WELLINGTON WOOLLEN CO.

Dominion, Volume 11, Issue 268, 1 August 1918, Page 8

WELLINGTON WOOLLEN CO.

The renort. of tho directors of the Wellington Woollen jranufßeturinjr Company, Limited, for the year ended June 30 Mates: —"Shareholders will bo pleased to see ty the accompanying; balance.sheet and &tatentent of profit, and loss that, despit/? the difficulties of manufacturing brought about by the war conditions, tho directors are as«in in a poFition to report a satisfactory year's trading. The sum of £SMO for depreciation has been written off the plant and buildings. The reserve has hewi strengthened by £7500, bringing it to £50,000, and £2CCO Imb been transferred to the fire insurance reserve, making the total £5100. The available bajance enables the directors to recom.n'-n<' the payment of a further dividend of 4 per cent., with bonus of 3 per cent, on both ordinary and preference shares, the surplus to be carried forward. The expansion of the company's business requires more accommodation in. the city, and the opportunity offering tho directors purchased the four-story building adjoining the company's premises in Willoston Street, formerly occupied by Snarlnnd f-nd Co. The two upper floors thereof are now ill use as an citeusion of tho clothing and costume woi'lt-rooniß, whilst tho two lower floors aro leased. An excellent site in Chrirtchurch lias been bought, on which will be creet/-d a warehouse en<t clothing factory. The directors have invested £35,000 in New Zealand Government inscribed stock. Messrs. H. C. Kirk and f). T. Stuart are the directors to retire on this occasion, and they offer themselves for re-election. The auditors. MossrE. 11. Kember and Sons, and Krnest W. Hunt, submit themselves for re-election. Tho liabilities tf the company consist of -poiilnp capital. £115.350; deposits against contingent calls. £4503 155.; reserve funds, £56.100; sundry creditors, £53.772 18s. Ltd.; Rank ot New Zealand, £25,612 10s. 7d.; employees' deposit?. £14061 Is. Bd.; bills payable, £542 10s. 10d.; dividends unclaimed, £233 165.; prolit and loss, £16,292 12s. fd.; totat. £260.816 ss. 4d. The assets comprise freehold land at Petonc and Chrislctiur-n £954?. 17s. Id.; buildings, plant and fittings. £78,763 16s. 9d.: stock, row materials, etc.. £115 230 13s. 41; sundry debtors, £45,684 13s. Bd.: bills receivable, £617 10s. £d.; insurance nrcmia, unexpired, £K6 Is.: ,-iiKi cash iu hand, £182 13a. !od.; total, £230,816 ss. 'Id.