SATISFIED SHAREHOLDERS

Evening Star, Issue 20023, 14 November 1928, Page 12

SATISFIED SHAREHOLDERS

MOSGIEL WOOLLEN CO.'S MEETING SIR JOHN ROBERTS’S RECORD CHAIRMANSHIP . Entire satisfaction with tlio progress of the company was expressed by shareholders at the, fifty-fifth • annual meeting of tho Mosgiel' \Voollon 'Factory Company, Etc] . yesterday afternoon. Shareholders also expressed their gratitude to Sir John. Roberts, who, throughout tho company’s business, has been chairman of the board of directors. ’fho chairman’s motion that tho annual report and balance-sheet bo adopted was seconded by Mr A. C. Mathieson, who was recently appointed to the board of directors. Tho salient features of the report, said Mr Matluoson, bad been explained by Sir John, who had established a unique record as chairman for fifty-live years of a public company,' Tho strong position of tho company was largely due to tho prudent and careful management by tho directors in tho past, and ho was sure shareholders would be gratified'a t the favourable balance-sheet again this year The demand for the company’s manufactures continued to increase, and lie was certain that the proposal to extend tho buildings and to add to tho plant was justified Tho shareholders could rest assured that the heavy expenditure had not been lightly undertaken. The additions would conserve costs and increase tho turnover, and, incidentally, add to the profits. The additions were fully warranted, and the sooner they were carried to completion the bettor it would bo for tho company. Mi Joson expressed his pleasure at being appointed to the board and gave his assurance that ho would do his best to promote the interests and welfare of tho company. The motion was carried without discussion On the motion of Mr W. If. Duke, seconded by Mr'W. Crawford, tho retiring auditor (Messrs Barr, ITercus, and 'Co., and Mr A. W. M. Moodio) were rc-eleeted. As no additional nominations had been received, the Chairman declared tho retiring directors (Messrs J. S. Hislop and J S. Sinclair) re-elected. Replying on behalf of Mr Hislop and himself, Mr Sinclair thanked tho shareholders for their confidence. _ It was an honour to he associated with such a prosperous company and a cojnpany so renowned for its products. The directors realised that the payment of substantial dividends for many years, at the same time accumulating a large reserve, was a record for a company of its kind A vote of thanks fo the hoard of directors and tho staff was proposed by Sir John Sinclair. Tho company was greatly indebted lo tno board and tho staff for the prosperous conditions in which it found itself. They realised the work of Sir John Roberts in tbo happy results produced. From long association, ho knew that the staff was capable. Some adjustments had boon essential during the year, consequent on Mr Cameron’s illness,_ and like other arrangements for which Sir John Roberts bad been responsible, they would doubtless be for tho benefit of tho company. In bis reference to tbo •staff, the speaker explained that lie included the workers at the mill, AH shareholders realised how much tho workers had assisted in building the industry to its sound position. For many years they had been a loyal and efficient body of workers, always cooperating with tho company. The motion was seconded by Mr AV. Crawford, ■ who referred to tho provision for tho employees’ benefit fund made during tho year. By such provisions the company was making the workers contented and not disgruntled. They were helping the workers in every way. ./The motion was carried with acclamation, Expressing the thanks of tho hoard, Sir John Roberts said tho Mosgiel Company had been somewhat favoured by long services of its officers. Mr AV. Nicolson’s father was the first secre, tary, and for fifty-five years father and sou had occupied tho position; and Mr AV. L. AYood was only tho third genes al manager. Ho was honoured in having sat at the directors’ board for fifty-five years as chairman for the whole time. At the first meeting of tho company, Mr Arthur ,I. Burns and ho were appointed joint chairmen. On tho former’s death, he had become chairman. The Avork_ had been extremely pleasant for him. Everything had gone quietly during tho company’s existence. He could perhaps safely say that no single jarring note bad been struck between the management and board of directors; few companies could claim that record. Ho had nothing but pleasant recollections of tbo support from tbo mill managers and office staff. Altogether, be thought, tho company could pride itself on the exceptional harmony during its fiftyfivo years’ existence. Although ho was approaching old age, ho hoped to serve the company for still a. few more years. “ As in the past, wo will continue to do our best,” said Air AVond, replying on behalf of the office staff and tbo mill employees.