KAIAPOI WOOLLEN MANUFACTURING COMPANY.

Press, Volume XXXV, Issue 4824, 20 January 1881, Page 2

KAIAPOI WOOLLEN MANUFACTURING COMPANY.

The annual general meeting of tho pbist* holders of this oompany was held in ib Oddfellowß , Hall, Kaispoi, yestorday affe noon. There was a fair attendanco, lh majority oE the shares being represented. Mr Isaao WihoD, ehainnan of direotofi, occupied the chair. The Chairman, on opening tho procoediagi, read the report, the chief clauses in wM& were as follows :—

Aβ will be seen from the balance-aueat, afte paying the expenses of enlargement of th company, amounting to .€51(5 6s 3d, ths profii and losa account shows & balances of MIQSi 19s Bd, which your directors propose to dloerita aj follows, viz.:—Payment of a dividend of 5 $t> cent, for the half-year, amountinfr to sta £1100. and the balance, abont £500, to it carried forward to tho credit of profit and k. account.

As instructed by yoa, the capital has bxn k< creased to JJ 100,000, iv 4000 sham o! .Sβ each. 1600 shares were offered to the ptsUk, c which number 1382, representing i>34,500, tt*; allotted three months ago. In consequent:.! <£ several enquiries for shares havicft bean Mt'f made, yonr directors would reoomnieud fciusi th remaining 218 shares bo not offered to th public until March Ist. Steps have bwn fata to pay off the mortgage, enlarge the fcwWky and plant, and to nocure premises for a ttohouse and clothing faotory in Cbristohnrefe Hβ then road the balanee-sheot, whicu»a as follows: — Liabilities, £ £ & rJ To Nominal Capital : 4000 shares ot £25 each 100,000 Viz. :— 872 shares, fully paid up, £25 each ... 21.5C0 1335 shares, with £8 ncr enare called up 8,010 Uncalled capital ... 70,190 £100,000 Called Capital—Original BB&rea ... 20,625 1382 shares at £6 ... 8,202 ■ ■ 38,917 Lesa call unpaid, dae March Ist ..'. 3,445 Loss calla paid in advance 1,223 ■ 2 223 . : 23,63? « ; Amounts on loan ... B,iSS 8' Interest on loan ... ff3 O^ Outstanding accounts ... ... 705 » " Adrances against wool shipmonta... I,KJ « ' Bills payable ... 5!3 8 1 Bank of New Zealand ... ... 9,K?f f Profit and losa — balanoe l,Ci - ' Assets. £ s. d. B ' •- By freehold land ... ««" Bnildiuff acconnt... 5,024 19 11 Leas depreciation 60 0 0 Plant aooonnt ... 13,884 15 5 ! Leas depreciation 250 0 0 Sundry debtors ... " ™ 3.6J71-« Wool shipments ex Waitangi 1,049 12 5 Wool shipments ox Durham ... ... I,IOG 17 1 , „ , „ Q 2^o Stookmonnfactnred and in process, and materials ~. 24,5$ « Loom and potty cobli £5 * 549,758 "•"' To depreciation on plant and buildings SW 'J Wool and materials used in uianu- , factnrea 7,57$ -'■ Wages and general expenses ... 4,1s 1 ■ Repairs, discount, 'interest, and - „ .. , insurance , 1,37.* i* • Expenses ol enlargement of com- . , pany 51G ' Balance 1,638 15 j By manufactures account ... ... 15,637 1 ! { Transfer fee » i • Ho congrntuliited the company on now i , * obtained auffiois it capital to work wife B"'' amount of satisfaction and profit tot '' shareholders. The woollen industry ra? ' of the utmojt importance to feho oolosjj'•-' not only would tno company be erepar-d *' use up a largo quantity of, the wool pxofc-; but mutt do good in the eroplojffitES f colonial capital and engagement of col r , labor. In reference to the balanee-eho?^ ,J need not refer further to the items. with reepeot to the onlo,rgement d *> company's operations, he might say thut »' outlay proposed to bo made at the fecK itself would entail an expenditure of £W l in longthoning the mill, erecting wajrs^s- ,- and dye house and importing machine! , , well ac the purchase of s local-mads and pumps, by which it was intended to &IV ,, the factory m complete cc any in country. A freehold had been ttoqufo l - the junction of Oaahel street and , in Ohriatchuroh, upon which it was p»j^; to erect a clothing factory for the oispioj t of 250 hande. This wae estimated to c ; £5000. The total amount of expoac""-" estimated for theee extensions vrasC -, ;'",, Wireaa this was earned the faotory ; be doable its present s means r f* be provided for getting a larger 3 a,3 ., ; '», ; the manufactures. The fnlly V-? 1 "f ohurtd would produce 221,800 ; 1335 s«\ on which £6 per share was pa*, 1,, dBBOIO ; and 1335 upon which £19 p» was still due, £25,565 ; tnakiag a tct* / £55,175, frota which, deducting the « £ " ( , i the pl*nfc (38,600), would kaTe tlia ! £16,575 to work with. It was pass* , * f carry on the faotoay in ila presant state f' out calling up mors capital; "&\ ~' directors had been'pressed by go in for extension, und it was to of the company thai the iSBeMH«rf sno should be made as reproductive 33 S?uIt was realty rapestant that tfcfff sho»f a factory for the makiag up oiw^ In Australia he found that ocfe of tvrsm*

