WELLINGTON WOOLLEN COMPANY.

New Zealand Times, Volume XLIII, Issue 7222, 18 July 1884, Page 6

WELLINGTON WOOLLEN COMPANY.

Tho second ordinary meeting of tho Wellington Woollen Manufacturing Company was held at the Chamber of Commerce Monday. There were about thirty shareholders present, and Sir William Fit/.herbert, the acting-chairman, presided. The following report was read ami adopted, on the motion of the chairman, without discussion :—Your directors were elected on 29th January last. The results of their management during the live months computed from that date may be thus stated : 1. They have selected the ICorokoro, Petouo, as the mod; suitable sight for the establishment of a woollen factory. 2. This site is situated on part of a native reserve, and has been secured after somewhat difficult negotiations, and an agreement entered into with the natives at a price fair as between vendors and purchasers. This agreement has been, registered. 3. An agreement, subject to tho completion of the conveyance of tho above has been entered into with the lessee of a portion of the above site, comprising a mill and race (with right of immediate entry), at a price which may be considered advantageous to both the contracting parties, d. A conditional agreement has been made with Mr George Ramsden as manager of the proposed factory. This gentleman was summoned from Canterbury to interview the directors, and, after viewing the site together and discussing tho whole question of tho proposed factory, your directors decided to call on Mr Hams len to furnish them with full and detailed estimates for the proposed buildings andmachincry. 5, 1570 new shares have been taken since the balance-sheet was made up, making the total already placed amount to 11,890, and further shates are still being applied for. G. Your directors believe that the amount of shares already taken is sufficient to justify the calling for tenders for buildings and machinery without delay, and they strongly urge the prudence of reserving a considerable portion of the shares not yet applied for. Your directors, in the exercise of the powers vested in them, have appointed two directors to fill up casual vacancies which had occurred. Tho Chairman has only acting provisionally, and has expressed his wish to retire. Under these circumstances, your directors, having only one object before them, and that the successful establishment of woollen manufactories in this district, have decided to give you the opportunity of selecting a board more directly representative of the general body of the shareholders, and thereby securing a cordiality of feeling on the part of those interested in the establishment of such manufactures. With that object, instead of two member.? of tho board retiring on this occasion, as provided by the Articles of Association, the whole seven members have decided to resign. They do not offer themselves for re-election ; but will stand aside, and leave the nomination of any one or more of their number to tho shareholders themselves. The balance-sheet was also submitted and adopted. The following gentlemen were elected a board of directors ;—Messrs D, Buick, K. Cleland, J. Dransfield, MrW. A. Fitzherbert, J. 11. Heaton, T, K. Macdonald, Charles Tringham.

Messrs Widdop, Kennedy, Kember, and C. W. Brown, were nominated for the office of auditor. Messrs Kember and Kennedy, on a vote being taken, polled level, and the chairman gave his casting vote in. favor of the latter, who was therefore eketed. The Chairman, in requesting the meeting to fix the amount of remuneration to the auditor, said the directors were of opinion that the sum paid to the last officer (10 guineas) was not sufficient, and suggested that it should be increased to fifteen guineas. On the motion of Mr Southey it was decided that the remuneration should be ten guineas, as before. Sir William Fitzherbort offered his congratulations to the shareholders of the company upon the position in which they stood. The company was now possessed of a property which was second to none used for a similar purpose in the colony. It required nothing further than that the directors should pay the same attention to the interests of the shareholders as had been paid in the past, and the business of the company would be one of the most flourishing in New Zealand. Mr T. K. Macdonald said it was incumbent upon the shareholders to tender their hearty thanks to Sir William Fitzherbert for the services he had done them. The company would only e-teein those services at their true value when the works were completed. If shareholders would take the trouble to visit the site of the proposed works, they would understand better what a debt of gratitude they owed to their chairman, as well as to Mr Cattell, for securing the land at a very 1-w price. Sir William had spared no trouble or attention. He would move that the heartv thanks of the meeting be tendered to Sir William for his services.

In answer to a question, the Chairman sai l he had ma le inquiries, and it appeared on the minutes of the company, that in the opinion of experts the site selected was without exception, m all respects, the most suitable in" New Zealand. The floods did not produce any inconvenience whatever, for no flood in his long experience ever interfered with the Korokoro Stream. He could not say wh-ther the sea air would be detfimental to the dyeing process, but the experts had alluded to it aa likely to interfere with the process. Mr Ramsden, a gentleman who, had been engaged provisionally as manager of the company’s works had said, after an inspection, that the site was all that could be desired in every respect. The water of the creek was, according to Hr Hector, of the very best quality. The site, too, was open to the main road ; and there was another advantage

in that Micro wove no other works in the n dghboiho.*l t> pollute Mm w.it-T of lb.creek -r to -nll-r m>•■mv-Mi-Mre f:-i*m tii.* op

; I:- ovO i> *u o’. t h.- di i •«•*.. *v > in •« * or;; i p • • tonptive right over 70 u.-roab >ve the >i‘.e. lie did hone that the sh.irohol.U*r> wou!<l u*>ik together. Aelhui, but mbm.uMgemeiit w-eud prevent the operation-* °f the enapany fr*>m luv-uung a brilliant mkvosm Tdr Mu-her, speaking as a pra.-tieal man, th-vj;hr. the sit,' was one of the lu-.-t whi. li could" have been obtained. The vote of thanks having been carried by ruvlam ahm, the proceedings terminated.