BEST YEAR ON RECORD

Taranaki Daily News, Volume LIII, Issue 120, 29 August 1910, Page 5

BEST YEAR ON RECORD

KAIAPOI WOOLLEN COMPANY,

By Telegraph. —Press Association. lOhristchurch, August ! 27. The annual meeting of shareholders of the Kaiapoi , Woollen Manufacturing Company was' held to-day. Mr. G. H. Blackwell, chairman of directors,, presided. The report stated that during the year 2161 new shares had been allotted, adding £10,806 to the capital. AH the old city properties food been sold at a considerable advance over bank values, thus' enabling the directors to recom- , mend a much larger allocation to the reserve fund. Stocks had been carefully taken, and all known .bad debts written off. The properties and plant were in excellent condition, £1,912 having bee'n expended on repairs and £4OOO written off for depreciation. The profit and loss account snowed a balance of £12,624 5s 9d available for distribution, which the directors recommended be allocated as follows dividend, £5068 , lfe Bd, making for the year 7 per cent, on ordinary ajid f>V 2 per cent, on preference shares; £4500 to reserve fund; balance of £ 455 tte Id to be carried forIward. The chairman, in moving the.adoption of the report, said the pas.(; year had been a record one. Sales had increased considerable beyond any previous figures. During the year 11,000 new shares had 'been allotted, and applications. weTe all the time being made for new shares. Personally, he thought the time had ar- ! rived when £1 premium should be placed 1 upon any more shares that might be 1 disposed of. The directors were anxious to have the whole of the capital allotted, and there was still a good deal to dispose of. There should not be any 'difficulty in getting shareholders to invest, as the investment would be a safe and sound one. There was an increase in stock, chiefly in wool and trimmimra, which had now increased 20 per cent, in 1 price.- Up to date £86,398 had been written off in depreciation, and last year year £254 had been spent in furnishing, additions and improvements. Mr. B. J. Maxwell seconded the mo- . tion, which was carried unanimously.

I The retiring directors and auditors , were xe,-elected,