ASHBURTON WOOLLEN FACTORY COMPANY.

Ashburton Guardian, Volume IV, Issue 956, 30 May 1883, Page 4

ASHBURTON WOOLLEN FACTORY COMPANY.

r The'annual'generan meeting of the shareholders of this Company was held yesterday -afternoon in ff the Arcade Chambers. There was an - excellent attendance, and Mr T. Bullock occupied said that as the Factory was not yet in. work the Directors not prepared a report. He might state verbally that the building, which was said by experts to be one of the best of the kind in the colony, was nearly completed. The machinery in their possession was of a very high class, and had been valued at £IOOO. Those present were aware that a resolution rr ie increase of the capital would be brought before the meeting. He had always thought that £25,000 was too nmftlland.he trusted the meetinirwould pass the resolution put before them. Ho might mention that if the Factory had started this year, the Companv, would, have been able to pay a 20 per oanfSmdend on the first year. The reason of his saying this was that wool was so cheap at the present time. But although he was sorry the Factoryj had not yet started, he had no doubt of its ultimate ■access. For his part, he had told those whom he ‘had induced, 'to take. snares, not to the first. year, but Without ■ hesitation th at if wSUrern afn ed at the price it was at would be, declared at the end of the second year. In conclusion he moved the adoption of the report. and balance'-sheet. . Mr J Ward asked if the amount m the balance-sheet of £ll2B 9s 8d represented what - was * actually paid for the machinery. He had understood that £BQO-woulA-be the coat. The Chairman said that the sum in question included the coat of carriage and a scouring machine. , Mr J. Ward also drew attention to the preliminary expenses which he thought were very large. He asked the question merely for the benefit of the shareholders. xho Chairman said that there were always large expenses incurred in the starting of a new company. It was necessary to advertise a- great deal, and this in itself came, -td>i a amount. . , , , Mr Charles Reid seconded thejnotion, and the report and balance-sheet were adopted unanimously. / ; ‘ \ . The following was the Balance-Sheet; — To nominal capital, £25,000 ; 5,000 shares, of £5 each, £25,000; capital account, £4036 8s 9d £2OOO ; Bank of New Zealand overdraft, £34 2s 9d ; total, £6070 Hi f 6di-^-Freehold l ; property, .consisting of land and buildings, £4438 'Bs 4d.: plant and machinery, £ll2B 9s 8d ; cash m hWnd, 18s 8d ; preliminary expenses, £199 18slOd ; charges, etc., £302 16s; total, £6070 11s 6d, ' Capital Account :To amount of nominal capital, £25,000. By amount unallotted, £15,450 ; amount fully paid, £400; amount calls paid, £3636 8s 9d ; arrears of calls and i uncalled < capital, £6513 11s 3d ; total, £25,000. AMENDMENT OF OF ASSOCIATION.

The Chairman moved that Clause 27 of the Articles of Association be altered to read that tlje -general meeting should be held ‘‘"before 'the ' twenty-ninth day of ‘ May in each year,” instead of “ on the twenty-ninth day, etc.” His reason for advocating the alteration was that to fix one particular day might be inconvenient, and the same purpose would- be served if it was settled to be held before a certain day. . The motion being seconded, it was parried unanimously.

ELECTION OP BISECTORS. The election of Directors for the ensuing year was then proceeded with, and remitted as follows : Messrs Den aid Williamson, Hugo Friedlander, J. 0. Wason, John Orr, A. Orr, T. Bullock v end J. Ward. EEMTJITER ATION OP DIRECTORS. Mr Hugo Friedlander moved and Mr Htnme seconded—;' ‘ That ,no remuneration be given to the Directors for the ensuing Mr Gbaries Reid moved and Mr Charlton seconded as an amendment—“ That a sum«;(Tot exceeding 10s per meeting be allowed to each Director.” The iChairmau. said that he was quite in'’favor of the amendment. The remunaration .waa a small,..one, but he . knew 'from experience that it had the effect; of bringing the Directors together. 7 0n 'the amendment being put it was declared carried .by 11 votes, to-2.: INCREASE OP CAPITAL. .

Mr J. Ward moved —“ That the nominal capital of the Ashburton _ Woollen Factory Company Limited, be increased from L 25,000 to Lloo,oooby the creation of 15,000 new shares of L 5 each. That such creation of new shares, may be effected by one or more issue or issues of ■hares as the directors shall think fit. That the new shares shall, in the first instance, be offered at par value to the shareholders of the Company at the time of sqcbjisßua being made to the extent of the number of, shares held by them respectively, and that the remainder of the 16,000 new shares to be created, together with any new shares which existing shareholders may have, declined to take up, shall afterwards he offered to the public,.

but existing shareholders, whether they shallorahall ,hot have availed ; themselves

of the .offer hereinbefore directed to be madatp them, shall be permitted to tea* der for thesam e. on similar terms to the publid.' That the’ directors may fix apremiutnon the new shares offered to the pnblioif they think fit, and generally may regulate the mode and manner in which thesaid additional capital shall be raised.” Speaking to the he said that the directors had hound the- original capital to be too email to carry on the necessary operations, and he need say no more in regard to the proposition, as the necessity was'apparent Mr R. Alcorn. seconded the motion, and after Afew words from shareholders In favor of the proposition, it was put to the-utoeting and carried unanimously. , AUDITORS. Messrs (George Jameson and W. H. Gondry were re elected auditors, and the fee was fixed at three guineas, the same as previously. COHPLIMBHTAKY. On the mo-ion of Mr Iveas, seconded by E, Alcorn, r a- vote of thanks was passed to the retiring directors, and was acknowledged briefly by Mr Bullock, who said that the Directors had had the interest of the Company at heart, and had not looked at the Factory as a local but a colonial-bOncera.' The meeting then separated. With* reference to 'allegations contained In tolpg3||n?, from Auckland imputing misconduct to the female immigrants per AB. Weatmedih-, ' the Government have had enquiries made, with the result that the Immigration Officer at Auckland reports that of the.gi' Is while In the depdt was eSccellent, arid there was not the slightest signa pf intemperance, while not a word of dissatisfaction had beepCeipiißaaed< ta him as- to their' subsequent conduct* . .The. Auckland police corroborate ibis account, and the ship’s . dootojr.f^tosv.the j behaviour of i the girls _.*■ daring the voyage to have begn “ most .v azamnlarv.”