TIMARU WOOLLEN FACTORY COMPANY.

South Canterbury Times, Issue 3307, 7 November 1883, Page 3

TIMARU WOOLLEN FACTORY COMPANY.

[To the Editor.] Sis, —I see that there is to be a meeting of the shareholders of tiro Tiroaru Woollen Factory Company,this evening, for the election of Directors, and I hope that there will bo a full master as it is of the utmost importance to those who have given in their names and paid their money, that they should see their interests are looked after. My object in writing, is to point out that it will be little less than folly to start operations with a less capital paid up than £15,000,

[sic) or without a fair prospect of a market for the production of the mill. Because 3000 or 4000 shares _ have been taken up it would be simply absurd to launch out unless a great deal more support is received. Of course there are those who would like to see a mill started, even if it only resulted in a failure and loss to the shareholders. I am not one of those, however, and hope that it will not be started unless success is assured. I see by the report of the Kaiapoi Company, that their mill is not kept going, that they have large stocks in hand, and that they could put through one third more orders if they had them. The Oaraaru mill has just commenced work, and the Ashburton one is nearly completed. I think therefore that it will be only common sense to wait and see if the wants of the trade are not already provided for,before any further steps are taken—l am &c., Shareholder.