MOSGIEL WOOLLEN FACTORY.

New Zealand Times, Volume XXXVII, Issue 6439, 2 December 1881, Page 3

MOSGIEL WOOLLEN FACTORY.

Dunedin, November 24.

The annual meeting of the Mosgiel Woollen Factory was held this afternoon. The report stated that 2150 unallotted shares have been successfully placed at a premium of ss. It is intended to replace in brick and cement the main buildings, and it is said that the saving in cost of insurance will justify the outlay. After making due provision for bad and doubtful debts, &c., there is a fcaiance of £6930 19a 4d, which the Directors recommend should be applied as follows: —£245 n i2s 6d to payment of dividend at the rate of 10 per cent, per annum for the half-year on the 70s paid up on original shares, and the same dividend for three months on the 10s paid up on shares of the new allotment; £3OOO to be added to the reserve fund, thus raising the amount at the credit of this account to the substantial sum of £IO,OOO, which can be applied at any time to the purchase of new machinery ou the extension of the company’s property ; and £I4BO Gs 9d to be carried to the credit of the new profit and loss account. Mr I. Roberts, Chairman, 5 ; - moving the adoption of the report, said if th shareholders were only content with moderat dividends and allowed all profit beyond that to o-o towards writing down the cost of the plant and the increase of the company’s property bj introducing more, machinery, he saw bo 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 10 per cent. ; hut he held a very strong opinion that no more should be paid until th, cost of the mill was written down to about onehalf the original cost, Mr A. <T. Burnseconded the motion for the adoption of tV report, which was unanimously agreed t<. Mr Burns said, in reply to some criticiemwhich had appeared in a Northern paper, thai. there was no mill m Britain which hao better plant than -was now in the Mosgiel Woollen Factory. It was a matter for con - gratulation that, since the formation of the Company, there had only been two changes in Directors, and there had always been unanimity at their meetings, Messrs J. Heberts and A. J. Burns were then re-elected Directors.