PROPOSED WOOLLEN FACTORY FOR ASHBURRON.

Ashburton Guardian, Volume III, Issue 528, 7 January 1882, Page 2

PROPOSED WOOLLEN FACTORY FOR ASHBURRON.

A meeting of gentlemen i nterested in the formation a company for the purpose of starting a Woollen Factory in Ashburton, was held yesterday at the upper room of the Town Hall. Mr Thomas Bullock was voted to the chair. Mr Millar who was present on behalf of the owner of the plant now under offer, explained the various machines of which it was composed, and stated that the number of hands required to work it would be about thirty. He stated that the machinery was of the latest and most approved kind, and had been at work for a short time in Scotland, and that the tweeds, etc., turned out byfthe mill were of the best quality. About a nine foot fall of water would be sufficient to work the mill, and this could easily be obtainable in the neighborhood of Ashburton. The reason the machinery had not been put up yet, was because it hkd only arrived about six or seven weel :s ago, and the owner had found that it required too much capital'Tor a private individual to work successfully in New Zealand. As an instance of the faith, the present owner would have in the company, if started in Ashburton, he would take 250 shares. The Chairman said that he would like to see the Cheese and Butter Factory satisfactorily established before floating another company; still, the question of purchasing the plant under offer was certainly an important one, and he believed could be effected if the offer was extended for a short time longer. Mr Millar said that enquiries from other quarters were now being made in respect to the plant, etc., but as they had taken the initiative he would hold the offer over for ten more days. It was then resolved that those gentlemen present should form themselves into a committee for the purpose of ascertaining whether sufficient capital can be raised to secure the plant, etc., to ■ report progress in seven days. ! A suggestion was carrie|i that the nominal capital of the company should be not less than L 50,000, in shares of L 6 each, 20s paid up, and that LIO,OOO would enable the company to procure an efficient site, erect buildings, and purchase plant, etc., in the interim. Mr S. E. Poyntz stated that Mr E. G. Wright, M. H. R., and Mr J C. Wason, M. H.R., had promised their support to the company, and there were a number of other influential gentlemen who would take shares. It was resolved that those present make every endeavor to get the feeling of the district generally upon the movement before Friday next, and, after a vote of thanks to the chair, the meeting adjourned until that date.