MANAWATU KNITTING MILLS, LTD.

Wanganui Chronicle, Volume 76, Issue 303, 23 December 1933, Page 14

MANAWATU KNITTING MILLS, LTD.

A general meeting of shareholders in the Manawatu Knitting Mills, Ltd. (Palmerston North) was held last week. Mr. H. E. Winks, chairman of directors, presided. In his opening address, the chairman reported that the year had proved a very difficult trading period, but notwithstanding this, an increase on tho estimated turnover has resulted and must be considered satisfactory. The directors fel optimistic regarding the future trading outlook. Orders received to date arc in excess of last year, over a smilar period, and are distinctly encouraging; in fact, the whole trading outlook is better than for some considerable time. After making provision for royalties, joinmission, income and sales tax, providing necessary depreciation for plant and stocks, the profit and loss account shows a credit balance of £1514 14s. In declaring a dividend at the rate of 6 per cent., the chairman felt that no shareholder would regret his investment, the future of the industry being very bright indeed. Mr. Hughas, the retiring director, was re-elected unopposed, Mr. A. E. Mansford. F.T.T.S., N.S.W., was appointed auditor for the ensuing year. A vote, of thanks was accorded the New Zealand Brokerage Corporation, Ltd., Wellington, for the speedy manner in which they obtained applications, tho whole of tho capital being subscribed within four weeks.