THE NORTH NEW ZEALAND WOOLLEN FACTORY.

Auckland Star, Volume XIX, Issue 221, 19 September 1888, Page 5

THE NORTH NEW ZEALAND WOOLLEN FACTORY.

(To the Editor.)

Sra.^Xt is to: fee hoped aa many shareholders as possible will attend the meeting oh l_rlday next, tad learn for themselves the oir-jjumetances whioh have tended to bring about the present erisia in the Compahjyi affaire, It will" probably be found that the whole peeret of the matter is the Wffot of sufficient capital. There have been rid losses from bad debts or depreciation of property i In fdofe, theproperty Isof increased yalue-yowing tp the duty lately impeaed on maohiriery—and the extra protective duty placed en woollen goods With the exeep-*----fiori of- abput £1,-00 eppnt in ■ preliminary, expenses, the whale* of the subaeribed eapi*-* tal has been invested in the facitory build*': irigs and the planteentained in them, The phaireheldeire* money is all there safe eneittghj ready to yieldanimmediate return*) if only, a little more capital could be obtained to keep the wheels going- round, The j factory ip very compact, and the machinery, is the best introduced to %ho eolooy*, 3?he tweeds and yarna produced at the factory ; have given upivereal p»tisfaefio% and the demand for them baa always been I iiV excess of its power of production. Want' Of capital has been the drawback, Given thfe-t W& industry would expand to be the mo6t important ihtiie province, proyldirig a home market for our-formers?wdeLaria giving employment:, to bu^dr-eds oi workers, pOth maleahd feip-ale- It is a thousand pities that suoh a\promising oonheifn should; be brought to a standstill when everything has Moon get ihto working order, and it is y§py

tf_s_«arfee_i-g io &c esteyprissßg ghawv holders Vrt§ started tits i iMmtey 6* find, Jus 4 ' as tho factory is reaiy to yield some retuvn, their interest in it is 60 be severed fey tt&6 eold-liearted isatien << that iheC_>Hipa»y W Wound tip toloHftarfly,'' The I believe, are far from desfefeg &as, btrfy <!_% are forced into a •as-ros*', ibsy l_t?e feeco-nw personally rewpfi-Sfibio to th*. Ba»k for _ oonsid«ra-Io -tooa-i, ttad as this has nob been saiftdent to carry &&; over tte difficulty, they can only come before the -iharehold e« and explain <&e*ir position, and they hope to be able to advise present shareholders to take up »b*rea fa the now company proposed to he fo-rroed-which will probably toon become co enhanced in value m to make up any loss they may guataia tbwagh their fim yon. jtore. For my own part I ehould like to see all the new share* token op by the old shareholders, co that they might reap the reward of their enterprise.—Yours, etc,