Page 57 Advertisements Column 2

New Zealand Mail, Issue 1648, 30 September 1903, Page 57

The second anntial meeting of the Hawkers Bay Woollen Company was held at Napier on Friday evening. The annual report, with balance-sheet and profit and loss account for the year ended 31 at July, 1903, showed a deficiency of £1458 12s 6d. from which had to be deducted the credit balance of £46 11s lid brought forward from 1902, leaving a net deficiency of £1412 Os 7d, which included £435 9s, amount written off plant and preliminary expenses. In explanation of the debit on the year’s working, the directors stated that o’Ving to the insufficient carding and spinning capacity, the cost of producing yarns had been considerably increased. Among other contributing causes to the deficiency were (a) the limited quantity, of goods manufactured during the earlier part of the year, owing to the unavoidable inexperience of the employees ; (fc) the low prices obtained for the output of the -mill through selling same to the wholesale houses, and (c) having to provide nearly £SOO for interest on shares paid in full in advance of due dates of calls, and on bank overdraft. The directors hoped that- all the difficulties and disadvantages above referred to would, daring the present year, be practically overcome. The oldest ’University in existence i« Oxford, which claims to have been founded by. Alfred the Great