OAMARU WOOLLEN FACTORY COMPANY.

Otago Witness, Issue 2649, 21 December 1904, Page 18

OAMARU WOOLLEN FACTORY COMPANY.

The annual meeting of shareholders in the. Oamaru Woollen Factory Company was held at Oamaru on Monday, 12th inst., Mr T. Meek (chairman of directors) presiding.

The Chairman, in moving the adoption of the r&port and balance sheet, said that 12 months a^o they had decided to make an addition to the mill, and that was now practically completed. This addition roade the mill as complete in every respect for thd work it had to do as any mill in the colony. The directors had also decided to a.sk Mr Patterson to visit the Old Country to procure machinery smd obtain information concerning the manufacture of worsteds, and he might say that he had obtained one of the. best plants in the colony for this special kind of work. Beside, Mr Patterson had picked up a considerable quantity of information that would be of material advantage to the company. The Oamaru Woollen Factory had made and maintained ii f.3f .3 reputation on the strength of the good quality of the tweeds it turned out, and ti\o directors intended to aidhere to the manufacture of a high-class article in the quality of the worsteds it turned out. Their tweeds stood at the head of the tree, and the directors and management were determined that their worsteds would attain the same &uccess. Referring to the balance sl'cet, they would reoogndse that it was not quite so satisfactory as last year. This was not due to any decline in their output, which was £3000 better than the previous year, but to the high price of wool, which lieoessitated a greater outlay, without, however, giving them a compensating return for their output. Dear wool, therefore, was not a good thing for factories. All mills had suffered in this respect. Still, the balance sheet should not be considered a bad 1 one, although it showed a diminution of their profits by £600 compared with the previous year. They wero able to add another £1000 to the reserve, which now stood at £4000, and pay a. dividend of 8 per cent. They were not adding the bonus of 1 per cent, this year, os the directors thought it best to husband their resources ; but they were carrying 1 forward sufficient to pay another dividend of 8 per cent, next year. He moved the adoption of the report and balance sheet.

Mr Headland, in seconding the motion, made reference to the history of the company — to ite failures in its initial stages, and now to the robust vifjp-ur that endowed it, w-l,:ch made it a strong and vigorous institution.

The motion was carried

Messrs James Craig and A. J. S. Headland, the retiring directors, were unanimously re-elected ; and Mr D. S. Montagu was re-elected auditor at the same" remuneration as last year.

Mr M'Douall moved a. hearty vote of thanks to the directors for the great ability with which they had managed the affairs of the 'company during the past year, 'fhe speaker said this was especially due when thoy considered the position of the woollen industry in other parts of the colony. The motion was seconded by Mr Grant, and carried unanimously. The Chairman, in returning thanks, ve"Terred to the directors as a happy family, in which there were no bickerings. Their finance was now easy, with none of those "joints and severals," as in the early days, whioh they were neper sure but that they Mould have to pay.

A vote of thanks was als>3 accorded the manager and staff, Mr Patterson returning thanks. — North Otago Times.