MASTERTON HOSIERY MILLS.

Evening Post, Volume CIV, Issue 19, 22 July 1927, Page 12

MASTERTON HOSIERY MILLS.

Shareholders of the Masterlon Spinning and Hosiery Mills, Ltd.. have unanimously decided to re-establish the mills and to procure £4000 additional capital required. Mr. F. Peterson, chairman of directors, mtormed a shareholders' meeting on Wednesday that the company had had a setback. The mills had been in operation eighteen months. In the first six months the profit was £434, and in the last eleven months £758. The balance-sheet disclosed a fire loss of £1488. The directors were aware when they went to allotment that they had insufficient capital. Later an attempt was made to increase the capital by £4000, but only £1000 was subscribed. Ihe directors, however, had guaranteed another £2000. Then the fire, intervened lo re-establish the mills £4000 extra capital was required. The goods had been sold at a turnover of £SOO or £900 per month. Every possible endeavour should be made to keep the mills going. If the mills were re-established the manufacture of artificial silk stockings equal to any imported could be undertaken. The manager said the new machinery required could be obtained within six weeks of receipt of order and the mill working again m about four months.