MOSGIEL WOOLLEN COMPANY

Evening Star, Issue 21569, 15 November 1933, Page 7

MOSGIEL WOOLLEN COMPANY

SIXTY YEARS DF PROSPERITY EVENT MARKED BY BONUS DISTRIBUTIONS SIR JOHN ROBERTS HONSUKD The diamond jubilee of the Mosgiel Woollen Company and of Sir John Roberts’s chairmanship of the board of directors were fittingly celebrated at the .annual meeting of shareholders yesterday afternoon. Bonuses to directors, staff, and shareholders were passed, and, after striking tributes had been paid to Sir John’s services, the directors were recommended to devote £IOO ,to the purchase of plate for the chairman. The meeting was largely attended, and shareholders listened with interest to the optimistic remarks by Sir John, both on the subject of the, future of ■the company and the early return to more prosperous times in the dominion. ■ Seconding the chairman’s motion for the adoption of the annual report and balance-sheet, Mr A. H. Fisher said that, on behalf of the shareholders, he ;would .like to congratulate the chairman on attaining,his and the company’s diamond jubilee. (Applause.) It was a -remarkable record, and all shareholders knew that the company’s present position. was due to Sir John’s foresight ■and extraordinary business acumen, fie only wished that Sir John had been able to devote' some time to politics during his lifetime. (“ Hear, near,”) He thought that if a man of Sir John’s ability had given more time to politics the country.-would not be in its present difficulties. T‘‘ Hoar, hear.’’) He hoped the chairman would be long spared to guide the destinies of the company. With regard to the balance-sheet, it jWas not necessary for him to make any comments, Thcjfgures spoke for'ifiomconsidered Mosgiel the most ■prosperous and' best' managed' woollen CoJripany .in New Zealand. .(“ Hear, ffear.”) The shareholders would be delighted with the directors’ recoimncndaiiijo to pay a bonus. - .'The motion was carried unanimously. DIRECTORATE AM) AUDITORS. On the motion of the Chairman, Messrs Barr, Burgess, and, Stewart were reappointed auditors, at the same remuneration as last year. . ; /Tls- nnubuncing that,Mr A. C., Mathesob. 'find "beeii re-elected unopposed i to the directorate,. Sir John Roberts said he was sure .They would all be pleaded at; his return. His services and long experience in commerce here were . of much usefulness to the company in many ways. Personally, he had ‘ much pleasure in. Mr Matheson’s re-election. ■"Returning thanks,'Mr Matheson assnred shareholders that, as in the past, he would do his very best to promote the interests of the company. Reference had been, made to the large accumulation of liquid funds, and in this connection it was-us well to remind shareholders that while they were evidence of the strength of the company’s finances They were also evidence of the state of trade, which had hit their company just as it had hit others. To make the position clearer, let'him .refer them to earliem balance-sheets arid the op,e before them. They would notice that the aggregates of stock, book debts, and hills receivable had been greatly reduced, In 1920 these items had totalled £ll2, l-to, and this year. £49,9x5,. a reduction of no less than £62,170. while during the same period deposits and investments had increased By £80,640, so that the increase in rjrtvestments and deposits was chiclly accounted for by the accumulation of funds formerly employed in trading. Keener competition from Home and foreign markets'was not unlikely, and the outlook for the future .’was by no means clear, but as their chairman had pointed out, the prospects for same of the chief exports of the dominion were greatly improved, and they hoped to share in the resulting prosperity. AVitfa a renewal of business activity and the higher prices which would have to be paid for wool, more of the' funds would be employed, and shareholders were fortunate in that the company was so well equipped to meet all contingencies that were likely to arise. GIFT .TO DIRECTORS. Mr Peter Barr said he had not been in the habit of attending the company's annual meetings, but he felt that this meeting was a special occasion, and oi such interest that he desired to join with others in congratulating all those connected with the business,—the staff, directors, and. especially, the chairman. (“Hear, hear.”) By adopting the annual report, the . shareholders had passed a very deserving bonus to the warehouse and ..mill staff,; and he was sure all shareholders would warmly ap-r prove of that action. He suggested that they should go further than merely passing a '/vote of thanks to the directors. He thought all shareholders would agree that they should pass a vote by way of a bonus to the directors, the sum to be equal to a year’s director’s fees. - He moved accordingly. So far as he knew, none of the directors were “ hard up, - ’ but some tangible expression of the way shareholders valued their services would be appreciated. Seconding the motion, -Mr T. C. Coull said the directors were to be complimented on the maimer in which the company was conducted'. The .motion, was carried. Air Bariadded that, while nobody in the past had rendered such , service, nor was. it possible - that greater service could :be given in the. future, than that by Sir John Roberts as chairman, the younger generation of directors had also given valuable service. That amply justified the passing of the motion. ’ ; On behalf of the board. Sir John thanked shareholders for their gift. The fees were not very extensive; so he could say that the’directors fully deserved the bonus, said Sir ■ John, jocularly. MOMENTO FOR CHAIRMAN. “That this meeting instructs the directors to devote £IOO to purchasing plate for presentation to Sir John Roberts' as' recognition of bis sixty years as chairman of the company,” was moved by Mr A. S. Malcolm. The suggestion was entirely his own, but he. felt sure it would be approved not only by the shareholders present, but all shareholders on the register. ‘ They all knew of the admiration of Sir John’s services as chairman for such a long period. It was a magnificent record, and shareholders to-day were-universally grateful to the directors for declaring such a handsome return on their capital. The return, was all the more welconie in view of the fact that,-in so many cases, the return .on investments was so lamentably small. It was a surprise to many to learn that the company had had its lean years. With judgment and courage, the directors had built up the reserves and shareholders wqre now benefiting from the work of Sir John Roberts and his colleagues by obtaining a handsome return when, it was wanted most. Shareholders were indebted not alone for the good dividends, but to the policy of, those who' had built up ;the reserves. They felt gratified .to have a man Of Sir John’s name and standing

