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The following is a condensed report of the annual meeting of the above, held at Kaiapoi yesterday afternoon. The annual report was read and adopted. We quote the following paragraph : “ About L 25,000 has, during the year, been expended in freehold land, buildings, and plant; the principal portion of the new plant being now at work. The warehouse and clothing factory, providing ample space for stock and the employment of 300 hands, will be complete in a few days. The total additions to land, buildings, and plant will cost about L 30,000, and these additions make the Company’s mill one of the most complete and modern of its kind in the colonies. Your directors did not consider it advisable to call you together in July, and have taken steps to abolish the half-yearly meeting, as also to alter the date of the annual meeting from January to October, which they trust will meet with your approval. The profit and loss account for the year, after making a fair allowance for depreciation, shows a surplus of L 5,014 11s lOd, including a balance of L29217s 8d on January 1, out of which an interim dividend at the rate of four per cent, for the half year was paid in July last, absorbing L 1,288 4a 2d, thus leaving an available balance of L 3,726 7s Bd. Of this sum your directors recommend that L 2,497 12s 5d be applied to the payment of a dividend at the rate of six per cent, for the half-year, making the dividend 10 per cent for the year ; the balance, L 1,236 15s 3d, to be carried forward to the new account.” In moving the adoption of the report, the Chairman said :—“ We have in the mill and on order 87 looms, which is the largest number in any one mill ou this side of the line. When it is borne in mind that the other three woollen mills in New Zealand have only about seventy looms amongst them, and one of those mills has been standing idle for the past twelve months, some idea may be formed of the large increase that is about to take place in the production of woollen goods. The production of a large quantity of goods has not been our only aim. We are fully convinced of this, that to make a colonial mill successful, the quality, design and finish are of the first importance, and to secure this we have left no stone unturned. In our employees, we have been very fortunate in procuring skilful, steady, and persevering people, who are anxious to make the concern a complete success, and in our machinery we have secured the most improved In every department. The cost of coal has been a heavy item, but we have secured a considerable reduction in thisitem. Wears also utilising the warm water from, the condenser for dyeing, which, together with the large saving which we hope to make with the fuel economiser just started, will effect a substantial reduction in the cost of fuel. Our Christchurch warehouse and clothing factory will be finished in a few days, when we intend to largely increase the staff in our clothing factory. Our business now embraces what is usually carried on by at least four different firms, wool buying, manufacturing of woollen goods, and a clothing factory. We think the warehouse will prove a step in the right direction, and in order to show the actual working of each department, we have kept a separate account, and each has, we are glad to say, shown a profit. During the last fifteen mouths we have been laying, as carefully as we could, the foundation of what is for this colony a very large, and, we hope, successful concern. Like all similar concerns, we have had many difficulties to overcome. Some goods of early production were not just as we should like to have seen them, but I am glad to say, as you all know, that we have overcome all those difficulties, and our goods are now equal to any that can be produced of their kind in any part of the globe. We have 3GO hands at work, and during the next few months this number will be largely increased. ”

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Bibliographic details

Ashburton Guardian, Ashburton Guardian, Volume III, Issue 546, 28 January 1882

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KAIAPOI WOOLLEN MANUFACTURING COMPANY. Ashburton Guardian, Volume III, Issue 546, 28 January 1882