WELLINGTON WOOLLEN CO.

Taranaki Daily News, Volume LIV, Issue 65, 7 September 1911, Page 3

WELLINGTON WOOLLEN CO.

ANNUAL MEETING. ' By Telegraph—Press Association. } Wellington, Yesterday. At the annual meeting of the Wellington Wooltea Company to-day the chairman, Air. \V. 11. P. Barber, said the affairs of the company were going on satisfactorily, and the dividend ol 7 per cent, would 'be maintained. New machinery had been installed and improvements effected to the amount of £10,052, a larger amount earriod forward than last year, and the amount for depreciation had been increased. Mr. Arthur Warburton adversely criticised the baiajice-sheet, awl complainedi of the Large increase of stock, insufficient provision for depreciation, and shrinkage of business, and that thß provision for maintenance was too slight. He said that .the profits showed a shrinkage. The chairman refuted Mr. Warburton's statements.

The report and balance-sheet were adopted.

The chairman of directors said that the company's chief trouble was the perpetual shortage of suitable labor at the mills, especially in the case of young people. This placed' them at a . considerable disadvantage with outside manufacturers, with the result that the foreign product was annually imported in increasing quantities.