THE MOSGIEL WOOLLEN FACTORY.

Lyttelton Times, Volume LVI, Issue 6473, 25 November 1881, Page 5

THE MOSGIEL WOOLLEN FACTORY.

[Pbb Pbbsb Association.] DUNEDIN, Nov. 24. The annual meeting of the Mosgiel Woollen Factory was held this afternoon. The report stated that 2160 unallotted shares have been successfully placed at a premium of 6s. It is intended to replace in brick and cement the main buildings, and the saving in cost of insurance will justify outlay. After making due provision for bad and doubtful debts, &0., there is a balance of £6930 Ids 3d, which the Directors recommend should be applied as follows .—£2460 12s 6d to payment of dividend, at the rate of ten per cent per annum for half year, on the £3 10s paidup original shares, and same dividend for three months, on 10s paid-up shares of the new allotment; £3OOO to be carried to reserve fund, thus making the amount at credit of this account the substantial sum of £IO,OOO, which can be applied at any time to the purchase of new machinery, or extension of the Company’s property, and £I4BO 6a 9d to be carried to the credit of the new profit and loss account.

Mr J. Boberte, chairman, in moving the adoption of tho report, said if the shareholders were only content with moderate dividends, and allowed all profit beyond that to go towards writing down the cost of plant and increase of the Company’s property by introducing more machinery, he saw no reason why the Mosgiel Company should not prove itself to be more than a match for any competitor. He did not mean to say that they should never pay more than ten per cent, but he held a very strong opinion that no more should be paid until the cost of the mill was written down to about one-half the original cost.

Mr A. J. Barns seconded the motion for adoption, which was unanimously agreed to. Mr Burns said, in reply to some criticisms which had appeared in a Northern paper, that there was no mill in Groat Britain which had better plant than was now in the Mosgiel Woollen Factory, it was a matter for congratulation that since the formation of the Company there had only been two changes in the .Directors, and there had always been unanimity at their meetings. Messrs J. Boberts and A. J. Burns were then re-elected Directors, and the proceedings terminated. .