WANGANUI WOOLLEN MILLS

New Zealand Times, Volume XLIX, Issue 11295, 22 August 1922, Page 2

WANGANUI WOOLLEN MILLS

SECOND ANNUAL REPORT. "FORWARD MOVE - TO BE MADE." Following is the second annual general report of the directors of the Wanganui Woollen Mills, Ltd.: — “In presenting the second annual general report and balance-sheet, your directors Tegret having again to refer to the difficult financial times though which the world is still passing. Conditions are gradually becoming more stabilised, and it is hoped that by next summer we shall see a still bigger improvement. “Your directors during the past year have given the affairs of the company anxious and have now finally decided to make a forward move. With this end in view, a gentleman, highly recommended, who has held very responsible positions in the woollen trade at Home, has been engaged by the company as manager, and will arrive in New Zealand in September. A comprehensive policy for the company will then be settled, and it is anticipated that building operations and the ordering of machinery will be taken in hand. "The two years’ delay which has taken place, has, m the opinion of the directors, saved shareholders many thousands of pounds. In the early part of the year your directors found that machinery had hot dropped in price, owing to the makers having a number of unfilled orders on their books. They consequently postponed consideration for a few months, and, on again reviewing the position, found that machinery could then be ordered at a big reduction in prices anti was still falling. From advices received from Home it would appear advisable to order machinery shortly. "The directors were further influenced by the fact that it was inadvisable to make calls on shareholders during the strenuous financial times through which we have been passing. "The deposit of .£12,500 with the Wanganui Borough Council, which appears in the balance-sheet presented herewith, has since been paid; .£IO,OOO of same has been placed on fixed deposit with the National Bank of New Zealand, Ltd., and the balance used to clear off the bank overdraft. “The profit and loss account shows a credit of .£BB9 10s Id, which the directors recommend shall be applied as follows: (1) Reserve for land and income tax, .£100; (2) reserve for audit fee for past year; (3) that the balance be written off preliminary expenses and brokerage account. "It is with regret that your directors have to record the death of Mr John Stevenson, one of your directors. Your present directors are: —Mesrs W. J. Poison, G. N. Baggett, S. M. Davis, J. A. Doherty, P. Higginbottom, G. L. Marshall, Allan Robinson and. Robert Russell. Messrs Marshall and Poison now retire under the articles of association, but are eligible for re-eleotion. The vacancy caused by the death of Mr J. Stevenson was filled by the appointment of Mr Robert Russell, of Wanganui. "W. S. POLSON, Chairman."