sheet.. The change of management, made, laist year, had proved to be satisfactory. The directors were endeavouring to adapt themselves to the recent award of the Arbitration Court. Labour-saving machinery was being obtained, and it was hoped to keq,p well withiu market prices. It was proposed to vote £SOO to form an accident insurance fund, and, if necessary, i a larger sum could be voted in future year's. The outlook of the company at present was very good. The dividend would be- paid! next day. Mr J. Daly seconded the motion. He criticised the management of the mills,, and asked for a number of details, which tho Chairman said he was not at liberty to disclose. . .Mr C. M. G:«iy supported the report. Messrs E. Parnham and W. Sansom were re-elected to the directorate ; and Messrs J. I-L Evans and W. Eckersley were re-ap-pointed auditors, at a feo of £SO a, year each, or. the. motion of Mr C. M. Gray. A vote of thanks was carried to the staff, on the motftm of the Chairman, and Mr ,A"Court returned thanks. On Mr C. M, Gray's motion, seconded by Mr Munnings, a. similar compliment was paid to the Chairman and directors, Mr Daly being the only dissentient. At a meeting of directors, Mr Blackwelr was again appointed chairman.