Mr. S. M. Joseph—Is it not about time to stop the continual losses. which have occurred year after year?
The Chairman—That is hardly 'a question before the meeting.
Mr, Joseph—I think it is. 'The losses have occurred year after year' and I think it is time we located the cause of them and stopped them, so as not to let the shareholders' money be farther squandered.
The Chairman—I think, if you had followed my remarks in my speech, Just now, you would have realized; the reasons for the losses, Mr. W. Blenk—Would it be possi ble to tell the meeting whether the eduction in the stocks, which now, amount to only half of what they, were a year ago, was a profitable operation?
The Chairman—t think you will find the result of that in the accounts, -Mr. A, Hillaly—Will you state what it would cost to instal weaving.
machinery in the mill? What would it cost for weaving machinery to use ell the yarn spun?
The Chairman—We have already got a weaving plant, but it is not Sufficient to absorb the whole of the mill's production of yar, and further weaving would not solve our troubles unless we had finishing machinery as well, and that would not be profitable just yet, Mr. Hillaly—How much would it cost?
The Chairman—That is being in-Vestigated at the present moment.
The Resolutions No further questions were asked and the following resolutions were carried without opposition:—
"That statement of accounts for the yearn ending December 31, 1927, as audited and presented, be assed."
"That the sum of Tls. 264,534.23 be transferred from the Reserve Fund and applied to the balance of Profit and loss account "That Messrs. C, L. Nich and E. Ellis be re-elected directors of the company."
"That Mr. FE. be re-elected audit
Text read from the printed page and cleaned; old type leaves the occasional error.