OAMARU WOOLLEN FACTORY COMPANY.

Oamaru Mail, Volume X, Issue 4282, 3 December 1888, Page 3

OAMARU WOOLLEN FACTORY COMPANY.

The annual meeting of the shareholders of the Oamaru Woollen Factory Company will be held on Monday evening next, and it is gratifying to know that the Directors will then be able to meet the shareholders with a much more satisfactory statement of the Company's affairs than they have at any previous period been able to do. We have been favored with a copy of the report and balance-sheet as duly certified and adopted at a meeting of the Directors this morning. We give the report in fnll below, and, as it deals with the position of the Company, it Is not necessary to make any particular reference to the statement of accounts, especially ps shareholders will be put in possession of printed copies of it in the coarse of a day or two. We may, however, mention that after writing off two per cent, for depreciation of premises and plant, the balance-sheet Bhowa a profit of LllsO. The report is as follows The Directors, in their annual report, have much pi* a»ure in informing the shareholders that the result O' the year's operations has been of a satisfactory nature. The credit balance, as shown by the balance-sheet, is LllsO 7s sd, after writing off L 449 for wear and tear. The goods manufactured by the Compiny evidently find favor with the publio. aB the factory has been kept fully employed with satisfactory orders, the output being increased by fully 1200. ! A substantial reduction has been made by the Company's bankers In the rate of interest charged for overdraft. his concession ' was made in consideration of some of the Oiiectors (ictiug as guarantors) paying off a considerable portion of tbe amount due t j the bank. It is desired, however, to make a farther redaction in this direction, and the I shareholders are requested to co-operate I with tbe Direotors towards this object. • It is only fair to point out that not only have the Directors made themselves personally liable, but have had to give very [ able finacclal assistance. in order sat'fl. faotorily to carry on the business of the C mpany and to conserve the interests of ' the shareholders It is only right therefore that the shareholders on their part should do all they o«n to assist and relieve the Directors of the great responsibility , they hive undertaken iu protecting their interests by at least taking np a sufficient namner of new shares to cover the amonnt advanced by the Directors. This they more confidently do. as tbe busi less is now assuming a very profitab'e character. The Director can'recommend the public to invest and wonld ask the ahareholdera to consider the advisability r f guaranteeing 6 per c nt, on all shares tskea after tilts date, as an arrangement of this obaraoter would be more satisfactory than paying a higher rate of interest to the bank. The Direotors think It would be unadvisable to pay any dividend this year, ns the Company is frequently very much hampered and has difficulty in purchasing wool at the most advantageous time and market, and, in fact, baying when available. A good and constant supply of wool is absolutely nacesS«ry to the profitable working of the *3conat.

Great difficulty has been experienced in collecting arrears due on shares, over > 400 being still owing; and the Directors have had to forf- it 345 shares.

Kvery eff >rt is being made by the Diroafc "ra to put the i hareholdera' p-oprfc? on a f»c-ory basis, and if the shareholders on their part will do all in their power to aid them. It ia believed that before long the property will become a valuibie one. The retiring Directors are Messrs J. All'n, J. M. Brown, and W. H. 8. Koberts, who are eligible for re-election.