HOSIERY MILLS
BUSINESS DISPOSED OF
LOSS ON YEAR’S OPERATIONS.
EARTHQUAKE DAMAGE AND LACK OF YARN.
At the annual meeting of the shareholders of the Masterton Spinning and Hosiery Mills Ltd., the following annual report will be submitted:—Your directors have pleasure in presenting the annual report and statement of accounts for the twelve months to July 10, 1942. The balance shows a loss of £684 6s 2d for the year, owing to not being able to obtain yarns, this causing serious stoppages of work during the year, the production being 4500 dozens less than last year.
Your directors regret to report serious damage to the Company’s buildings by the earthquake. Immediately afterwards Mr Robinson, who has been financing the Company in respect of yarn supplies, made an offer to take over the assets and liabilities of the Company. This offer has been accepted by your Directors for two reasons, firstly, the Company’s inability to finance the restoration of earthquake damage, z and, secondly, the instability of yarn'' supply. The report is signed by S. R. Gawith, chairman.
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Wairarapa Times-Age, 6 August 1942, Page 2
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176HOSIERY MILLS Wairarapa Times-Age, 6 August 1942, Page 2
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