KAIAPOI WOOLLEN CO.

Sun (Christchurch), Volume I, Issue 174, 28 August 1914, Page 8

KAIAPOI WOOLLEN CO.

A SATISFACTORY YEAR. The annual general meeting of shareholders of the Kaiapoi Woollen Manufacturing Company was held this afternoon, Mr G. M. Blackwell, chairman of directors, presiding. The annua) report read as follows: "Notwithstanding peculiar difficulties experienced during the year, your directors have pleasure in submitting a report and balance-sheet which they think wiil meet with shareholders' approval. "To further facilitate improved working of the company's business, shareholders are asked to amend the articles of association by special resolution at an extraordinary meeting to be held at the conclusion of the ordinary meeting. "The properties of the company have been added to by a new and up-to-date warehouse at Auckland, and a section adjoining the Christchurch property, whilst the efficiency of the plant has been maintained by necessary additions and repairs, and is in excellent working order. Stock has "been carefully taken and provision made for all bad and doubtful debts and depreciation of plant and buildings. "The profit and loss account, including amouut brought forward, shows an available balance of' £12,432 15/9, which your directors recommend should be allocated as follows:—To pay dividend of 4 per cent, on ordinary, and 3-3 per cent, on preference shares, absorbing £7616 10/6, and making a total dividend equal to 7 per cent, and Gi per cent, on those shares respectively for the year; the sum of £2OOO to be placed to the reserve fund, and the balance carried forward to new account. "The directors retiring are Messrs S. Manning and G. •!£. Blackwpll, who submit themselves for re-election. The auditors, Messrs T. 11. G'averliiH and R,. H. Modlin, also seek re-election." The statement of the profit and loss account showed on the debtor side £4500 to depreciation on plant and buildings, £5745 17/10 for fire insurance, interest, and discounts, £39,223 15/2 for salaries, travelling, and general expenses, income tax, etc., interim dividend to January 31 £6OOO, and balance £12,342 15/9; total, £67,902. On the Credit side the items were: —£3713 13/by balance August 1, 1913 (after dividend, reserve, and insurance reserve £11,116 1/2 had been paid), manufacturing and warehouse accounts £64,182 3/3, and transfers £6 12/6. In moving the adoption of the report and balance-sheet, tiie chairman (Mr G. H. Blackwell) explained that the peculiar difficulties referred to in the directors' report were the strike troubles. Since that period the company had recovered its lost trade, and slightly passed the previous year's record. The additions to buildings, plant, etc., during the year had cost about £15,000. The stock account showed an addition of about £11,500, and the stock was in better condition than it had been for many years. So far as this company was concerned, he saw no reason to fear any great disturbance from the present troubles. The directors intended to maintain their, normal life, and also to maintain, as far as possible, the amount paid in wages, etc. The company's wages' sheet represented about £ISOO a week.

. The report and balance-sheet were adopted. The chairman stated that the dividend, payment of which was authorised by the adoption of the report, wouid be payable on»September 2. The retiring directors, Messrs G. 11. Blaekwell and S. Manning, were reelected unopposed. Messrs T. H. Caverhill and R. H. Modlin were reappointed auditors.

Mr A. Kaye said that he understood that Mr Peter Ilercus was retiring from the position of warehouse manager of the' company, after over 20 years of service. In view of the long and excellent record of Mr Hereus's service, he (Mr Kaye) ■ moved that it be a recommendation to the directors that Mr Hgreus be paid six months' salary from the date of his retirement., as a mark of appreciation. The chairman stated that the directors had already considered the matter, and had offered Mr ilercus three months' salary. Mr Kaye then withdrew his motion. He had only wished, he said, to draw attention to the matter, not knowing that the directors had dealt with it. A hearty vote of thanks was aci corded the directors and staff for their j services during the year.