buIU visitsd by Mm fully four-fifths of the was made into clothing after batag sold to wholesale houses. All feed ite ZtoNw Zealand, and, in ipito of an impart duty of 16* per cent, found an app£ rectly ready »!*• 8 mtentwD of the £siapoi Company was to make tweed out of wool only, and leave no etone unturned to jnake first-class articles only, and now they b*d determined also to sell to retailers, The j company wonld go in for supplying the demand for clothing which was hitherto imrarted from Victoria, and at iU Chnstchureh establishment be prepared to carry on a firstclass tailor's trade as well as the trade of a clothing faotory. He pointed cut that the company was prepared to receive payment* in advance on shares, and would Sow shareholders so paying np dividends as from time to time declared. Their manufactares, he noticed, had doubled upon the prodace of 1879, and were expected to show an equal increase in the ensuing twelve monthe. Hβ concluded by moving the adoption of the report and balance sheet. Mr J. Lowthian Wilson seconded, referring to the healthy state of the company, its apparent financial sonndnees, and the satisfaction which shareholders must feel in being ihortly placed in possession of the best woollen concern in the oolony at an apparently cbesp price compared with other similar conffon. J. T. Peacock desired to know bow the loan's overdraft estimate expenditure was proposed to he met. The Chairman explained that at present the stock amounted in value to most of which, or at leait £10,000 worth, would be shortly sold, and before cix or eight months elapsed the calls from shareholders at the rate of £3500 per quarter, and £1000 on paid-up share*, which latter had came in since the balance-sheet was issued, wonld place the company in a poeition to most all its engagements. So far as the overdraft was ooncemed, he had made very favorable terms with the Back of Sew Zealand, who would be prepared to advance against their securities. ITot overlooking the £19 per share due by the new shareholders, £25,365 could be called up in two years. Hon. J. T. Peacock thought there was a disposition to launch out too quickly. It had to be remembered that other companies might possibly take up some of their ground. He thought if they were anticipated in this way, the shareholders would not always have such rosey times when 10 per cent, could be paid. The Chairman pointed out that in justice to the new shareholders, and in compliance with the'prospectus, the company was bound to go in for the enlargements and improvements promised, out of which the company was to reap its profits. Bef erring to the extension at the mill, he pointed out that they had all the heads of departments, and in the new part would only require to take on labor at from 8s to 30s per week. II the factory was put in the position it was intended the company could defy competition either from inside or outside. The old company's idea of working a factory with only ten looms was a most preposterous one. It would never have paid. At least sixty looms were wanted. Mr Peacock observed that he thought the former company cut its coat according to its cloth.

The Chairman said his wish was to see as muck capital and labor as possible engaged. His idea to extend this factory originated with the Christchnrch soup iitchen. He considered it to be the duty of every colonist to launch out at a time like this and give employment in every direction instead of storing up his capital, thereby assisting his country in its difficulty. Mr Q. H. Blackwell pointed out that the demand for this company's productions was so great that they must keep pace with it, and in good faith with the new shareholders they most invest their capital in extending the faotory. Mr Allan pointed out that if, after the the mortgage and Bank overdraft was paid, (he estimated improvements cost more thai anticipated, it was still left to the directors to obtain new loans, though this he did not expect would be required. If the £19 per thue unpaid was not called up, the new share* holders might justly complain that, while they were held responsible for this payment, they were not allowed to participate in the dividends which the old shareholders would { receive.

