WELLINGTON WOOLLEN COMPANY.

Otago Daily Times, Issue 9565, 22 October 1892, Page 2

WELLINGTON WOOLLEN COMPANY.

(Peb United Peess Association.)

"Wellington, October 21,

At the annual meeting of shareholders of the Wellington Woollen Company to-night, Messrs H. A. Fitzherbert and It, Gardner were re-elected directors. In moving ths adoption of the report and balance sheet, the chairman (Mr T. K. Macdonald) said the year just closed had been one of progress and prosperity for the company. The profit and loss account started the year with a balance to the good of L<U97. To this has been added the net profit for the year of L 5239, making a total of L 5435. This sum it is proposed to deal with as follows :—LIOOO to reserve fund, L 3067 in moment cf a dividend at the rate of 8 percent, per annum, and the balance of L 5369 to bs carried forward to the credit of next year's account. He said the directors were unanimous in their desire that the Wellington A.-ooUeu iUili should stand out amongst all the mills m the colony as one where not only the highest wages were paid, but where the advantages of holding au interest in the company might be secured by the employes on easy oerrns, and where every erncloyo from the manager to the youngest girl and boy have all the benefits of accident insurance without cost to themselves. Mr B. Ilallcnsteiti said, that as one of the largest consumers of tweeds and woollen goods in the colony, he was in a position to say that the manufactures of the Wellington Woollen Mill had of late years greatly improved. The report and balance sheet were adopted.