THE MOSGIEL WOOLLEN COMPANY.

Evening Star, Issue 3646, 29 October 1874, Page 3

THE MOSGIEL WOOLLEN COMPANY.

The first general meeting of the shareholders of the Mosgiel Woollen Factory Company (limited), was held this afternoon ; Mr E, B. Cargill in the chair. The following is an extract from the report*:— The results of the operations of the company have been satisfactory, considering that a large amount of capital has necessarily remained unproductive in machinery, &c., which, though ordered from Home and paid for, has only been in operation during the last six months; and the directors look forward with confidence to the continued prosperity and success of the company. Several new machines, a new boiler, and various new buildings have been erected, and there seems to be no doubt but that the demand for the company’s goods will keep all these fully employed, and probably necessitate the addition of others as the trade increases. In the month of Apr il, the directors were compelled to accept the resignation of Mr A. J. Burns as manager, ii¥ consequence of his ill health, and they gladly acknowledge the valuable services he rendered to the company. On the resignation of Mr Burns, Mr John Roberts was induced to accept the duty of managing director of the company, a post for which he is peculiarly fitted, from his long experience and thorough knowledge of all the details of woollen manufacture. The directors have pleasure in acknowledging the services of Mr Small, the manager of the factory, to whose experience judgment, and assiduity much of the success of the company is due. They have been fortunate in- obtaining the services of a gentleman of great experience and knowledge of the trade as business manager and salesman, and the best results are already being experienced from his appointment, in the rapid extension of the company’s business amongst the soft goods, traders. On the 10th June a fire occurred in the premises where the Mosgiel warehouse is situated. The loss to the company was, however, trifling, the insurance and salvage having very nearly covered the loss. The shareholders will remgmuer that, by the original prospectus of the company, it was intended to call up L 3 per share of capital during the first year. The directors have hitherto managed to provide sufficient funds by only calling up L2 per share, but now they consider it to the interests of the company that a call of another Ll per share should be made. This call has accordingly been made, and is payable on the 12th November. The nett profit at 6th October for eleven months, after making full provision for all known bad and doubtful debts, amounts to L3,G11 7s sd, the following appropriation of which is now recommended : To payment of dividend at the rate of ten per cent, per annum, L 2,2£4 15s lOd, Balance carried to reserve fund for wear and tear and replacement of machinery, LL32G 11s 7d.

The Chairman said the directors ha! very much p’easure i i coming before the shareholders with so excellent an account as was shown by the balance sheet. The results for the past year had more than realised these expectations of the < irectors, and he hoped the shareholders present participated in the expectations 'i he dividend was equal to more than 10 per cent, on the amount actually paid up. The report was not so favorable as it would otherwise have been, as sorpo of the outlay being quite recent, no profir, hud accrued on it. The Chairman then spoke of the Zeal, untiring industry, and efficiency of Mr Smaille, the manager of the factory, and also favorably of Mr Roberts and the t acle manager, and of the scretary, Mr Nicholson. He pro posed the adoption of the report. Mr Mergkr said that before the adoption of the report be must protest against calling up so much as one pound, when the cuupany was in so favorable a position, and he also objected to persons being charged ten per cent, when they failed to pay the calls when due He had been victimised himself in the matter, and seeing the favorable position of the company, he thought it very unfair and very unwise for the directors to call up a pound at one moment. Mr Ee“.ves asked if the change of the Bank account followed the change of the management ?

Mr bliott thought it a question which should not be publicly answertd. Mr Reeves was asking the Chairman, and not Mr ifiiolt Had the banking account been changed during the past three months ? Tne Chairman said two questions had been asked. With regard to the change if the bank he did not tbink it necessary for him to say more than th.t the directors had done so for the best interests of the shareholders, and Lad shi ttd the account to the present bank—the Bank <f New South Wales. He did not think it wise to discuss the merits of the better bank. If any of the shareholders did pot pay up their calls when due, notwithstanding advertisements, letters, &c., he saw no rea-on why an appeal should be made on the r behalf on toe grounds of hardship. Some neglected to pay through inadvertence.

Mr i. EEVE3 complained that the chairman had beaten about the bush, without giving him a reply. He had asked a question. Mr Roberts : No. Mr Reeves : I say yes. I don’t care who says no. I asked api in question. After some words between Mr Reeves and Mr Roberta.

The Chai man (to Mr Reeves) : T must really ask you not to use language likely to provoke discussion on a matter which Mr Reeves contended that he had asked a simple question, and said he had done so when some gentlemen on the opposite side" of the room interrupt, d him. He wanted t° know whetbpr the bank yyas changed with the management, or whether the present bunk treated the company belter than they would have been with the old bank. He saw no reason why any of the directors pnsent or the chairman should beat about the bush instead of giving a direct answer.

The i hairman said that notwithstanding his having requested Mr Reeves not to say anything disrespectful. he had reiterated the remarks. He therefore declined to answer the question Mr Reeves said that if be had stated anything disrespectful, he wonld apologise ; but at the same time he did not see he had said anything which required him to apologise. He would leave it to the meeting to say whether he had. Mr IROS3ER said the question put by Mr Reeves should be answered

r lbe Chairmin : Doyouaskit? Mr Prosser .- Yes.

Xhe Chairman might say that the directors had sufficient reason to eban.e ihtir bank account. tioine shareholders -present thought the directors bad been sharp in making their calls, but he might say the directors had found it necessai y to do so. Xhe directors had thought it necessary to change thtir banking account, there being a little feeling of dissatisfaction about the old bank, and the present bank had treated with them on equally fair terms as before. After further discussion, Mr RiEyjJS a ked if he put a question would he be apswered ; for if he would not be answ< red b« would not put hj mself to the indignity to ask /t.

The Chairman said that Mr Reeves having apologised, he would he answered. Mr Reeves asked if the change of the banking account was when the new manager, Mr Roberts, was appointed ? The Chairman replied that Mr Roberts’s appointment had nothing to do whatever with the change of the bank. None of the directors acted with personal motives but for the good of the shaieholders., On the suggestion of Mr Prosser it was agreed that a foot-note be appended to the cads saying that if they were not paid 10 per cent, interest would be charged. The retiring directors and auditors were re-elected, and the remuneration for the former fixed at Ll Is per sitting, and for the latter at L 7 7s each per annum. The auditors were also allowed LlO 10s each for the past year.

It was decided that the next and future annual meetings be held on the last Thursday in October.