NEW ZEALAND PAPER MILLS.
i THE ANNUAL MEETING. REDUCTON OF DIVIDEND RECOMMENDED. C-PER PRESS ’ ASSOCIATION. I DUNEDIN, May 31. At the annual meeting of the New Zealand. Paper Mills Company, the chairman; said that for the first time in their history there had been a falling off in profits. This was due to keen competition by -English and foreign manufacturers, owing to cheap labor ancl abundant supplies of the best raw materials. All grades of paper and light bags were landed in the Dominion at very low rates Another factor was the phenomenal drought in Southland, so that only half power at the Mataura. mills was available. The balapce was: £1125 less than last year, cavin g to' the Wodhaugh fire. The directors recommended' the reduction of the dividend to 6 per cent for he year, carrying £1603 forward. This, amount, with the reserve, she l ”' l meet the fire loss. The mill at TV oodhaugh will not be rebuilt until the arrival of an expert from England.
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Gisborne Times, Volume XXIX, Issue 3233, 1 June 1911, Page 2
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168NEW ZEALAND PAPER MILLS. Gisborne Times, Volume XXIX, Issue 3233, 1 June 1911, Page 2
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