TIMARU WOOLEN FACTORY.

Timaru Herald, Volume XLII, Issue 3511, 30 December 1885, Page 5

TIMARU WOOLEN FACTORY.

The half-jearly general meeting of the shareholders i>f the i iinaru Wuollen Factory Company (Limited) was held m tho Oddfellows' Hull, dophi.i street, on December 10th. ilr U. Li. Courtis (Chairman of Director*), presided, and there were present about eighty shareholders. The Secretary {Mr W. M. Sims) read tbo advertise nent calling the meeting, and then the minutes of the last general and of a special meeting which were, after a slight • I scußsion, confirmed. The Secretary then read the balance-sheet, and the Directors' report, as follows: — " The Directors have much pleasure io ugan meeting the nharebolderii with their half-yearly report and balance aheet, ended 2 1st November, 1885. '■ The Directors are glad to inform share* holders that the bulk of the plant and machinery has arrived here by the Lochnagar m excellent order, and that great energy is being shown by the empl yees m erecting it, so that a commencement of operations may be shortly expected. The excellent term* on ' whieii it was purchased has greatly facilitated the financial operations of the Company. "On reference to the balauce sheet, share* holders will see that 4105 shares have been issued; but m addition to this, applications from the present shareholders hive !>eea made for over 1500 new shares, and the iMrecto'9 hare every reason to believe that as soon as the new Articles have beeu adopted, a it ill further demand for shares will be made. " A printed copy of the proposed new Articles has been sent to the registered a lIress of every shareholder for perusal; and as thu adoption or otherwise is to be considered at this meo-ing, it is to be hopad that ererv shareholder will endeavor to be present." The Chairman m moving the adoption of the report and balanca *heet, said he would n »fc go over t'<e eventd of the p&dt two tears as the shareholders hud be n wall posted up, especi Uy m regard to the progress made m the Company's affain. By the balance-sheet it would appear that the t til cost of the mill had been £7«95 That amount, though it Hid not in■:lude interest on lime payment", exceeds the unount previou-ly stated, by the difference only m the approximate estimate, and the ie.timl cußt of freight, viz., £110 '. 'i'tie cost of the buil.'iiigs and additions bow i-i course of erection wi.l amount to about £2500. He iad no hesitation, he suid, m eaying that the irehitect and contractors bad carnei out the Aorl; faithfully. As an asset, the buildings were w,,nh fullf 20 per cent more than the contract irice. The plant was c >ming to hand m Gi-stcl-uis order, aid did uot ex e«d tno unount previously tttated. The hi rinding of the Hudson, he elated, had had the effect of locking up some £150 of the funds which could huve been invested to advantage m the purchase of wool. He mentioned what had been done as regards tlieeucue-stul negotiation of a loan over the premises, and impressed on shareholder) the necessity of taking up inord shires, and eiid that manufacturing operations would no doubt be started m about a mon hor aix weeks. He had mutih plouure m moving the adoption of the report and balance-sheet. Mr I'eiinant seconded the adoption of the report and b ilance-sheet. which, on being put io the meeting were adopted unanimoaaly. Mr Hill m-ved, Mr v\ m. Murtia seconded, md it was carried —" That the capital of the Company bo increased from lO.iXXJ to 20." OD shares of £l oach " Mr UiU further moved, and Mr Wo. Mat in seconded — " Th>tt this meeting now approves of and adopts as the Articles of V>soi.-iati n those now submitted, o£ which a copy lias been sent to every suaruholder." The motion was after a slight discussion carried. Mr Hill further moved, and Wm. Martin iiecondcd, and it was carried unanimously — ■' That the original Memorandum and Articles be rescinod from this date, and the now Articles be substituted m lieu thereof." The election of Auditors was theu procoerled with. Messrs Granger, Quinn, Davidson, Kraaer. and Cook were nominated, «nd on a ballot being taken, the first two , named gentlemen were elected. be A urlitors' remuneration for tbo ensuing year was filed at five fully paid up shares each. A voteof thanks waspas-ea to i ho Chairman, and Directors and the meeting lien terminated.