MOSGIEL WOOLLEN COMPANY

Evening Star, Issue 19408, 17 November 1926, Page 10

MOSGIEL WOOLLEN COMPANY

THE YEAR'S OPERATIONS SHAREHOLDERS* ANNUAL MEETING Sir John Roberts (chairman) having moved the adoption r.f the annual report and balance-sheet at the fiftythird annual meeting of the Mosgiel (Voollen Factory Company, Ltd., the ■notion' was seconded by the Hon. Sir . ohn Sinclair. Sir John Sinclair said that all the ■hareholders would join with the chairnan in his sympathetic reference to the late Mr Pryde, who was a very old shareholder in the company and a director for many years, and who always took his part in doing everything possible to promote the interests of the company. The speaker welcomed tlfS new director (Mr Lethbridge) , who had men in business amongst them for many years, and who, Sir John was sure, would prove a source of strength to the board. It went without saying that the shareholders were exceedingly gratified with the favorable result that had been put before them. He thought they might claim that the year just . hosed was one of the most successful in the company’s history, and that went back a long way. Many of them,, remembered Hint in its days of comparatively small things the company had had its ups and downs like other companies, but it had steadily progressed until they might fairly claim that'it was one of their most successful industries. It was gratifying not only to the shareholders, but to the community as a whole, to find' its industries prosperous, especially at a time when every part of the Empire was doing everything in its power to promote and de.ievelop Empire trade The company’s satisfactory position was due to several causes—a capable board of directors, a loyal stall, and a splendid Body of workers at the mill. The chairman, as they all knew, had presided over the board during the oast years of his life, and all the shareholders felt that they were greatly indebted to him for the services o had rendered to the company. (Applause.) The staff had never spared itself in doing all in its power to promote the interests of the company. At the mill they had as fine a body of workers as could be found anywhere, and the shareholders were greatly indebted to them. 'Hie relations between the company and the workers at the mill had always beem cordial, and he sincerely trusted that they would always remain so, because it was only by co-operation that industries could do he best for themselves and their workers.

the motion was parried. It provided ;or a further dividend of 4 per cent, and a bonus of 2 per cent., making a total of 10 per cent, for the year, DIRECTORS RE-ELECTED, The retiring directors (Sir John . Roberts and Mr J. Lethbridge) were j elected unopposed. Thanking shareholders for his elec-) tion, Sir John Roberts said he would ’ be very pleased to continue in office. as long as he could. He had been a director from the initiation of the company, and it had been a _ great pleasure to him to have been in the position be had occupied. Fortunately, when he left school he had served for two years in a mill at Horae, and the experience he had got there had been very valuable to his as a director. Mr Lethbridge also expressed his thanks. He regarded it as an honor to lie a director of_ a company holding such a unique position among the woollen companies in New Zealand as the Mosgiel Woollen Company held. When he was proposing a vote of thanks to the directors and staff at tho last annual meeting he had pointed out the very strong position the company was in, and had said he considered this was due to the wise policy of the board of directors. Further experience with the company confirmed what he had said- then. The balance showed that that was so. There was no doubt they had to thank the past boards for that position. They all knew that in businesses there were prosperous years and the reverse. Sometimes directors seemed to forget during prosperous years that lean years were coming, but he did not think tho directors of the Mosgiel Company had made that mistake. During the good years they had placed the company in such a position that it was able to face difficulties in years that were not so prosperous. He would like to confirm what Sir John Sinclair had said in regard to the chairman. The company had been singularly fortunate in having Sir John Roberts at its head, as it had had the’ benefit of his great experience in business and wool, and also his experience in tho manufacture of woollen goods. It was very rarely that_ they got a man .with all this experience. They could hardly realise Sir John’s age when they know how vigorous he was in looking after the interests of anything with which ho was connected. He hoped, and felt sure, that they would have Sir John Roberts to direct the affairs of the company for some years to come. The speaker concluded by stating that it would dve him the greatest pleasure to be or any service in sustaining the company in its present strong and prosperous condition,' and to advance its interests still further. The retiring auditors (Messrs Barr, Hercus, a.nd Co., and Mr A. W. M. Hoodie, were re-elected. VOTE OP THANKS. On the Wtion of Mr \V, Crawford, seconded by Mr Shepherd, a hearty vote of thanks was accorded the directors and the staff for the able manner in which they had carried out their duties during the year. The mover said he thought it was only right that j the staff should be included because rt had dons really good work. | The Chairman said it gave him great pleasure to acknowledge the vote on behalf of the directors. They had done I their best in the past. Ho thought the | operations during the last year had been satisfactory in every respect. Many shareholders might think, they ! had made too much allowance for depreciation and other things, but he did not think so. During its long i existence the company had had its troubles and its good times. He thought they had every reason to be . satisfied with tho support given to the | company during the last year in regard to the sale of its goods. He hoped that during the coming year they would ; have quite as good a return as they had had last year.