Sir H. Walter thanked Mr Peacock for obtaining a certain amount of information for e&arefaotden, and if anything placing the prospects of the company before them in a better light. Mr B. SL Wrijht tras in favor of going on with the improvements and calling up the capital. The motion for adoption of the report and balance sheet wm pat and carried unanimously.

Hon. J. T. Peacock moved, Mr W. Best seconded, a vote of thanks to the directors, complimenting the members of the Board on their discretion and foresight, which was carried unanimously. Mr W. Sansom moved—"That a sum of £200 be set aside from the profit account, as an honorarium to Mr Isaac Wilson, Chairman of Directors, as an acknowledgment* of his services in connection with the company." He pointed out that Mr Wilson had acted for some time aa the managing director of the company in a manner which had tended to its success. Not only had he conducted the business of the Company, giving up a large amount of his time to the working of the factory, but in visits to England and Australia, he had taken the trouble to visit many of the mills with a view to obtain a knowledge of their working, and procure by degrees such machinery as would render the mill here one of the best of its kind. As Mr Wilson's interest in the company was bo well known, and generally he believed appreciated by merr.bers, he expected the motion to be carried without opposition. Mr J, Lowthian Wilson, in seconding, said the amount to be voted was in no way to be takes as placing a value on the chairman's services on behalf of the company, but simply as an acknowledgment of . the fact that shareholders were desirous of showing their appreciation of the manner in which he had worked in their interest.. He could have wished that the amount to be voted had been larger, so as to meet better the expenses which their chairman had inerarred ia vurfcing other factories. He trusted the motion would be unanimously and heartily agreed to. Mr Muloock said he knew the majority of the shareholder, were in favor of passing this vote. Mr Blackwell (a director) said he felt pleased to find that it bad occurred to some of the shareholders to propose au acknowledgment for their chairman's services. It had been, he believed, mooted by one or two since they oame into the hall. He took it that this was merely an acknowledgment, as Mr Wilton's efforts in the interests of the factory were worlh a very much larger sum. Indeed, it was owing to his efforts it had been raised from a non-paying to a paying concern, from an unproductive industry to one whioh promised very favorable results. [Cheers.] The motion was put and carried by acclamation. The Chairman, in thanking the shareholders, said he took the present as a very handsome acknowledgment of tbe work he had done. He was, in fact, glad they had made tbe acknowledgment io a substantial manner, because for tome time he had felt anxious to start a means for affording relief to come of the hands in the factory in times of sickness or necessity, and towards that object he would devote the £200 now voted. [Cheers.] He would hand it over, aft;r taking up paid-up shares in the company, and the dividends would be devoted towards the object in question. [Cheers.] On the motion of Mr B. Moore, seconded by Mr Mulcock, Mr Edwin Parnham was reelected a director. On the motion of Mr Blackwell, second&d by Mr Wilson, Mr Robert Allan was elected a director as representing the Christchurch shareholders. Mr Wright moved, Mr Pamham seconded, the election of Mr Wm. Sanson., as a ! director representing the Bangiora shareholder*. Carried. The newly elected directors returned thanks, Vot.3 of thajiks were recorded to Messrs W. Wilson and W. Eckersley, who had acted as auditors. Mr Allan moved, " That in future the sale of goods at the mill to shareholders at wholesale prices bs discontinued, and in future no such sales be made except to persons engaged in trade." Mr J. W. Ellen seconded the motion, which, after some discussion, was carried with one dissentient. Oa the motion of Mr Eckersley, seconded by Mr W. Fraser, a vote of thanks was reeordeSJ oMr JL A'Oourt, secretary; and a hke vote of thanks -was also pasted to Mr J antes Wood, the manager.

In reply to a question reg-srding shareholders' voting, it was stated that the articles of association would be amended, so that for every five shares one vote oould be recorded. At a meeting of directors held subsequently, Mr Isaac Wilson was re-elected chairman of the Board. ____________________________