OAMARU WOOLLEN FACTORY.

Otago Witness, Issue 3327, 19 December 1917, Page 24

OAMARU WOOLLEN FACTORY.

The annual meeting of the Oamaru Woollen Factory Company was presided over by Mr J. D. Grant, who, moving the adoption of the report and balance sheet, said the company has been manufacturing to its utmost capacity, and the output for 'the past "two years has been the greatest in the history of the company. Owing to the Government's refusal to assist in protecting th» foreshore opposite the company works from the erosion of the sea, there wag purchased a property of some four acres west of the railway line and within easy access of present works. At present it is proposed to remove the wool store, sorting, scouring, dyeing, carding, and spinning departments, together with a separate poweu plant, to tho now site. The profit earned for 'the year is £7614 17s sd, which, when added to the amount brought forward from last year, makes £12,042 8s lOd for distribution, from which it is proposed to pay a final dividend of 4 per cent, on all shares, with a bonus of 1 per cent, to ordinary shareholders, place £2OOO to the credit of reserve account, and £2OOO to the credit of a dividend equalisation reserve, and carry forward the balance of £4843 12s. The reserve accounts with the' proposed allocation will bo increased to the substantial amount of £14,000. The report and balanoo sheet were, adopted, and the fol-

lowing office-bearers were elected: —Messrs J. D. Grant and J. G. Nicholls.. directors} Mr A. A. M'Kinnon, auditor.