Wellington "Woollen Company

Poverty Bay Herald, Volume XXI, Issue 7167, 28 December 1894, Page 3

Wellington "Woollen Company

Wellington-, last night.— The directors of the Wellington Woollen Company have prepared a reply to the report of the Committee of Investigation. They admit there have been differences of opinion on many questions brought before the Board, which was only natural, before they could arrive at a satisfactory conclusion. They deny any want of firmness or consistency in dealing with the internal administration of the mill, and also distinctly deny that during the past year there has been any dissatisfaction or distrust on the part of the company's wholesale customers. The only causes for the fall in the Company's shares were the passing of the dividend and the universal depression in trade generally. The directors were the first to move in the matter of the formation of the association of the various mills in the colony, and the matter had not been lost sight of. The Company's trade is improving, and more orders had been received during the last three munths than booked during the first six mouths of the last financial year. Great reductions had been made in the permanent charges, and financially the Company is in a thoroughly sound position. The directors trust their action in resigning will result in the termination of the agitation which has been going on unceasingly for the past eighteen months.