BRUCE WOOLLEN MANUFACTURING COMPANY.

Otago Witness, Issue 2310, 9 June 1898, Page 11

BRUCE WOOLLEN MANUFACTURING COMPANY.

An extraordinary general meeting of shareholders in the above company was held in St. George's Hall, Milton, on Thursday evening. About 300 shareholders were present, and Mr W. Moore (chairman of directors) was fn the chair. The meeting was called for the purpose of electing a director to fill the .vacancy caused by the death of Mr -James Gray, and of submitting a scheme^ for the disposal of the unallotted shares in the company. The Chairman referred in feeling terms to the loss the company had sustained through the death of its late director, and announced that there were two nominations for the position — Messrs W. Grey (Milburn) and A E. Stewarb. The ballob resulted in tbe election of the latter.

The meeting then went into discussion of the scheme fo* the allotment of the unallotted shares.

The Chairman, in the course of his remarks, stated that although the mill had practically been running only for three months it was already tunning at a profit. — (L-.ud applause.) In consequence of their having had to enlarge the building and to secure further machinery to cope with the demand for Bruce goods, it was desirable that they should allot some of their unallotted shares. They were in a pemition, however, to decline to issae shares to outsider*, and it was intended to give present shareholders the opportunity of taking additional shares. The directors would guarantee that not more than 6s 8d per £1 share would be called up within two years, the remainder beiDg held as security for the accommodation of the bank. It was proposed to allot 8000 of the unallotted shares.

Mr D. Reid also, addressed the meeting, and emphasised the unqualified ■ success which had attended the company's efforts. He- referred to the capital position of the fsctory, and thn convenience of water, wool, and fuel, and stated that it was not intended that the company should ever drift into the. hands of a few, bat should always remain the property of the present shareholders. He was convinced of its success, and would back his opinion by sobscribing his name for an additional 200 shares. (Loud applause.)

Shares were then applied for, and in the space of a few minutes over 2000 h*d been subscribed.

The meeting was a most enthusiastic one ; the shareholders, without exception, bang convinced of tbe assured success of the company.

A vote of thanks to the chair terminated the proceedings.