ASHBURTON WOOLLEN FACTORY.

Ashburton Guardian, Volume III, Issue 648, 29 May 1882, Page 2

ASHBURTON WOOLLEN FACTORY.

A meeting of shareholders in the above Company was held this afternoon, at the upper chamber of the Town Hall. There was a large attendance, Mr T. Bullock occupying the chair. The Chairman said it very gratifying to see so many present, as it evinced the lively interest taken in the highly important project. As an impression had got abroad that the machinery obtained for fthe factory was of an inferior kind, steps had been taken to ascertain from Home, what the price would be, and the very best machinery obtainable. It was not contemplated to use the plant just purchased, but portions of that machinery were worth the whole price paid by the company. The starting of the factory was such an important step that the company did not intend to go to work without having appliances of the best description to be had. He was very pleased to see that the total number of shares applied for was 1,143, and Messrs Scott Brothers had ottered to take two-thirds of the value in shares of the machinery taken from them. He might add, for the information of the shareholders, that the company did not intend to use water-power, as had been rumored, but would work the factory by steam. Mr Purnell enquired whether the company would start with the present sharelist, or would wait until that list was larger.

The Chairman replied that the com pany were prepared to go on at onco. Mr Pavitt enquired how many shareholders there were.

Mr Poyntz, the secretary, said that there wero about 120 shareholders. Mr E. G. Crisp then read the headings of the articles of association, from which it appeared that it was proposed to call the company “ The Ashburton Woollen Factory Company, Limited,” and that the capital should bo L 25,000, in shares of L 5 each, to bo paid by calls not exceeding 10s each, at intervals of not less than three months each. The remainder of the articles wore of no interest to the general public. The articles wore adopted as road. On the motion of Mr Purnell the number of directors was fixed at seven.

The following directors wero then ap pointed :—Messrs E. G. Wright, D. Williamson, Bullock, A. Orr, J. Orr, J. Ward, and 11. Friedlander. The meeting then terminated.