MOSGIEL WOOLLEN FACTORY COMPANY LIMITED

NZ Truth, Issue 605, 20 January 1917, Page 4

MOSGIEL WOOLLEN FACTORY COMPANY LIMITED

Forty-third Annual Balance Sheet

Since the war started a fconsiderable improvement m the condition of the woollen manufacturing industry has taken place. Apart from this, there have been v. considerable indications that matters were becoming settled, and thajt the industry was giving evidence or success. It is true that none of the woollen companies paid anything out of the way upon the capital invested, and the returns did not compare with the profits the ' Bradford people, or other Old World" manufacturers drew from this trade. Woollen manufacturers m any other country but New Zealand indicated to the popular mind something' akin to "surpassing wealth." It is one thing to cater for a world-wide trade, but another matter to do business m A. TINY LITTLE COUNTEY like ours. Trading under the latter conditions gets very close tp doing each other's washing for a living. Added to' this the "cut-throat" principles of inividualism which blight and wither the best of human nature, have v bee*n imported with our immigrants to the Dominion, and conditions here ore--becoming as sordid, and as* miserable as they have always been'inthe Homeland. The proprietors of our woollen factories show the samo attitude to their working people as is the case at Home. The wages m this trade "are a disgrace to those who pay them, and a "perpetual insufficiency for a decent life to most of those who receive the weekly pay envelope. r Now that matters are becoming more settled, and the woollen companies are really making money, a better condi- j tion for the workers should be within ; the range of possibility. It constantly { crops up m these reviews how little the j worker is considered "m the scheme { of things," even when the employing ; classes are "doing well." This gives 1 concern to ''Cambist," for he dreads the ; . growth of poverty which he sees creep- ' ing over the- fine young country of New Zealand. The narrow, selfish I views .of the employers are a perpetual menace to. everything decent or progressive m life. So soon as these people get a start forward upon thedividend path, just as soon do they commence to • TRAMPLE UPON THE WORKERS, and do their best to lower the conditions of life to the hundreds; of their employees. The consequences following are easily seen. Strikes and discontent become the method of expression on the part of the workers, A small increase m wages is doled out, j and a huge increase m prices for living ; commodities quickly follows. The wage-payer grudgingly gives, but tho merchant thief robs with grand opulence from the scanty wage env,elopo of the worker. Thla Is a perpetual cycle which the people of New Zealand must break m pieces. There has been too much of it m the past, and* the amount at the present time, ia a national scandal. One of tho Immediate palliatives which "Cambist" never falls to recognise, is tho bonus to tii© j workers that at times is granted when prosperity overflows the affairs of manufacturing companies. It is mno carping spirit that this writer refers to these matters here, for he desires to: see investors m sound trading con- i cerns and local maunfacturcrs flourish by fair means. ' - The Moagiel Woollen Factory has ' taken forty-four years to reach its pre- ■ sent position, and no one can say that i the results are m any way unreasonv ably protl table to the proprietors. Nevertheless, it soems to "Cambist" that the results ot this your should have stlmnlntcd tho "bonus spirit" m j the direction of the company. Tin 1 ' company has made £81U1 more this year than it did m tho previous one. The chairman admits that there has BEEN AN INCREASED TURNOVER, "arising from the higher values of tho goods sold and also to the much greater production of the mill." Of course, tho Inference is Unit "tho mill" did the greater production, but It seems that tho null could not go round iinlesri some humans were there to makp It do so. it seems a pity that thu bonus spirit did not grip tho board at thla point, but tho only thing that happened i.s that tho reserves of tho company were very strongly fortified, and tho carry-over much increased. This will be seen when dealing with the profit uml losh account lutes- on. This writer approves uf iho sound business managemeju shown In the report, but considers that there should have been more recognition of tha human element and tho need* that extra efforts entails upon the tailors. The reserve fuml may grow, but death mid at?f come faster u> tho worker. it is v tfiiKU s!jjht to H«.»o thu nilllu Krinrtlrsff out dividends and at the same time, to realist* that, after all. our lives are "like a weaver's shuttle," Lot It be hoped that life will bo better valued m tho future than It Is at present. Tho filthy and groan spirit of Mam Invades tho daily life of everything now. Th'- pajil-up capital of the company remains at £ £3,457. The reserve, fund was, lust year, £10,000. It ia now £1000 more, the addition having been uuule from the pro.'Us and placed to the marine Insurance fund. The two Items, therefore, total £17,500. THE LOAN UN MOHTCWai-: j sUimiM at ii 10,000, :uul no reference is > mn«U> to It m the report, I 'radically ; ihoto nre no otn«id«« hsiliil.tii-s njruinrl I the com puny, til* 11 only j<om MtantUnt; for these 1.-t £~l>T<. Thu :;h<»\v. ; i how well everything Iv.m Im-mi <-l'.;;<-d tip for the balujici'-sheM, It ix hb;hly creilllable. Oil tile aSH(t« ! 4. if ; «>nu> hcivv <>).- --i-rni!«>u:i hiivo t:-.S;eu pUun- m ih<- l.tii.l, itiilHi:-.. :\v.<\ iiuki iiitHi y luvot.nt. Th.« (■■am cif ,£HM(< \vit.s ;i<l<i«»tl for rep' •'"'''"• mentit <tutur-; v,<- \>m; un<\ i5!«-««> wtxnr.rn(v,t(;itf!y \v:!il*n off, pju.s .'jr.ortO for <s>>t.'ri cl.it ion. WhUi> t.lu- corTijKiny inn <!i til' 1 in'otiiiiilii £1)510, iJiey wrote iluin tW-.-.vu X.MO, ami tli,- net result l/t i !«. \<>\\{-> '.mi <>f tho liii-.jk valtu'M u\ this j ••u-'iuiii »-«f :j",o«.i'.i. 'i*h>- iuni «*i/t'rr«'<l ■ Im i:o\v Mamix :>\ t«.",-j33, Wiirchouxe i property iifiu.m i,>- without rtiutiKis ' !£,,.,,!; <!.•!•*.-< .-i!'" «reuj»>i- at X 14.51/1, { The iiicreuiie <;f roundly .C-JMK* In ,Ut« ■ l>, inoi.< trade, n.'l ijiikvfl. nil th«. follouin* »rv, i!H:iU'li!;K Die balance at. the li.':!'k <?f i.T'i/01, Tfiii corrtpany h:ii» '

