MOSGIEL WOOLLEN FACTORY

Evening Star, Issue 21255, 9 November 1932, Page 12

MOSGIEL WOOLLEN FACTORY

ANNUAL MEETING OF COMPANY Warm tributes to Sir John Roberts as tho “ grand old man ” of the woollen industry in New Zealand were paid at the fifty-ninth annual meeting ot the Mosgiel Woollen Factory Company Ltd., yesterday afternoon. Sir John presided over an attendance of a dozen shareholders. Sir John formally moved that the report and balance-sheet bo adopted. (His speech was published yesterday.) Seconding the motion, Air T. C. Coull stated that they were all very pleased to see Sir John Roberts again present as chairman. The figures set out iu the balance-sheet indicated solid progress and proved that the policies decided upon many years ago were wise and fully justified, in spite of adverse conditions and a low financial barometer. The company was in a very sound position, and shareholders must be extremely gratified with its workings. The Mosgiel Woollen factory was the envy of trading concerns throughout tho dominion, and the general manager and staff were, to be congratulated upon their efforts. The motion was carried, and tho directors’ recommendation that a final dividend of 4 per cent, and a bonus of 2 per cent, (making 10 per cent, for the year) bo authorised, was approved. The two retiring directors—Sir John Roberts and Air G. M. AlacLean —were re-elected.

In returning thanks, Sir John stated that the directors were a very happy family, and were only too glad to continue looking after the shareholders’ interests. He added that this was his fifty-ninth year with the company, and he hoped to be present again next year for the sixtieth. (Applause.) Mr MacLcan also returned thanks for his re-election. A vote of thanks to the Board of Directors and the staff was proposed by Mr Magnus Johnstone, who said that they were to be warmly congratulated upon the position and activities of the company. Any company that could produce such a balance-sheet as this in these days deserved congratulations , , In reply, Sir John stated that a great deal of his business life had been devoted to tho affairs of the Mosgiel Companv, of which he had been a director for fifty-nine years. . Recently they had had more difficult times to deal with, but shareholders would be pleased to hear that the profits were virtually the same as in the previous year. They had probably not reached tho worst of tho times, "but everyone hoped that things would soon improve and that the country would he led to prosperity once more. It was very much to ho deplored that an increase of taxation was necessary, but the New Zealand Government was not too comfortably placed. Mr W. L. Wood returned thanks on behalf of tho staff. He mentioned that the retired-employees wore very appreciative of their pensions. He said that it was in 1874 that Sir John Roberts was first appointed chairman, and it was a source of much gratification that he should still he in that position. Apart from this, Sir John had been president of the New Zealand Woollen-mill Owners Association, and had put in a great deal of work there. In fact, he was undeniably the “ grand old man of the woollen industry in New Zealand. (Applause.) The retiring auditors—Messrs Barr, Burgess, and Stewart —were re-elected.