Wellington Woollen Company.

Wairarapa Standard, Volume XIX, Issue 1852, 2 July 1886, Page 2

Wellington Woollen Company.

The following gentlemen have been elected directors of the Wellington Woollen Company fertile ensuing year Messrs Fitzherbort, Macdonald, Crawford,JWaters, Ledger, Dransfield, and Gardener. At the annual meeting held at Welliugton yesterday, Mr Macdonald, the chairman, said since the last annual meeting, the mill building had been erected Orders for the machinery were sent Home, and the manner in which they bad beau carried oat had given the greatest satisfaction. The machinery bad been specially made (or the company, and was on the most improved principle, and the company would be able to start operations with every prospect of success. The machinery was now in position, bat it wonld be about three months before the whole of the plant oonld be got to work, as the earding machines could not be started at the same time. Under any circumstances the whole of the looms and carders oonld not be got into full work until three months had elapsed, so that at the next annual meet* mg the results would be only for six or seven months, and not for twelve months. Referring to financial matters, the Chairman explained that the practice of the directors was to pay cash for everything, a fact which accounted (or the absence of current liabilities. The wool in stock was valued at £6157 17s lid. The directors bed been blamed a good jeal for purchasing a stock of wool before the plant was in position, and it would therefore be interesting to those people who had held snob an opinion to learn that in consequence of the rise in the price of wool the company bad made a profit of between £760 and £IOOO on their purchase. Last year the value of the woollen goods imported into the colony was £137,000 and he considered that it was a monstrous thing to send such a large sum of money away when the goods could be produced in the colony.