invested £ 375 m the British Dyes, Ltd., which, it is to be hoped, will be beneficial. The goods manufactured and m process '"stand -at £50,697, an increase of £ SOOO. All of this accounts for the bigger profit and loss account balance on the "right side" of things. The gross profits' total £40,305 as against £25,932 last year. As already mentioned, the net profit for the year was £16,097 as against £7936 m the previous balance-sheet. Jt is a pleasant thing to find a matter of £8181

AWAITING .' DISPOSAL after all bther debits have, been written off. The company has .written ' oft; various accounts, m the form of depreciation, replacements and additions*, $o reserve fund, no less than £8911. Last year the amount was only £6000, so that it can be seen that they are rapidly buildings up a very strong secret reserve fund. It is good to see this, and no doubt the wisdom of these provisions will be seen reflected m .the values of the company's shares m the near future. ■■■.■> ■ ■ ■

Since 1913 the company has added to the teachinery account £19,904, but it has written off no less than £23,510 at the samo time. The difference, £ 3(600, hardly ■ reflects how much the secret reserve has grown, but it indicates, m a measure, how solid the whole business is. "When a company can treat brand hew machinery as if it were scrapped, there is no reason to doubt the values placed against such assets. "Cambist" truly wishes

THAT ABOUNDING PROSPERITY has permajiently set In upon the affairs of the company. _ He hopes, furthermore, that its workers i vrill fully shore m its rising fortunes. That is the way to make thin country worth living m and worth "fighting f dr. We sadly need a brotherhood of wealth which Includes all — not a few.