KAIAPOI WOOLLEN CO.

Taranaki Daily News, 8 September 1934, Page 7

KAIAPOI WOOLLEN CO.

POSITION MUCH IMPROVED. ANNUAL MEETING’S SATISFACTION. By Telegraph—Press Association. Christchurch, Last Night. The annual meeting of the Kaiapoi Woollen Company was held to-day. The chairman of directors, Mr. Arnaud McKellar, said the result of the year’s operations had yielded a higher profit than for four years, and the main contributing factor had been a further consolidation in the company’s organisation. The indebtedness to the bank was only £38,323, which was £20,000 less than in the previous year, and just over onethird, of what it was two years ago. The stocks were £13,000 less than last year, £38,000 less than two years ago, and £83,000 less than three years ago. While turnovers had been steadily decreasing, expenses had been further reduced and would have been lower but for a national advertising campaign, which, however, the results had fully justified. The report and balance-sheet were adopted. Several speakers congratulated the directors on having brought the company through difficult times successfully. Messrs. W. H. Clark and A. F. Carey were elected directors unopposed,, and Mr. W. S. Newburgh was appointed auditor.