HOSIERY MILLS.

Wairarapa Age, 7 August 1930, Page 7

HOSIERY MILLS.

REPORT OF PAST YEAR’S ACTIVITIES. The annual report of the Masterton Spinning and Hosiery Mills Ltd., to be presented to the annual meeting to be held on August 15, states:—‘‘Your Directors have pleasure in presenting the annual report and statement of accounts for the twelve months to July 19, 1930, being the fifth year of the Company’s operations. Our last report spoke of the difficulty experfenced in successfully marketing our products. In November last, an agreemeat was entered into with Messrs. Bing, Harris and Co., Ltd., to handle the factory goods, and since that date, practically all our sales have been made through that Company. The agreement is mutually advantageous of course, but we unhesitatingly state that we are pleased to have the cooperation of Messrs. Bing, Harris and Co., Ltd., and that Company is optimistic enough of the future prospects to advise increasing the number of our machines. “The existing arrangements, although in operation only some 8 1 months, have already had a marked effect on our position and the annual accounts, in distinction to previous years, show a small profit. All bad and doubtful debts have been written off, and ample allowance made for depreciation of machinery and plant. We look hopefully to the ensuing year to successfully establish what must bo regarded as an important local industry. . . “Under the articles of association Messrs. F. Petersen, A. D. Low and 8. R. Gawith are the retiring directors, but are eligible, and offer themselves for re-election. Mr. G. W. Sellar, the retiring auditor, offers his services for the ensuing year.’’—A. D. Low, acting chairman.