WELLINGTON WOOLLEN COMPANY.

Otago Daily Times, Issue 18947, 22 August 1923, Page 8

WELLINGTON WOOLLEN COMPANY.

ANNUAL MEETING. (Pee United Press Association.) WELLINGTON, August 21. The trading of the near future will have to bo done on unusually fine-out prices, and an increased output is essential, stated Mr Barber, chairman of directors of the Wellington Woollen Company, at the annual meeting to-day. The balance shoot showed that the ex ponses were £9444 less and the gross profit was very close to that of last year. Th< company’s indebtedness of £9618 wa greater, but the stock (£12,099) was highei and the plant and buildings (£9000) wen higher. Mr Barber said that the company fel well prepared for contingencies, but b stressed the necessity for increasing the out put, saying: “The demand is there, and bygiving a high-class article while preserving the quality and lowering the cost of production and with the ever-growing population of the dominion, we will be able to give the shareholders a fair return. Mr Barber stated that the company had installed a high-speed engine to synchronise with the Government’s hydro-electric standard, and additional buildings at the mill were almost ready for use. Referring to the general conditions, the Chairman drew attention to the magnitude of the importations of apparels and textiles to New Zealand and said that a limitation of the imports would keep the country’s finances in better shape In 1922, when the imports were looked on as large, the total importations of clothing, hosiery, and woollen pieoegoods were valued at £2,835,180. For the first six months of this year the total was £2,156,290. being only £678,884 less than for the full preceding year. He added that the difficulty in meeting overseas competition was the fact that last season’s importations were made from low-priced wool and the local article from high-priced wool.