WELLINGTON WOOLLEN COMPANY.

New Zealand Mail, Issue 956, 27 June 1890, Page 20

WELLINGTON WOOLLEN COMPANY.

ANNUAL MEETING. The seventh annual meeting of the Wellington Woollen Manufacturing Company (Limited) was hel l in the Exchange Hall on Wednesday night. There were about 60 shareholders present, and Mr T. K. Macdonald, Chairman of Directors, presided. In moving the adoption of the report and balance-sheet (already printed), the Chairman said that on previous occasions he had had a lot to say in regard to the business of the Company. To-night, however, he would not delay them very long, as the report and balancesheet would speak for themselves, but would just say that there were even now a few persons who found fault with the satisfactory character of the balancesheet, and explained that there were a certain section of the public of Wellington who at all times tried to find fault- with anything which was done in connection with the Wellington Woollen Company. Had it not been for the increase in trade during the first six months of the year, the Directors would not have been able to have shown such good results. He pointed out that during the year the mill had made L 12,000 worth of material to stock. In referring to the late strike, the Chairman said that the Directors had done a great deal in the way of keeping their employes at work and doing them justice, and for that reason the geneial rule had been broken through in making these goods to stock. These articles had to be cleared out before stock was taken, and then the surplus sold, and from this the shareholders had received no profit whatever. The Directors found it necessary to dismiss hands on the' night shift, about which a great deal too much had been said. Had the ex-operatives, through their representatives, taken advantage of the offer made to them by the Directors come in a body themselves and examined the Company’s books they would have ascertained that the Directors were nob justified in sacrificing any more of the shareholders’money in making to stcck. He was sorry to say that even now some of the men were not satisfied, as a printed circular was handed him that evening dealing with the subject; and he pointed out that the Company could not afford to take a lot of hands back when there was really no work for them and could hold out no hope of the mill being pub on a double shift for some time to come. Those who knew his career as chairman of the Company were aware that the mill hands always had his sympathy, and he was glad to state that the man working at the Pitone mill were in receipt of higher wages than men at any other mill in the Colony. They were in receipt of ad\ antages which no other mill hands in the Australian colonies had—he referred to the Accident Insurance Company, from which an employe received immense benefits should he be unfortunate enough to meet with an accident —so that he thought the Directors had a right to expect a somewhat different expression of opinion than what they had received. The Directors felt, in discussing the future operations of the Company, that an effort should be made to put the mill on an eight-hour basis at once, and he hoped other mi s in the Colony would think the same. In re-er-ring to the balance-sheet, the Chairman said they were LBOOO better off this year than they were last. The Directors purposed issuing L 25,000 worth of debentures at once, feeling assured that there would be no difficulty in getting the amount subscribed throughout the Colony. Mr Macdonald then went on to say that he had given the mill six years’ hard work, and the last four months had caused him great worry and anxiety, and he had come to the conclusion that he was not justified in giving up so much of His time when his private business required more of his attention. So that he now felt the time had come when he should take a rest and let some one else take a sh-re in the hard work. Tiie Company was in absolute soundness, and there was no reason why it should not go on as successfully in the future. 111 conclusion, Mr Macdonald said that all along he had been determined to save the "shareholders’ money in spite of all antagonism, a»'d thought now he had redeemed his pledge. If the Comp ny had to close to-morrow they had the land, the building, machinery and plant, beside which LII,OOO in cash. Mr Henry Kember seconded the motion f r the adoption of the report, which was carried unanimously. Mr Edmunds, of Pitone, wished to present a petition in connection with the

eX -operatives of the mill, but said he believed he was not in order as he had not given the usual seven days’ notice. The Chairman put it to the meeting whether he should read the petition, but the only one voting in favour of it being received was Mr Edmunds himself, the remainder objecting. Messrs W. F. Kennedy and D. T. Stewart were re-elected auditois. On the motion of Mr Kember, a hearty vote of thanks was awarded the Chairman and Directors. Messrs A. E. Exley, Thomas Mason, and J. Dransfield were nominated as Directors. A ballot was taken, with the following result :—A. E. Exley, 944 ; Thomas Mason, 884 ; J. Dransfield, 648. The first-named gentlemen were duly elected.