MOSGIEL WOOLLEN FACTORY

Ashburton Guardian, Volume V, Issue 1409, 17 November 1886, Page 2

MOSGIEL WOOLLEN FACTORY

Dunedin, November 16 The M isftiel Woollen Factory Company held 'heir annual meeting tf-day and deo’arcd a dividend of ten per cent, as utua'. The Chai roan, in Ids remarks, -aid that, comparing tho ’as", year’s profit with previous years, there was a fal ing 1 ff of £6OOO, but if they took the average of tho last four yean tho deficiency was only £ISOC With regard to the prospec’s of the Omipsi y ho did not think there was, any reason for alarm or apprehension as to any severe struggle coming on ; at the same time they could not shu’ their eyes to the fact that competition was get.ing very severe, New Zealand, North and South, was pr. tty web furnished with mills and the establishment of so many must make ke' n competition. However, as he had always pointed out, the allowances which had always be :n made for depreciation must place them on a firm footing, and in such a position sn lo more than compote w!>h new mtU< The new Mosgiel Company had spent from £ 100,020 to £105,000, und 'hay were standing at aviae of £3O 000 'e> s than ihat. The mn of £76 000 had been spent on plant mid £25 6 0 written off. He had not the slightaat doubt that tmy would bo able to exist fairly well, but won d like to Indicate whst the Directors were prepared to do iu the event of it being considered desirable, 'teeing the ample provision which had been nude to deprtciai n he thought .hey would be jas itiei in appropriating sums from the reserve fund for a year or tw> for depreciation, waiting down the reserve fund, and securing a reduction of the r cunerr aooacnt iu that way.