MOSGIEL WOOLLEN FACTORY.

Evening Star, Issue 4288, 23 November 1876, Page 2

MOSGIEL WOOLLEN FACTORY.

The third annual meeting of the Mosgial Woollen Factory Company was held in the company's offices, High street, this afternoon. There were .about twenty shareholders present, Mr E. B. Cargill presiding. In the main portion of the building some Excellent samples were displayed. ■ > ' The Ceaishut movedthe adoption of the r&ort as follows.— •

The directors have mtmh pleasure waft in giving a-more favorable report as to the permanent prospects of the company than was ever done on any former occasion, notwithstanding- the amount shown as profit appears to be small. Tour directors ore now in a position to state thac the company's manufactured goods are placed ini the market at prices that defy competition; so much so, that in the face of very large stocks held by importers, the company's goods are finding their way apainrt all opposition, and giving general satisfaction both as to price and quality. If the shareholders will take even a cursory glance through the wareroqm, they will find ho old stock of any Wiia erery piece of goods',!in the place.having only very recently come from the. mill, and manyor toe goods iu stockheing expressly made for the coming winter trade. Your directors have pleasure instating that the great aim of the management has been tooting up the quality and finish of the goods to thebeftt possible standard of perfection, only the best and soundest wool being used in the.company's manufactures. An eligible property in High street, Dunedin, has been purcha-edror warehouse tod offices, and the goods manufactured by the - company are there seen to much better advantage than in the former premises, which were much too small and inconvenient. The building being of brick, a considerable saving in * the rate of insurance is effected, so much so that rent and insurance now cost no more than formerly. The profit and loss account shows an available balance of L 3,607 2s Idd, after deducting L 982 16a 9d for depreciation in plant. Although the amount due to the Colonial. Bank, as' Shown in the present balance-sheet, is L 9,602 8s 4d, your directors -have p’eosnre in stating that on toe xlstof November it was reduced to L7.44512a 4d. Tour directors have repeatedly had their attention drawn to the.low price of the company's shares as quoted in the: share market. By reading the balance-sheet it will be found that the small sum of six shillings wasi credited to transfer fees, representing one hundred and thirty shares as having changed hands during this'half-year, thus showing that the shares are remarkably well held. The directors recommend that the balance of the profit and loss account be carried forward, aa it 4s inexpedient in the face of a large overdraft to declare any dividend. Ho said to his idea the company ought to be looked upon as one of the most successful enterprises started in the Colony. Notwithstanding the diffi- : oulties besetting the starting of a new enterprise, the directors were able to show a steady improvement. - He was assure 1' that the goods were superior to Home importations. The company had bad to face during the past year -a market largely overstocked in the particular line in which they were engaged. The goods store sold as soon as made, and were giving satisfaction. Some firms were compelled to take tfis Company's goods owing to the merit they had attainedTtiw ' directors found that owing l to the larin amount of goods manufacture, the company's requirements far exceeded what was at SSlt expected, 'and *£ey h v d A 0 * extenT to dspend upon ti«4r banker. : The directors were averse to calling up any capital. Thore wu no neassaifar for depression among ihe shareholders, and ho < <the, Chairman) expressed tim^>fiiSf f thal tiie statement he had made the sbwraheMeta ’btffld show less hesi attos i» tip eV«St <4 % l«fb« «ltt being required.

lb B. Qtmn ■ftivwJia JTmorn this *3£>mS ' rnatter.ibd mare they . a ..sausEwtoty oonoem _ that the ■ in^e -was b**n*T bten lS‘ .tonsiMpM in the conlpany** meat Made byshirebrokferai tttoVthßre yfaVda. preciafa<to pf BO per : cent,. wax -tfittinly ‘ He expi&fned tbfrcamfe which inlnoee banffin* awuutftpbm tMßaiikol <Nen South * complained of the treatment the oonmaro hid m. ceiyed from tho first-mentioned Lank. Local to, Ftotutoous must look to banks with the directors to New Zealand if they wished support. „ B,K^ rKS > while expreaainghis satisfaction with - So r ® millded the directors that two years rjn wm adopted to obtain a loan of . «« • This might t&n bM&dcsft nf wmpani(Mthsf L? T 6 J’ o ®*' '•^bdTocal toons with local dtoXrs in Sydney or elsewhere. He. expressed hinj^rn^ ° Ation M the report, seen a dividend of six per cent, as heretot/»LJv re the carrying forward of the concluded by moving " That a of sue per cent, per aennm for the hnlfwetf clwred." He recommended sWoholderstobaa Moagieldoth, and,to get their friends towart^ 8 The CnAiasiAN assured Mr Boevas thatM*,. matter of the mortgage been pukftd«im? There had been some .difficulty in rafatog?thiiirmri* * tiw'&nm were not yet of obtaining it. It waaonly because the *! recurs had not as yet been able to ra ““B of a loan on satisfactory “eetwj to-day that no dividend was . had heard to-day tiiat, institution of the companywfta state as any TOiUd wish f o f a H ®oPs°f« i the paying of a rF *• Mr jDskniston seconded Mr Seeves’a saying that a dividend ?otion t number of the shareholders. 66 to * sent, sharehht“beholder jprecom^6^uaSl 4ta * lo,s Would *»•»>. seconds nt T? , hj Consent of. the seconder of hls motion, to be allewed to witlffiraw J“£j- of the ClothinglV^ assured the meeting that the JThoCHAxsHa, concurredintbe lastspeakefske..was adopted. ‘ " * lb Gillies was reflected la director r was appointed in the pSoerf to IWbon - to^ n C * Street wn»£S£>d Hon. Mr Eetholm, before the busirmss wished.to draw attentien to thetaStttat only been circulated to-dSy. r He -- touted that m future it would .be israSdfsp that shareholders outside of the City would the recommendation of the directors waa batoro the meeting took plate. oerore Jfw blhnierested t-He oot_ of town for a month, , while lie only 5? a ?? y a wbek, onlyretrurptog Kst doctors alwayscounted onhimfora ? e J** 4 six months , jfi l ®,?® A . la ** J, hoped that no shareholder would that the delay in issnihg the report arose from a deep-laid scheme bybheoirsothat a further oiU auffi«i' but was advised by a n, JS b€ 5,o f the directors not to.do so. The Hon. Itr SbtSoeds kaid that althbugh the