at the head of the company. All he could do was to wish the chairman “ many happy returns.” (Applause.) Seconding the motion, Mr Willi Fels also wished Sir John many more years of service. ' :

After the motion was carried the Chairman briefly expressed his appreciation.

Letters and telegrams of personal congratulation to. Sir . John and, the company were read from every woollen company in the dominion. The messages referred to the high standing and progress of the company and the deep esteem in which Sir John was held. References were also made to his record of service and his work as president of the Mill Owners’ Association since its inception in 1906. A hearty vote of thanks to Hie directors and mill and warehouse staffs was moved by Mr Barr and seconded by Mr W. H. Adams, who said that for over a qbarter of a century he had come in contact with the staff and he knew oi its interest in the company. The staff would be’ .stimulated bv the company passing a bonus, which, he knew, was well deserved.

Replying on behalf of the directors, Sir John said they had bad very pleasant times. The company's business had been good. Losses through bad debts bad been very small; there was no loss last year. The company had been on a “good wicket”: fortunately all its retailers were sound. Generally speaking, the work of the directors had been very comfortable during the past year, and things had gone on very pleasantly. Although he said it himself. he thought the company’s shareholders had every reason to be satisfied with -tho sitxy years’ work, ’they would notice from the report that the company had paid an 'average dividend of 8) per cent, over sixty years. That was a record very few companies could claim. Prospects for the future were quite good, and he had no anticipations of any reduction of profit. He thought the company’s affairs would go on quite comfortably.

PRODUCE VALUES IMPROVING

■ f J he. increased value of our exports is very satisfactory ami -1111151 contribute very largely to the welfare of the country •as a whole,” said .Sir John. “If our producers on the land get a fair price for their produce, it is a vcrvsat.isfactory state of affairs. I think that they can look forward to the near future,, confidently-believing that we are going to have better times. All our exports, I think, are bound to increase > n .-value. Out frozen meat is maihtabling its value. Our dairy produce, I think, is still in want of a little increase in value; but, on the whole, seems to be going on very well. Frozen meat is selling now at reasonable prices—not high prices ■ and not low prices. So long as the grower of fat lambs can count on getting 7Jd here, 1 think he will be fairly well’content. On -the whole, 1 think, with the prospects for frozen meat, wool, and dairy produce, that we can look forward to an, improvement in things financially in tho dominion. Our farmers, 1 am sure, are very badly in- want of some increase in the value of their produce. Farming during the past two or three years has not been a very lucrative occupation, and I am sure we all desire in the future that produce will increase to more reasonable values.”

Sir John said he had looked up a speech he had made at the company's annual meeting thirty years ago. He had then stated that when a man had occupied the chair for thirty years it was time for him to retire. Well, lie was still chairman after sixty years, and that was a very urgent necessity that he should retire. However, he would consider the matter later on with his co-directors. He had seen one case of a man in Australia claiming a record as 'chairman of forty-five years. Tie was fifteen years ahead of that claimant—(applause). However, ho hoped that he would bo present to meet them again- next year. vHenr, hear ’’- and applause.) ■On behalf of- the staff and employees, .Mr AV. -L. Rood (general manager) thanked (ho shareholders for the words of appreciation, and also for the tangible jubilee gift. Although last to voice their respects, the employees 'were none ■the loss sincere in tendering congratulations to Sir John on his diamond jubilee as chairman. He paid a tribute to the chairman and directors for the pleasant relations he had enjoyed With them during his twenty-five‘years’ service with the conmanV. ■