KAIAPOI WOOLLEN COMPANY.

Otago Witness, Volume 01, Issue 2123, 1 November 1894, Page 17

KAIAPOI WOOLLEN COMPANY.

Chhistchukch, October 24.

The seventeenth annual general meeting of the Kaiapoi Woollen Manufacturing Company was held to-day. The report, which recommended a dividend at the rate of 8 per cent, per annum, was adopted. The chairman alluded to the satisfactory balance sheet, especially in view of the difficulties the company had to contend with in the first half-year by the sickness and subsequent death of the manngar and by the bad harvest and depression in trade. The premises had been extended by the purohase of two large high-pressure boilers — boilers second to none in the colony, — which had been obtained at a cost of £1220 for the Kaiapoi Mill. To ihow how the depreciation had been provided for he might say that the property and plant, "which had cost not less that $120,000, now stood at £47,186. The difficulties of the oompany had increased largely by the foolish cutting policy on which some manufacturers embarked. Another factor that could not be overlooked was the demand for low-cla«8 tweeds, blankets, and flannels. Since the origin of the company it had piid £+63,106 in wages, £313,878 for wool, £30,715 for coal, £20,496 for soap and oil and £101,849 ia dividends. The balance sheet was the best " woollen " sheet that would be presented in New Zealand this year. Mr director*