COMMERCIAL

Gisborne Herald, Volume LXVIII, Issue 20619, 21 November 1941, Page 8

COMMERCIAL

MOSGIEL WOOLLEN YEAR PLANT EXPANSION A highly satisfactory year was reviewed by the chairman, Mr. J. S. Kislop, at the annual meeting in Dunedin of the Mosgiel Woollen Company, Limited. During the year, Mr Hislop said, work at the mill had gone on without interruption, the bulk of the orders ••being, of course, Government contracts. Sales again showed an, increase, with a resultant increase in net profit. The company had spent a considerable sum on new plant and machinery, and this would have been larger if everything ordered had come to hand I During the coming year repeat orders for these were expected to come to hand, and in addition several further orders for more plant which would give increased efficiency at the mill. During the year a substantial amount was invested in New Zealand 1941 war loan, and the company's 3£ per cent, free of income tax stock, had been converted to 4 per cent, and 3.} per cent stock, on which tax was now payable. Although the 1940 provision for income tax was a record at £45,000, it was necessary this year to exceed that amount and provide £49,000. Mr. A. H Fisher said the company had had a record year which might, to some people, justify the company paying a bonus, but when it was realised that the nation was at war and that every shilling should be conserved to meet eventualities, the conservative attitude of the directors was to be commended.