KAIAPOI WOOLLEN COMPANY.

Lyttelton Times, Volume CXVII, Issue 17251, 19 August 1916, Page 14

KAIAPOI WOOLLEN COMPANY.

ANNUAL MEETING. The annual meeting of shareholders in tiie Ivaiapoi Woollen Manufacturing Company was licit! in the company’s offices, Manchester Street, yesterday afternoon. Mr J. A. Frostick, chairman of directors, presided, and about twenty shareholders attended. CHAIRMAN’S ADDRESS.

The chairman, in moving the adoption of the report and balance-sheet to June SO, 1916, which have been published, said that the company’s operations for tho year were by far the largest on record, and; from a financial point of view, must bo considered satisfactory. ' Tho urgency of Government requirements for military purposes had threatened at ono time to absorb practically all tho producing power oi tlm.machinery, plant and labour under the company's control, but all demands made upon it had boon fully met, the directors believed to tho complete satisfaction of tho military authorities. It was imperative, in the interest of the. company, to make some reference to statements before Parliament a few days ago regarding the quality of certain cloths supplied to the- Government clothing contractors, and also to faulty workmanship in the clothing itself. The Minister of Munitions throughout liad shown uniform courtesy and consideration to mill owners and clothing manufacturers, and,, consistent with the urgency of military orders, he had met every difficulty with kindness and forbearance, but his refusal to.name publicly tho offending parties had cast an unpleasant reflection upon the whole industry. Tho public mind was unsettled and would continue to be dis- ( turbed until it possessed complete official information. In the meantime, in common fairness to tho management ol' the Ivaiapoi Woollen Company, and also to its ir.apy friends and supporters. he was pleased to assure tho meeting that the company was in no way involved in tho trouble.

' Tho directors' report indicated certain trading difficulties. Those difficulties entirely disappeared when customers realised that the war situation was serious, and it must bo acknowledged that, almost, without exception, buyers throughout tho Dominion showed a magnificent patriotic spirit and cheerfully waited for the goods they needed until military requirements had been satisfied. The war had created many hardships, and many additional national burdens, but no allied country was feeling the pinch and privations of war less than New Zealand. People bore at least were free from the ravages of war. Their country and homes had been protected, thanks to the bravery of their own sons and sons of their allies, and to the mighty Navy of tho Empire, which had driven the enemy frotn all the seas, and although they now: knew that New Zealand was included in the scheme of German conquest, they should thank God that the flag of their beloved Empire floated proudly at tho seat of government, indicating its protection against attack, and that it was still tho emblem of freedom and liberty, granting to the people the unrestricted right to build their nation according to their own standard and freedom to make their own laws. Ho asked all to consider what must have happened to the company bad Germany succeeded in her impious designs. That great industry, which had taken nearly forty years in the building, in all probability would have disappeared, and with it the capital invested. However, that danger was fast passing away, and t.m people of New Zealand, in common with their allies, and, he believed, all neutral nations, ■ were now anxiously looking forward to the day wlion the final and crushing blow would be struck that would forever rid the world of tho German military caste, whose deeds of infamy and murdeifljhad placed an indelible stain upon a great nation which would take centuries of clean living to blot out. Many of New Zealand’s best sons already had paid tho fullest debt which loyalty and devotion to one’s country could exact—and every man a volunteer. That was a glorious record. The Ivaiapoi Company had not escaped. Fifty-seven of tho company’s employees had enlisted; three had been killed in action, six had been wounded, and six had returned. Many others offered their services to their country, and were bitterly disappointed to find that their physical condition was such that they must bo rejected as unfitly for foreign Military dirty. However, tnosa mien did the next best thin", they came back to their work, and to-day were doing their level best to produce the necessary articles required by their more fortunate fellows. Ho had been specially requested to inform -shareholders what tho directors had done so far by way Of contributions since the war started. They had paid £I7BO in wages to employees on active tho single men being paid one-third of tlieir wages, _ and the married men two-thirds of their ordinary wago, with a maximum ot £2 weekly. They had contributed a further sum of £1478 to various patriotic funds, and paid a subsidy of £1 for £1 on all moneys collected! oy officers and staff or any class of workers for a similar purpose. That was as far as tho directors felt they should go, without more definite instructions passed at the general meeting. Early in the year it was decided to increaso tho warehouse accommodation at Dunedin. The old premises were out-of-date, dilapidated .and quite unsuitable for modem requirements. The back portion of the new building was finished and in occupation, and a contract for the completion of tiie building had been let. With regard to the future of the company, tho directors felt that whilst it was full of promise for great expansion, the policy should he “ progress, governed by extreme caution. The war bad creatod abnormal conditions all through tho civilised world. Millions of men had been withdrawn from the channels of industry and production to follow tho path of enormous waste and destruction. 'lt was very doubtful tho wisest of men could form any idea as to what after the war will be considered normal industrial conditions, and people in Now Zealand should make full preparation for industrial development, so thac every man who, having discharged his military duties, might feel that ho was welcomed home, and that full opportunity should ho afforded him to earn an honourable living by following some productive occupation. He would fail in the discharge of his duty if ho did not make special reference to the -working staff in both tho mill and the factories. Early in tho year tho directors asked them all to do their best to help to equio the boys leaving for- the war. He had had some experience in watching industrial operations, and ho unhesitatingly said that ho had. never seen a better or more sustained 1 effort, every man and every woman doing his or her very best cheerfully. Tho managers had expressed themselves in terms of the highest praise. He sincerely trusted that the same spirit of co-operative effort would always exist between the company and its staff. Of course, there would continue to bo those points of difference which tho relative positions of employer and employed would always create, but if all thought of exploitation was eliminated on both sides, and nothing left but a conscious desire to give and to receivo fair reward, ho could see no

reason why the present excellent relations should ever bo disturbed. .He wished to make special reference to the executive officers, branch managers and general staff. At no time had greater demands boon made upon them. In any largo concern such as that, t-lie closest attention to detail was necessary, and there had bc-en. almost a friendly rivalry between tho officers in attending to the smallest details. Tho financial success of the year was in no small degree attributable to that-cause. Without their co-operation success would' have bean impossible,' and it gave him pleasure to express the appreciation of tho directors for the results they have given to the company. Air J. Mannings seconded tho motion.

In reply to Mr Beadle, the auditor (Mr W. S. Newburgh) said that the bonks of tho company, as well as the balance-sheet, had been audited. Tho chairman said, that in his opinion there was no company in New Zealand that was more thoroughly audited. The motion was earned. Messrs Frostick and' W. H. Clark were re-elected directors, and Messrs T. IT. Caverhil! and W. S. Newburgh were re-elected auditors. On the motion of Mr J. L. "Wilson, a vote of thanks was passed to the chairman and the directors, and Mr Frostick replied. A vote or thanks was passed' to the officers and staff.