BRUCE WOOLLEN MANUFACTURING COMPANY.
ANNUAL MEETING.
About 20 shareholdor? attended the annual meeting of the above contjiaiiy, wliicl; was held at the works on Wtslntsday, Mr J. A. Diithie (acting chairman of directors) presided.
Tho main clauses in the jnnual ro|x>rt showed that the net profit earned during the year totalled £3483 63 2d, which amount, plus balance (£fßl 2s 4d) carried forward last year, left £4361 83 6d to bo dealt with. The directors recommended that a dividend of 6 per cent., absorbing £2035 16s, bo paid; that £1000 he written ofT plant; that £500 be transferred to reserve; and tho talance (£B2B 12s 6d) enrried forward. Tho Chairman, in moving the adoption of the report and balance sheet, made lengthy comparisons between the position when the mills were re-startcd after the disastrous lire about 10 years ago and the present flourishing conditions prevailing. Tho company was re-started with a capital of £30.095, nnd its present capital was £33,930. During that period the capital, through loss by fire, had been written down £4572, of which' £3347 Jind since been repaid. Tho plant account lind increased from £15,317 to £23,852, whilst during that period £7000 had been written off plant, thus making the total increase 011 plant £15,535. Tho expenses of formation of the company (£927), and loss of £816 on first year's workings, had also been written off. In addition, £EC69 had been paid iti dividends durinjr the past fivo years. Last year's turnover exceeded that of the previous year by £8700, and profits had increased by £724 in comparison.
The report and balance sheet wcro adopted. The retiring directors (Messrs James Allen and William Moore) were re-elected, ns also were the auditors (Messrs James Brown nnd J. J. Leanc). > The meeting concluded with votes of thnnks to tlie directors and staff. Tho directors propose making considerable additions to the plant and building, at a cost of about £7000. The proposed now machinery includes three sots cards, mules, additions to the hosiery, drying- and dying machinery, also eight new looms. To provide portion of tho capital it is proved to issue 5000 shares of £l each to the public. Orders for tlie new mach'nery V.uvc been sent Home, pending ratification by cable when the finance is nastiTed,
BRUCE WOOLLEN MANUFACTURING COMPANY.
Otago Daily Times, Issue 15608, 11 November 1912, Page 8
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