DIFFICULT TRADING

Evening Post, Volume CXXVI, Issue 132, 1 December 1938, Page 12

DIFFICULT TRADING

A PLEA FOR PATIENCE

Mr. P. McSkimming, chairman of the Bruce Woollen Company, Milton, at the annual meeting yesterday regretted that the trading account showed such a small margin,, of profit. After writing off depreciation to the extent of £5500, the net profit remaining was only £119 Is set. Trading had been very difficult durin o the year, and as a consequence a .very heavy stock of goods was on hand, with a correspondingly high overdraft at, the bank. Though it was quite true that they were not alone in this respect, they must confess that they did not appreciate the present position. He was very keen to see all their hands kept fully employed, as working short time in a woollen mill was hard on both employees and the company. Mr. McSkimming was hopeful about the coming year and strongly advised shareholders to hold on to their shares and not throw them away for a pitr tance. Many of them had been more than patient, but he would ask them to bear with the position for one more year., when he trusted a much brighter balance-sheet than the present one would be before them.

Referring to costs of production Mr. McSkimming said the 40-hour week had hit secondary industries hard, and in. addition competition from overseas had adversely affected the trade of New Zealand woollen companies.