BRUCE WOOLLEN COMPANY

Otago Witness, Issue 3270, 15 November 1916, Page 25

BRUCE WOOLLEN COMPANY

-■——- —-—d** ' ANNUAL MEETING. The nineteenth annual mooting of the Bruce Woollen Manufacturing Company was held on Wednesday. Mr William Moore (chairman of directors) presided over a small attendance of shareholders. The annual report showed that the company had had a most successful year. 'ihe net prolLt amounted to £13,374 4s Bd, which amount, plus the balance of £llß4 7s 7d carried forward, left £14,458 12s 3d to be dealt with. The directors recommended the payment of a dividend of 6 per cent, and a bonus of 2 per cent., absorbing £399a ISs sd; that £IOOO be written oft the plant, £IOOO oil' premises, and the balance of £8562 13s lOd carried forward. The large amount carried forward was in view of the income tax, which will be payable on the year's profits. Government orders, together with a keen demand from regular customers, had kept the machinery running at extreme pressure. The plant. being almost new, had stood the strain remarkably well, and the company was now able to supply all requirements. Owing to one of the directors (Mr A. E. Stewart) serving his country in France, the directors chad appointed Mr Arch. M'Kechnio to fill the vacancy. The Chairman, in moving the adoption of the report and balance sheet, explained the increase in profit over previous years' workings. In 1913-14 the company almost doubled its plant and machinery, but owing to delays in erection, etc., the past year was the first in which the company had reaped the full benefit. In the early stages of the year the Government commandeered a large portion of the output, and in order to cono with the usual requirements the machinery was taxed to its utmost capacity, and considerable overtime worked. After making provision for the dividend, the directors had carried forward a largo amount, but the creator portion of this would be absorbed by the war taxes and the heavy taxation on excess profits. The company was now within £3O of its fully paid-up capital of £50.000. The fi xcd deposits showed a decrease of over £3500. The plant account and premises account were practically the same as last year; on the former £IOOO had been written off and £976 added, •whilst on the latter £SOO had hern written off and £742 added. Owing to the exceptionally keen demand for the company's products il was impossible to hold a large stock of manufactured goods, 'the '.aid: account in 1914 showed a d bit balance of £5319. wbeieas in 1916 it .hewed a credit balance of £3373. . Mr William Ptevenson (Dunodin) congratulated the directors on the successful year's workings. Although n lnrsro amount had been carried forward, he did not consider it excessive. The post yenr had been one of the "fat" y/\irs Tie-, directors had had a loner uphill fight to brinrr the company to its present sound position, mid he honed it, would have many successful years. before it. The motion was then en tried. The retiring directors (Messrs W. Moore and A. M'Kechnio) and tho retiring audi-

tors (Messrs J. Brown and J. J. Lane) were Mr Stevenson gave notice of motion for next annual meeting—" That the clause of [ the articles of association limiting the dirce- j tors' total remuneration to £IOO per annum j bo deleted." Votes of thanks wore accorded the man- j ngement, heads of departments, and si '.ft 0 for | tie ir loyal support and co-operation towards ; tho successful year's operations.