WELLINGTON WOOLLEN CO.

Dominion, Volume 5, Issue 1537, 5 September 1912, Page 8

WELLINGTON WOOLLEN CO.

ANNUAL MEETING. A PROSPEROUS YEAR. The twenty-ninth general westing of Hie. Wellington Woollen Manufacturing Company, Ltd., was lickl yesterday. Sir. W. Jl. I'. Barber (chairman of directors) presided, and there were twenty shareholders present. Mr. Barber moved the adoption of the report and the balance-sheet (particulars of which have already been published in Tin; Dominion), lie congratulated the shareholders on "the excellent position of the company's affairs." This year's statement, he said, was certainly the best the company had published, and the strong financial position of tho concern was very gratifying. The sales for the year constituted a record for the company, and the only diriv.vback to operations had been I lie perennial shortage of suitable workers, which had considerably luimpered the expansion of tho business. A year ago he hnit staled Hint the l'ctone operatives had formed a union, and that it was hoped that an endeavour then being made (u ol>tain a Dominion award would be successful. That had been practically accomplished, as the I'elonc award iicd been adopted as it basis for nil the southern mills. Although the award had increased the mill wages by .C.'iOO per year, they were satisfied to pay that, knowing that, they were not now at any disadvantage with competitors in the matter of minimum rate. The minimum wage for women was 255., but some of (hem earned as plush as Jss 4 and ios.i so that .yie. ta-jucut

publication of avrniKcspaiil in tho woollen mill were very lni.sliiulin;;, intlmliii); us thuy did the wajjos of yoiui},' ljct!inn?rs. Those figures wciv not. thciel'oTe, fair to tho industry. The award, which came into force on Jlny 1, had a. currency of throe years. After an immunity of mimu :!5 years, they had recently had two outbreaks uf firo in tho drying-room. On each occasion a. small amount of damage had been dime. The mill liro-HRliting equipment, and Apleiulid private water supply, had been found to bo (piite equal to coping with any ordinary outbreak. Tho risk of recurrence of (ire in that room would be removed by the immediate installation of a drying machine, to .supersede the present method of utilising waste lient.

Jlr. Barber said that it would be seen, if a comparison was made with last year's balance-Mied, that on Hie liabilities side the reserves had been strengthened by .£ls. r >o, and the indebtedness reduced by JJTStiO. On the assets side, while, the siuii of i! 370" had been.expended for new machinery, .(.'SOOO hail been written off for depreciation, making a total writing off of .£58,34-1, equal to It per cent., from the original value of plant and.buildings. Tho important item of stock was less by .£8282, principally in, finished goods, which was, from the directors' point of view, a satisfactory feature. The prospects for tho coming year were good.

A Shareholder's Criticism. Mr.. A. War-burton expressed regret that the directors had not refunded an amount donated to the hospital, lie said, also, that if tho accounts of a company like this were audited by a. Government audi-, tor, it would satisfy shareholders. He ex-' plained that ho did" not doubt the capability of tho present auditors, lie would liko the chairman to explain "the extraordinary increase in expenditure." On the subject of the niflinagemcnt, Mr. Warburton remarked: "So long as you subordinate expert control to clerical control, so long will you retard the business."

Mr. Barber replied to Mr. Warburton. Respecting the donation to the hospital, ho said, Mr. Warburton had been out of order in bringing the matter up. Tho donation had been endorsed prior to this year, and was not a part of this year's business. 'Mr. Barber said that ho thought that Mr. Wart-burton's observations rojairdinj tho auditing of tha accounts were a reflection on tho integrity of the present auditors. "He criticised our increased expenditure," continued Mr. Barber. "He must' remember that wo are a growing concern. Tho value of our buildings and plant is greater, and, in order to kocp pace with the (times, wo must put up new buildings and get new machinery. The new machinery will help us considerably to' increase our output." Mr. Warburton had criticised tho prudence of the directors: he had done so last year, and predicted disaster, but this year's balance-sheet was tho best on record. It was regrettable that Mr. Warburton should bring up matters which tho directors were not justified in discussing. It was regrettable that Mr. Warburton. since he ceased to be a director, should roino, to these meetings periodically to do his best to depreciate the concern in tho eyes of tho investing public.

The proposal that the report and bal-ance-sheet - should .be adopt qd was then oarried. , . The. Directorate, The directorate is the same as it was last year. Messrs. J. Ti. Blair and R. C. Kirk retired automatically, but both were re-elected. The complete directorate is: Messrs. W. H. P. Barber, .1. R. Blair, A.E.Exlev, AV. G. Foster, E. C. Kirk, and Dr. C. P. Knight. Messrs Henry .Keimbcr and Sons, and Ernest AA". Hunt were re-elected auditors, at a remuneration of 75 guineas each. The. meeting passed a vote of thanks to Mr. A. E. Donne (secretary), and tho other members of tho staff and the directors for their efforts on behs7,f of tlio> shareholders during tho year.