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The adjourned meeting of persona in terested in the above project was held at the Upper Chamber of the Town Hall this afternoon. There was a good attendance, Mr Bullock in the chair. SECRETARY'S STATES! .INX. The Secretary reported that the promises of support made to himself and to Mr Bullock reached 281 shaies, and Messrs Zouch and Saunders also had some promises of support, he believed. They had promised to be present to report progress themselves. So far as he (the Secretary) was concerned, the offers for shares made to him had been quite unsolicited. CORRESPONDENCE. Leveral letters were read, including one from Mr J. C. Wason, M.H.R., applying for 25 shares. THE SCHEME. The Chairman remarked, in referring to the proposal, that he was informed that from L 3,000 to L 5,000 would be the requisite capital, although he thought himself that the scheme could not be undertaken under L 14,000 or L 16,000. Mr Ward thought that something must be the matter with the machinery or L 2,000 worth of goods could not be offered for LBOO. The Secretary said that it had been the intention of the proprietor to start in business himself, but that he had found on arrival that he had not the necessary funds to do so, and the plant had been lying by in store ever since. This entailed a heavy expense on the owner, who was engaged in another line of business now.

Mr Saunders here entered the room, and stated that he had got promises of support to the extent of 50 shares. Satisfaction was expressed at the statement, and the secretary said that he believed Mr Zouch had disposed of 50 shares, or even more. This would make the total number of shares placed about 400.

Mr Crisp remarked that he thought L 50.000 too large a capital. Many small men who would willingly support the scheme were prevented from doing so by the largeness of the capital. The Chairman concurred with Mr Crisp-i to a great extent, and suggested the expediency of making the capital L 20,000. He might say, however, that it had never been contemplated to call up more than L2 per share. Mr J. Clark thought that a capital of at least L 50,000 would be required. Some discussion having taken place on the question of capital, the Chairman .. suggested L 25,000 as a good sum. Let them go to work gradually, and extend their operations as they found it expedient. They must not expect to make - the thing a pecuniary success at once. They must not expect a 10 or 15 per cent, dividend at first, but must be contented if they got three or even two per • cent, as suggested by Mr Clark. They must consider the interests of the community as ; well as their individual interests. For ; his part, he would rather not see a dividend of 12 or 15 per cent, declared—at first.

Mr Ward would decidedly prefer 10 or 15 per cent, to 2 per cent., so far as he was personally concerned. Tf the shareholders were expected, to consider the welfare of the community, he was afraid that the company would not be floated.

Mr Bullock repeated his assertion. Mr Ward remarked that the question before the meeting was—Was it desirable that this industry should be established ; - hero 1

The Chairman said that that was so, ’ and he hoped the question would be answered in the affirmative. _' ; ■ Mr Braddell moved “ That it is desirable that a Woollen Factory bo established in Ashburton.”

Seconded by Mr Joseph Clark, and carried unanimously. [Left sitting.]

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Bibliographic details

THE PROPOSED WOOLLEN FACTORY FOR ASHBURTON., Ashburton Guardian, Volume III, Issue 533, 13 January 1882

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THE PROPOSED WOOLLEN FACTORY FOR ASHBURTON. Ashburton Guardian, Volume III, Issue 533, 13 January 1882

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