WELLINGTON WOOLLEN COY

Sun (Auckland), Volume IV, Issue 1044, 7 August 1930, Page 11

WELLINGTON WOOLLEN COY

NET PROFIT OF £28,043 A net profit of £28,045, the equivalent of 9.3 per cent, of paid-up capital, is shown in the annual report of the Wellington Woollen Company, Ltd., for tho year ended June 30 last. The gross earnings were £62.591, against £65.467 last year and £07.600 in 192728. Expenses included the usual provision of £5.000 for depreciation. With tho amount brought forward from last year’s accounts. £1.020. there is available for appropriation £29,068. The directors propose a further dividend of 4 per cent., making, with the interim dividend paid in January, 8 per cent, for tho year; to place £2,000 to reserve, increasing the total to £58,000, and to carry forward the balance, £3.068. The report of the directors states that the general depression in business referred to the previous year unfortunately continued throughout the year, and was accentuated for the woollen textile trade by the abnormal drop in wool values, which had a disturbing effect on the industry. The trading year having been so exceedingly difficult, the directors were well pleased to be able to recommend a further dividend of 4 per cent. The mill stocks and goods at warehouses had been brought into harmony with the replacement value of raw materials. The capital of the company is unchanged at £300,000. comprising 40,000 ordinary and 20.000 preference shares of £5. The principal liabilities, with last year’s figures in parentheses, are as follow: —Reserve, £58,000 (£50,000); fire insurance reserve, £ 11,050 (£11,000), sundry creditors, £59.282 (£74.449); Bank of New Zealand, £17,280 (£38.458); employees’ deposits, £3,397 (£3.723). Assets are:—Freehold land at Petono and Christchurch, £11,433 (£11.433); buildings, plant and fittings (including additions during the year. £216,217 (£218,407); stock, £180.149 (£216.082); debtors and bills receivable (less reserve for had debts and discounts. £6,204), £55,583 (£53.248). Since 1925 the regular dividend for both ordinary and preference shares had been at the rate oe 30 per cent, per annum. Following is a comparison of the company’s results for the last three 3 928. 1929. 3*130. Brought forward £1,183 £2,17.". £1.020 Net profit . . 33,206 30,545 28,048 £ 34,359 £33,020 £29.068 To reserve . . . 2.000 2,000 2,000 Dividend, p.c. . 10 10 S Amount .. .. 29,914 30,000 24,000 Carried forward £2,475 £1,020 £3,068 AUCTION NOTES T. Mandeno Jackson will sell by public auction at the request of the mortgagee under conduct of the registrar of the Supreme Court, at their rooms, 9 Commerce Street, Auckland, at 11 o’clock tomorrow, a well-built residence of fiverooms, electrically equipped and up to date in all respects, standing on section 100 links by depth of 295.55 links and situate and known as 39 Maungakiekie Avenue, C>ne Tree Hill. (Glasgow lease, £2l a year.) Messrs. Robert C. Carr and Ron will sell by auction at their rooms, 20 Swanson Street, tomorrow, at 12 noon, a good six-roomed house, withxConveniences, and three elevated sections in New Winds r Road, Avondale, about one mile from the Avondale railway station. The sale is at the request of tho mortgagee. William A. Horne. LtcL, will offer by public auction at their rooms, Horne’s Buildings, corner High Street and Vulcan Lane, tomorrow, Friday, at 3 2.30 p.m , under conduct of the registrar of the Supreme Court, dwelling situated in Moana Avenue, Takapuna, containing five rooms, in addition to scullery, hall, front and back verandah and washhouse. Gas lighting, drainage and soak hole. Elevated level section laid out in lawns, paths and gardens. In good order.