THE MOSGIEL WOOLLEN FACTORY COMPANY.

Otago Daily Times, Issue 14379, 24 November 1908, Page 4

THE MOSGIEL WOOLLEN FACTORY COMPANY.

It is not going too for to say that not only its shareholders, hut the members of the community as a whole, are interested in tho welfare of,: the Mosgiel Woollen Factory Company. For the company represents a local industry that is to be regarded with a certain amount of pride, and not least so since it was the pioneer of the woollen manufacturing industry of the Dominion, and has been to a large extent responsible for the reputation which New Zealand enjoys in respect to the manufacture of woollen goods. Two years ago tho directors of the com-

pany faced the nnnnal meeting with a balance sheet, which was somewhat discouraging, though the chairman was' able .to offer the assurance that there was no cause for alarm, since, as he reminded the shareholders, over a period of thirty-one years the total of bad debts the company had incurred was only £5220, while during that period they had received dividends averaging nearly 8 per cent, per annum. It is satisfactory to be able now to concludo that the assurance then given is being justified, for the company's annual report and balance* sheet are welcome this year as Affording good ground for the belief that jts prosperity belongs to the future as well as to the past. This year-''tho directors have been able to declare a dividend of 5 per cent., and the figure would have been more satisfactory still, we are told, had there not been a breakdown of machinery during .the'year. A profit of £7784 was yielded, by the year's operations, and the chairman stated J i\t the annual meeting last week that the mill had been fully employed, that a ready, market had been secured for all good; that had boon produced, and that the sale's exceeded in value- those of the previous year. It may be accepted as an encouraging sign that it-has been, found desirable to increase the productive power of the mill in respect to goods, for which the demand has been in excess of the supply ■ while it serves as an indication of progress that the expenditure for new build-' ings, maohinery, and engine deemed necessary during the past and current years amounts to £7203, of which IiiSOO has been already written off. The object in view in procuring this new machinery, it is to be noted, is more to reduce 'the necessity for overtime work than to increase the output. This means that a reduction in the cost of production will be ' brought about," though, of course,, steps will be taken to increase the output by the resumption of overtime work ehonld occasion cell for sucli a course. An enterprise such as v the Mosgiel Woollen Factory Company represents has a sufficiently strenuous task to its own in these days of keen competition, and the increased importation of woollen goods and "shoddy" made-up clothing' has been a rather serious niPiiace to the prosperity of the woollen mills of, the Dominion. The quality, however, of tho products of the New Zealand mills, unsurpassed as -it'is by that of tho manufactures'of any other country in the world, is their best recommendation, and th.e community will be glad to think Hwt Mr Robertas confident nopo respecting the'future of the Mosgiel Company is Hkelj_to-.be realised. ~._-s?j