MOSGIEL WOOLLEN FACTORY.
The annual meeting of the shareholders of the above company was held this afternoon ; j Mr E. B. Cargill in the chair. I - kroni the directors’ report we extract the ■ following;— : The report, after stating the reasons that had I compelled the directors to make a further call of j™ B per share, congratulated the shareholders on : the company’s having come successfully through ’ the many difficulties which inevitably beset the ■ launching of a new enterprise of the kind, and on I its now possessing a very complete factory, contaiu- ■ ing macliinory of the finest and most efficient chaI racter, with what is not of less importance, a body j of skilled workpeople, second to none to be found I in any colonial factory, and wont on to say that j “ The directors cannot help expressing regret that | some of thq citizens of Dunedin, whose utmost ■ encouragement aud support might have been cx--1 pected in favor of the establishment of an industry ■ so useful and in every way beneficial to every class ; in the community, should have recently lent them--1 selves to whatimust be recorded nsa hostile domonj stration, based on] unfounded allegations of injui Hons employment of females at the factory. Such allegations only come from persons who do nothing themselves to help the establishment of useful industries, but who seek to purchase a little cheap popularity by a display of philanthrophy at their neighbors’ expense, and are thereforeJC careless what injury they may do by their fanciful and uucalled-for interference.” The amount now invested in buildings aud machinery is L.32,417 Is 3d, and the value standing in materials aid manufactured goods is 119,811 16k 7d, giving together a total investment of 152,258 17s lOd—the stock of wool being at the time at a minimum, while the total paid-up capital at the same date is 141,8 m 10s. The profit and loss account shows a balance of 13,922 9s lOd, which, added to 11,32611s 7d'reserve fund from last year, gives a total sum for disposal in the shape of profits of 15,249 Is sd, which the directors recommend the shareholders to appropriate, as follows: To pay a dividend of six per cent, per annum, 12,236 Is ; to write off five per cent, for depreciation of machinery and buildings, 11,620 17s; to carry forward as a reserve fund for wear and tear and replacement of machinery, 11,392 3s sd. Owing to the largo amount invested in the Factory, it is essential to a profitable result that it be kept fully at work, and that the manufacture and sale of goods be extended as far as possible ; aud the directors therefore trust that the shareholders will use every effort to recommend and promote their consumption by all means in their power. The report having been adopted, The Chairman moved, “ That a dividend of six pei cent, per annum be declared.” Mr Day (Mosgiel) moved, and Mr H. F. Uardy seconded the following resolution : “That no dividend be declared, but that the whole balance be carried forward.” Un the motion being put, five voted for the amendment and fourteen for the declaration of a dividend, which was consequently agreed to. Messrs Mason and Roberts were re-elected directors, and Messrs D. Street and W. Brown auditors. On the motion of Mr Gillies a cordial vote of thanks was accorded to Mr Ueid and the other representatives who assisted him for their action in the Assembly on the “ Amended Factory Bill.” Mr Gillies moved, and Mr Rebvks seconded “ That the directors be requested to take the necessary legal steps to give the Board power to borrow money upon debenture, mortgage, or otherwise upon the land, property, building, - and plant of the Company should it be found necessary or desirable at any time to do so. This was agreed to.
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Evening Star, Issue 3955, 28 October 1875, Page 3
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637MOSGIEL WOOLLEN FACTORY. Evening Star, Issue 3955, 28 October 1875, Page 3
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