MOSGIEL WOOLLEN COMPANY.

New Zealand Mail, Issue 976, 14 November 1890, Page 33

MOSGIEL WOOLLEN COMPANY.

(per press association.) Dunedin, November 11, lhe annual meeting of the Mosgiel Woollen Factory Company was held to-day. lh ®. D^ector 8 Btated that the amount at credit of the profit and loss aeconnt. after making provision for bad debts (£447 8s 6d) depreciation of plant (£1250), and interim a.rcady paid (£2475 0s lOul is I Directors recommend | the appropriation of this sum as follows : Payment of a dividend of 8 per cent, per annuno for the half-year, absorbing £2752f?’ ® arr > ln S forward the balance (£l4O 11s lOd) to next year’s account. Mr J, Roberts, the chairman, in the course of hia remarks, said that although trade was considerably interfered with during tha last two months, the Company’s turn* over during tho twelve months exceeded that- for the previous year by £7OOO, and that did not cover the increased turnover on the Company’s mills. Tho profit appeared to be larger than it was last year,- but the increase was fully required to pay the dividend on the increased capital. Ia order to account for the somewhat lessened result of the Company’s operations during the past year, he might state that during the months of September and October—in fact, ever since the 3rd September —the Mosgiel mill had been only worked two.thirds time, the Kaikorai one-half time, and the Ashburton mill had been closed altogether since the 14th of September owing to the want of coal. The report was adopted, and special reference was made to the loyalty of the employes who had refused to become mixed up with the strike. Messrs John Roberts and J. Burns were re-elected Directors, and the auditors were re-appointed.