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MOSGIEL WOOLLEN COMPANY

ANNUAL MEETING. 1 ho twenty-fourth annual meeting of ; the shareholders in the Mosgiel Woollen Factory Company, Limited, was held in the company's warehouse this afternoon, when there were about twenty-four shareholders present. Mr A. J. Sums (interim chairman of directors) presided. 'J ho Chaibman said that for the third time he had to apologise for the absence of the chairman, and he grieved to Fay that bis absence was caused by ill-health. Ho was pleased to say, however, that Mr Roberts was on his way out to New Zealand, and, he believed, in renewed health and vigor, and would be amongst them again very shortly. He presumed that they might take the report as read, and he did not think it was necessary to refer to more than one or two items in the balance-sheet. He would just draw attention to the bank balance. It was £24,936, as against £12,502 last year. Well, that was very easily and satisfactorily expained. Last year they bought considerably more wool than usual, and in fact that wool had remained in stock for a curious reason. The winter had been very mild—the weather had an effect upon the trade as well a? upon other trades —and consequently there was a little larger stock of wool than U3ual; but sb wool had gone up he thought this was a capital asset, and the directors had no hesitation in saying that they did not regret having made the purchase. That accounted for £6,000. Another item of £4,000 bills receivable was greater than last year. That accounted for another amount. On the other side of the balance-sheet there was only £599 against bills payable. That accounted for something more. And the additions to plant were £976 odd. That, he thought, satisfactorily accounted for the whole difference of the bank balance. This £976 might easily have been written off, and then the directors would have had as much to carry forward as last year. But it was thought advisable not to do bo, because the plant had only been recently bought, and, though it had been paid for, very little had been got out of it. This £976 represented some very interesting plant, quite new, and the company now had machinery that made stockings without a seam and did not drop a stitch. Taking the profit and loss account, they had a credit of £4,937, as against £3,998 last year; and, although they had not written off any thing specially, they had been able to cawy forward nearly £2,000 to the credit of the next balance. With such a • nice little balance the directors were quite prepared to recommend to the shareholders the payment of their usual 8 per cent, dividend Many of them were looking forward to the Jubileejnext year, and he had been.exercised a little in gathering information with regard to old identities and so forth. He thought he might hore make one little reference to *Auld Jang syne.' Many of those who were now engaged in this industry would recollect that when the Mosgiel Company was started there were scarcely three persons from the North Oape to Puysegar who believed in the industry, and there were very few to.put money into it. Well, the company believed in it and made it go, and the result was that now there was scarcely, a town of any size in New Zealand but what was Howling out for i woollen rnHf. Bat the limits of the Bank of England could bq

reached, and the limit of the woollen industry was reached now, and it would be well for capitalists to look at the two sides of their penny before they invited the public to inveat in more woollen mills until the population gets a little. bigger. Competition was being felt now, and it wou'd mean that the weakest must go to tho wall. He thought the shareholders need not fear anything from competition, as they were in a position to stand it. Their stocks had been very carefully taken, and there was no padding ia them of any kind, nothing but what would be taken in by any business man. The shareholders, thorofore, need not be alarmed, for whoever was to go to the wall it was not to be the Mosgiel Company. He had much pleasure in moving the adoption of the report and balance-sheet. Mr Eoeekt Watson, in secondingthemotion, said it was a pleasant privilege and duty to do bo, for they were met as shareholders to rass the recurring genuine dividend. The Mosgiel manufactures, to his mind, wtre now eynoM'mons with excellence and durability. That fact could not be gamsaid. They were proud to knoy that the employ6a were a very efficient, well-conducted, and sati-fied bjdy of working people, and they aLo knew that they would get iustioe and straightforward dealings from the directors. He was very glad to hear that tlKy might expect a ointinuanca of the dividend; but the chairman threw out a warning to some of those other companies—which might be termed mushroom industriei—that were being staited. They were hurtful to the promoters, the district, and to the colony. It was to be hoped that these Statements would go forth, for until our population increased there was no room for more industries of this class in this country. The motion was put to the meeting and carried unanimously. ELECTION (V DIRECTOSS. Tho retiring directors, Messr3 E. B. Cargill and H. F. Hardy, were unanimously re-elected. AUDITORS. Messrs "W. llisl>>p and A. Hartleman, the retiring auditors, were re-olccted. COMPLIMENTARY. The Ven. Archdeacon Fknton moved—"That a hearty vote of thank 3 be tendered to the directors, the gentlemen eDgaged in the managoment of the company, and to the emploje3." Mr P. G. Pbyde seconded the motion, which was agreed to unanimously. The Chairman and Mr J. Morrison returned thanks for the vote, on behalf of the directors and employes rc-p^ctively. Mr G. Keys, who explained that lie was a stranger, said he woull like to see stt out in the balance-sheets the amounts of money paid to each director. What the shareholders received was made very plain, and he saw no reason why what the directors received should not also be made plain. He thought the effect of the payment of pensions be that all thiT-old harridans in the pkee would be running after the profession. That was blunt, but it was as plain as " AlitJ." The Chairman thanked Mr Keys for the interest he took in the affairs of the company, and tho directors would take his advice into avisandum. Thi-i concludod the business of the annual general meeting. An extraordinary general meeting was then he'd for the purposo of considering certaia alterations in the company's memorandum ot association.

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https://paperspast.natlib.govt.nz/newspapers/ESD18971116.2.33

Bibliographic details

MOSGIEL WOOLLEN COMPANY, Issue 10472, 16 November 1897

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1,129

MOSGIEL WOOLLEN COMPANY Issue 10472, 16 November 1897

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