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MOSGIEL WOOLLEN COMPANY

Tho annual meeting of shareholders of tho Mosgiol Woollen Company, Limited, was held this afternoon, Mr John Roberts, C.M.G. (chairman of directors), presiding. Tho Chairman, in moving tho adoption of tho report and balance-sheet, said:—Allow mo first of all to make reference to tho death of the Hon. T. Fergus, which took placo on September 30. Mr Fergus was for tho past 13 years a mentber of the board, and his wide experience in business matters was of groat benefit to tho company, and we deplore his loss. Mr P. G. Pryde (one of the original shareholders of the company) was called to the board to fill tho vacancy, and we have no doubt he will be able to render valuable services to the company. As you all know, I was absent in England at the time tho last annual meeting of shareholders was held. When making theso periodical visits to the Old Country I always make it my business to look round soma of tho woollen mills in .Scotland, in order to ascertain if thero is anything new in the way of machinery, with a view of having tho sumo introduced to our Mosgfel mill. The result of inquiries caused me to order a set of carding engines fitted with a tape condenser and three spinning frames of a. now pattern. Theso machines have been running for some time at tho mill, and I am glad to be able to report that Mr Wood]" our mill manager, informs me that they are giving every satisfaction. The operations of tho past year have beon quite satisfactory, and show in many respects a remarkable similarity to the previous year. In the balancesheet it will be noticed that new machinery has been added during the past year to the value of £4,070 b\s lld ; whilo £4,500 has been written off, thus leaving only £l7O to be added to tho plant account. Book debts represent an almost identical sum as compared last year. Goods manufactured in process and raw material show an increase in value of £3,486, but this does not necessarily show a decrease in the value of sales. The sales during the year have been virtually the same as during the previous year. Last year we had a credit balance with our bankers of £1,015, and this year wo have a debit balance of £1,056. No bills receivable appear this year (all on hand having been discounted), while last year bills on hand and undiscountcd amounted to £2,578. The increased value of stocks of goods manufactured and in process of manufacture and raw material now on hand as compared with last year almost counterbalance the shortage of cash this year. In tho profit and loss account it will be noticed that the balance available for appropriation is £7,824 12s lid, as against £8,210 5s lid last year, showing a. decrease of £391 12s 7d. This is pretty well accounted for by increased payments for income tax and donations which come under the heading of Charges and Salaries. Donations amounted this year to £'2ls 3s, which is about .C'2oo more than in an ordinary year, and income tax was £lll 5s lOd higher. Shareholders will remember that donations for various patriotic funds have had to be given during the past year. Tho appropriation of tho balance of profit, which tho directors recommend, is the payment of a 7 per cent, dividend, writing off £3,000 as depreciation of plant, setting aside £I,OOO towards cost of new boilers now on order, and carryiug forward to tho new profit and loss account the sum of £1.032 12s od. I may explain in regard to the piovision required for new boilers that \z has become necessary to replace the three old boilers with new.' and we are now arranging for the introduction of two babcock water tube boilers at a cost of about £4,000. The £I,OOO new proposed to be reserved, and a provision of £3,00<) which we hope to be able to provide in our next balance-sheet as plant depreciation, will cover the entire cost without making any increase of tho capital value of our plant. 1 think 1 hare made .sufficient explanation of tho year returns to enable shareholders to have a clear understanding of tho operations of the past year; but should 1 have overlooked any item I will onl.v be too pleased to" give the fullest information any shareholder may desire. In conclusion. I have, as is my usual custom, great pleasure in testifying to the excellent services rendered during the past your by Mr Cameron (our town manager), by Mr Wood (mill manager), by Mr Nicolson (accountant), and bv all serving under them. They have one and all worked most harmoniously and in the" best interests of the. company. The motion was seconded by Dr Mai shall and carried tmam'tuonslv. Thr. Chairman and Mr P. ft. PrynV v.w re-elected to the directorate, and Mcsf.s Peter liarr and I). Crawford were roappninteil auditors. 'the customary vote of thanks to the directors and staff concluded tho luoelim.;.

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https://paperspast.natlib.govt.nz/newspapers/ESD19141117.2.40

Bibliographic details

MOSGIEL WOOLLEN COMPANY, Issue 15652, 17 November 1914

Word Count
847

MOSGIEL WOOLLEN COMPANY Issue 15652, 17 November 1914

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