JUBILEE YEAR

Otago Daily Times, Issue 26625, 22 November 1947, Page 3

JUBILEE YEAR

BRUCE WOOLLEN COMPANY At the annual meeting of the Bruce Woollen Manufacturing Company, held at Milton yesterday, the chairman of directors, Mr F. L. Nicolson, reported that the fiftieth year of the company’s operations had been a successful one. The turnover showed an increase over the previous year and the reduction in taxation left a larger amount of shareholders’ funds to be dealt with. The net profit, after payment of all expenses and making full provision for depreciation and taxation, was £23,296, which was £1627 in excess of last year. The amount brought forward from last year was £6764, and this sum, together with this year’s profit, left an amount of £30,060 standing to the credit of the profit and loss appropriation account. Over the last few years he had mentioned the progressive scheme of plant replacement and additions that had been the policy of the directors, Mr Nicolson said. Deliveries of new plant had been very difficult to obtain because of the large number of orders to be executed by manufacturers in the United Kingdom, and in many cases delivery dates were given several years ahead. The additions this year amounted to £15,519, an increase of £2119 on last year’s figure. A considerable amount of new plant was still to come to hand and this item would probably be higher again next year. Stocks manufactured, in process, and raw materials at £183.390 were £8966 lower than last year. This decrease was accounted for in a large measure by the fact that normal stocks of yarn and goods in process were used during the power restrictions. The recommendations of the directors that the payment of dividends on preference shares, on ordinary shares at 6 per cent., a bonus on ordinary shares of 2 per cent., and a jubilee bonus on ordinary shares of 2 per cent., was approved. The retiring directors, Messrs F. L. Nicolson and P. B. McSkimming. were re-clebted.