MOSGIEL WOOLLEN COMPANY

Otago Witness, Issue 3584, 21 November 1922, Page 28

MOSGIEL WOOLLEN COMPANY

The forty-ninth annual general meeting of shareholders in the Mosgiel Woollen Factory Company took place at the company’s office, High street, on Monday, 13th inst. Sir John Roberts, C.M.G., chairman of directors, presided over an attendance of about a dozen shareholders. In moving the adoption of the annual re port, which has been already published, and balance sheet, the chairman said ho was pleased to be again able to congratulate shareholders on the company having had a successful year. When they last met in general meeting he had mentioned that the colonial mills were to a certain extent experiencing somewhat severe competition from Home manufacturers, and although this had been in evidence during the past year, the result had not been much felt by the company, as the profit- with which the year had closed was quite satisfactory, as was evidenced by the increase of profit from goods account amounting to £2943. During the now current year colonial mills would require to face a material increase in the cost of merino and to a lesser extent in fine halfbred wools, but he was hopeful that in spite of this they- would be able to sell their productions at prices that would result in their earning a fair profit- It was, however, necessary that caution in the conduct of the company’s business should be exercised, as undesirable developments might arise without much warning, and shareholders might rest content with the assurance,of the directors that they would carefully watch the position. The mill had been kept fully employed and the output had been quite satisfactory. The good demand which the conipany enjoyed for products of the mill prompted the directors to consider the question of adding some new machinery with the view- of increasing the output, and the mill manager, a-t the request of the board, had submitted a list of various machines which w-ould be required to this end. It would not be necessary to provide for additional buildings, as they would be able, by the reorganisation of the room at their disposal, to accommodate the new machinery. There were now on order from the English makers tape condensers which would cost about £2500, and it was to be hoped that these machines, which had been on order for some time, would arrive before long., The cost of the new machinery w hich it was intended to place on order soon would amount to about £12,000. Although about £15.000 would be required to cover all the outlay on the new machinery, he was glad that the company’s finances were so strong that no call on the uncalled capital of the company’s shares would be necessary. Very little was required at his hands by way of explanation of the balance sheet and profit- and loss account, as there was a great similarity in the figures of October, 1921, as compared with October, 1922, and there were only two items to which he needed to drawattention. One was the credit balance w-ith the Bank of New Zealand, which was higher by £4222 11s 9d, arid now stood at £25,606 13s 4d, and the other was the investment in Government loans increased by £4554 15s, and now standing at £29,654 15s. It would bo noticed that the board had provided in the profit and loss account for £SOOO depreciation, £SOOO reserve account, and £SOOO for the employees’ benefit fund, and shareholders would please note that the motion for tlio adoption of the report carried with it approval of these three appropriations. The reserve account showed the same amount to credit as appeared last year, and this was accounted for by £SOOO which was set aside at last meeting of shareholders for the employees’ benefit fund being charged to the reserve account, and this year a sum of £SOOO had been added. He was sure nothing was required at his hands to commend the setting aside of a further £SOOO to the credit of the employees’ benefit fund. All must, he thought, feci that their employees were entitled to share in the prosperity of the company. If his appropriation was approved it would he understood that the directors were authorised to set aside another £SOOO of Government war bonds as an investment of the additional £SOOO transferred to the employees’ benefit fund from profit- and loss. It would be noticed that the directors had during the year paid an interim dividend of 4 per cent., and a further dividend of 4 per centwith a bonus of 3 per cent, was now recommended, making in all a dividend for tile year of 8 per cent and a bonnes of 3 per cent. It was again his pleasant duty to express the board’s thorough appreciation of the excellent services rendered by Mr "Wood and all the employees at the mill, as also by Mr Cameron and his staff in the warehouse. Mr John Mill expressed his great pleasure at seconding the motion. The report and balance sheet showed that their business had been well arid safely looked after and guarded. Under the successful guidance of the directors the company had grown to be a very powerful institution. The. motion for the adoption of the report and balance sheet which, as the chairman explained, carried with it approval of the appropriation to the profit and loss account, was carried unanimously. The retiring directors —Messrs J. S. His lop and J. S. Sinclair —were re-elected unopposed, and Messrs Peter Barr and David Crawford were reappointed auditors. Mr M. S. Holmes moved a cordial vote of thanks to the directors, to Mr E. Cameron and the office staff, and to Mr Wood and the employees at Mosgiel. The balance sheet, lie said, was ample proof of the good work they had done, and lie was satisfied from his own observation that the work had gone forward in a systematic and well conducted manner. Mr Craig seconded the motion, which was carried with applause. Sir John Roberts, in returning thanks, referred to the fact that in 12 months’ time the company would have completed its halfcentury. lie was the only survivor of the original board, and he had been on it from the very commencement. lie regretted very much that lie would not be present at the next meeting, as lie was going Home in April, and hoped to he of some service to the company there in regard to the ordering of new machinery. During the last, few years the company had certainty made excellent results, and lie hoped they would continue 1.. go on and prosper. Mr E- Cameron returned thanks on tiehalf of the man tun merit, and stall and employees. Mr Peter Barr moved a resolution eorigrntuSntr.g dr John on the fact that ] 1: , had been on the board through all these years, wishing him a pleasant voyage and a safe return and a Jong continued term of office. Mr J. Lethbridge seconded the motion which was carried with hearty applause.

A weasel was seen at Mokiliinui to climb a tree, take two young tuis from a nest, throw them to the ground and hastily descend and take them to cover before the parent birds arrived (reports the Westport Times),