ANOTHER GOOD YEAR

Evening Star, Issue 20022, 13 November 1928, Page 3

ANOTHER GOOD YEAR

MDSGiEL WOOLLEN COMPANY SATISFYING CUSTOMERS’ REQUIREMENTS “ Your directors are pleased that they can again show a satisfactory result on tho year’s operations,” stated Sir John Roberts, chairman of directors, in his address to tho fifty-fifth animal meeting of the Mosgiel Woollen Factory Company this afternoon. “Last year when I had the pleasure of addressing shareholders I mentioned that the company had a good demand for worsted goods, and this has continued during the past year; indeed, we find that wo have not been able to satisfy the requirements of _ our customer 3 Tbo necessity for increasing production by the* introduction of new machiimr is'.calised by the board, and as indicated in the report, it proposes putting in two sets of machines, two combs and the usual accompanying spinning frames. This will enable tho company to satisfy the requirements of its customers. It is difficult to estimate the cost of tbeso addition.", but the board is satisfied it has ample funds available and that it will not recpiire to call on shareholders to subscribe fresh capital. ‘‘When addressing shareholders _ at the Just general meeting, 1 stated teat we wero faced with the necessity of meeting an increased cost of wool, and before we got our supply for tho year purchased an additional amount of about £7 per bale had to be paid. This naturally increased tho cost to our customers, but it was obtained without difficulty. At tho last annual meeting I mentioned that we had orders placed for new hosiery machines at an estimated cost of £4,000. Tho actual cost, as is shown in tho balance-sheet, was £3,393 3s 3d, and I am glad to say that tho work performed by them comes fully up to expectations, “During the past year the award governing the wages at the factory expired, and the Arbitration Court, after hearing both parties, decided to make no new award but to allow the old one to be extended for one year. “ When wc met last year I informed shareholders that Air E. Cameron had been granted three months’ leave of absence on account of ill health. At tho expiration of bis leave he was not a bio to return to work and ho sent in bis resignation. Tlio board received this with much regret, and voted him a retiring allowance. Air Cameron has been in tbo warehouse since tho company' started in 18<3, and lias dining all these years rendered the best of service to the company. Tbo board, and I am sure the shareholders too, hopes that ho may be spared for many years to enjoy his leisure. Air Cameron s igtirement necessitated a rc-arrangemcnt of the staff, and it was decided to appoint Air "Wood as general manager and Mr Allan continues tho supervision of the warehouse. Tho appointment of Air Wood as general manager necessitated securing tho services of an assistant mill manager, and Air Lyon was appointed. Ho came from Elgin, iu Scotland, with high credentials, and the board feels satisfied that he "ill, fill tho position satisfactorily. “ During tho year Air R. W. Glendinning passed away, and tho board deeply regrets bis death. Ho was most interested in all the operations of the company and took the keenest interest in its work. “ I will now make a lew remarks on the balance-sheet and profit .and loss account. Turning to the former, it will bo .noted that tho reserve account is £9,922 lower than last year, and this is accounted for by the payment of 10s per share to shareholders “ On the assets side the value of goods manufactured, in process, and raw material shows an increase of £6,447, which is largely accounted for by tho increased cost of wool. “In the profit and loss ccount the only item I may mention is that of charges and salaries, which shows an increase of £3,293. This is largely owing to the pro dsion made for payment of income tax. In last .year’s accounts it was not necessary to make this provision, as we had then unexpended

appropriations to cover tin-: charge. “Shareholders will be glad to know that we can again report that no bad debts have been made during the past year. It affords me great pleasure to express my own and the board’s appreciation of the excellent services rendered by Air Wood and all the employees at the mill and by the warehouse and office staffs in town. I move that the balance-sheet and profit and loss account be approved and that a dividend of 4 per cent, and a bonus of 2 per cent, be paid for the halfyear, making, with the interim dividend paid in Alay, 10 per cent, for the year.”