WELLINGTON WOOLLEN CO.

New Zealand Herald, Volume LXV, Issue 20028, 18 August 1928, Page 9

WELLINGTON WOOLLEN CO.

a; .satisfactory, eosjtion/ INCREASE IN NET PROFIT. [:Bi: TELEGRAPH. —OWN COItBESI?ONDENT,j{ WELUNGTON, Friday. The annual meeting of shareholders _ of the Wellington Woollen Manufacturing Company, Limited, was held to-day, Mr. W. H. P. Barber, chairman of directors, presiding. In moving the adoption of the report and balance-sheet, the chairman said: "In the course of my remarks to shareholders on this occasion a year ago I said: 'We look forward to the new year with con"-, fidence as the wave of depression, shows undoubted signs of passing and prospects seem bright. There is every reason to believe that wool will retain its present value.' The balance-sheet now before you has, I think, justified that forecast. "For the first nine months of the financial year, trade was good with us, our sales having a considerable lead over the corresponding period of the previous year. But, strangely, considering the largo in- ! crease in the Dominion's export value, which should have helped trade generally, sales fell away somewhat in the last quarter, so checking what we had hoped would be our record output. This check was not peculiar to our trade, but was fairly general. I have stated on previous occasions, and I repeat it, that we do not wish to see low wool prices, but we should certainly be glad of reasonable stabilisation could it be brought about as sharp and frequent fluctuations are difficult to meet." Commenting on the company's balancesheet, the chairman said it would be seen the authorised capital was fully called, the last call having been made in September last, so that the company was paying a dividend on the full amount of capital. "Our indebtedness is more by some £7OOO, but the stock is £14.173 greater," ho continued. "We expended for wool just about twice as much as in the previous year, so that in the circumstances our obligations to our bankers and others are well down, and our position satisfactory. Our debtor accounts are less by about £llOO, although our overturn was very much greater than in the previous year, while we have added new plant, at a cost of £5512. We have written off for depreciation £SOOO. The plant and-buildings are in first-class order, and fully up-to-date. "While our gross profit is down by £1471, the profit and loss charges are lower by £5257, the increase in net profit being £3719. We carry forward £2474 lis. Taking all conditions of trade and other difficulties into consideration, I think we may congratulate shareholders on the position of the company."FROZEN MEAT PRICES. LONDON MARKET VALUES. Dalgety and Company, Limited, report having received the following cablegram from their London house, dated August 16:—Frozen meat; New Zealand prime Canterbury' lamb, 281b to 361b, North Island, 10 l-8d; Canterbury, 361b to 421b, 10 3-Bd, North Island 10d; Canterbury, second quality, lOd, North Island, 10 l-8d; Canterbury, 421b to 50lb, lOd, North Island, 9fd. The market for New Zealand lamb is firmer, and the demand continues. New Zealand prime Canterbury mutton, 48ib to 561b, 7gd, North Island, 7|d; Canterbury, 561b to 641b, 7 3-Bd, North Island, 7 l-8d; Canterbury, 641b. to 721b, 7 l-Bd, North 641b, 5 7-Bd, North Island, sfd. The market for New Zealand mutton is very firm, and tending upwards,- The demand is active. New Zealand prune ox beef: Hinds 6 l-Bd, fores 4d. Argentine chilled: hinds 7id, fores 4d. The market for New Zealand"beef is unchanged and the demand is better. CHICAGO WHEAT MARKET. CHICAGO, Aug. 10. Wheafc.-rSeptember, 1 dollar 12| cents per bushel; December, 1 dollar 17£- cents; March, 1 dollar 22£ cents; May, 1 dollar 24§ cents. NGARUAWAHIA HORSE SALE. The New Zealand Loan ind Mercantile Agency Company. Limited, Hamifon. report:—We held a horse sale at Ngaraawahia on Wednesday, when we submitted 93 horses of all classes. There was a good demand for medium draughts and useful farm sorts. Young medium draughts made £'24 to £3l 10s; active farm horses. £l6 to £22 10s: more aged, £9 10s to £l4; cobs, £5 Ids to £8 15s.