KAIAPOI WOOLLEN MANUFACTORY COMPANY.

Feilding Star, Volume III, Issue 54, 23 December 1882, Page 3

KAIAPOI WOOLLEN MANUFACTORY COMPANY.

For the information of f-veh •>! ■" • Waders as are interested in tlie for."-!;" ? of a Woollen Manufactory Com-, a;iy -.*■.• publish the following extracts fr<-m :!i< report presented at the fifth fin-m-ia. meeting of the shareholders of the .-oMVe ■company held at Kaiapoi, Canterbury, on October 18th last :— The report deals with nine months transactions only, aud mentions that 1,399 unissued shares had been offered to the public at par, and every share had *I£een alloted. The expenses connected with these shares had been written off. Considerable alterations had been made during the past year to the buildings and plant, and it was not anticipated that any important additions would require to be made for some time. Eighty looms and other machinery in proportion are now at work, givng employment at the mill and clothing factory to nearly 500 hands. The profit and loss account, after making ample allowance*-- f. ■«• d-*' I''1 ''- <-;:il ;■ -n*on buildings aud machinery, shows a •a surplus of £9,013 lis 7d, which tlie directors recommended should be appropriated as follows : —Paying a dividend •at the rate of 10 percent., ]n'i- ,-inmim. absorbing about £o,O00; the k**!.*mr,*. £4,043 lis 7d to Le carried f-rward to tlie new account. These figures ought to show how profitable such a company can be made, and the number of hands employed to work it are in themselves a positive cause of prosperity to thc district where they work. The more we consider the -question the better aspects it continues to offer. In the report before us no particulars are given as to capital ■ employed or of expenditure, but we nay assume from the dividend that such capital now (after the fifth yoar) amounts to £50,000, and this capital is so well used that it maintains five hundred employes, besides paying the splendid dividend of ten per cent to thc shareholders. There can be no doubt whatever that this company is fortunate in having a splendid directory, and th;>t the shareholders were of this opinion is evidenced "by the fact that the retiring directors Messrs Parnbam and Sansom were reelected by a largo majority. What we would wish to impress upon our readers is, that we have facilities for the working •of a similar factory far superior to those •of the Kaiapoi company- The water power in the Kiwitea stream is sufficient to drive a dozen mills of all kinds and •descriptions and yet not even a fraction of this power is at present utilized for ■any purpose whatever. As wc have said "before, all tbat is wanted to bring a project of the kind to a head is for a few of the merchants and settlers to meet together and discuss the subject from all points of view, and we firmly believe that a company could be started, the necessary capital provided, and a woollen factory be in full working order in less than two years from the present time. *We have now the opportunity and it is worse than folly to let it pass us by. FEILDING BOROUGH COUNCIL. .». An adjourned meeting of tho above was held in the Council Chambers yesterday afternoon. Present — Crs Leth■bridge, Mayor (in the chair), Loudon, Lewers, Higgin, Goodbehere, and Thompson. Tbe Mayor then made the usual declaration, and took his position as Mayor of the Borough of Feilding. The newly installed Mayor made a few appropriate remarks, and hoped he would be able to .discharge his duties to the satisfaction •of aU concerned. Cr Higgin, on behalf of the Council, ■congratulated the Mayor on his position, And spoke of the confidence that all felt an his capacity for tbe office. He re« •gretted .the late Mayor was not present

ifco tale part in the installation. The minutes of the previous meeting -were read and confirmed. COHHESPONPKNCE. From Mr Hawkins, Solicitor, of Paljnertton, enclosing plans of rights of way mWi and 217, and requesting the Council's poßttXSSlon in -fclxc *txouaJ J-.:u**m fnr j-GfiXii-tration of the same. Ct Goodbthere moved, and Cr Loudon -•seconded, that the right of way referred to in Mr Hawkin's letter of the llth inst. be not assented to on the ground that in the opinion of the Council the rights of way respectively given and feserved by the lease accompanying Mr Hawkins' letter do not come within the definition of a right of way under the 23rd section of the Municipal Corporation Act, Amendment Act, 1878. The Mayor spoke against the resolution as he thought ifc rather hard the parties should not have their lease registered. Cr Lewers thought the grounds of the application were insufficient and would establish a very undesirable precedent. Cr Higgin also spoke in faror of the resolution, which was then put and carried. Resolved on the motion of Cr Loudon, seconded by Cr Goobehere, that the dog tax for the year 1883 be 10s per dog. Resolved on the motion of Cr Higgin, seconded by Cr Lewers. that the finance (Committee be instructed to procure the .necessary supply of dog collars for the .ensuing year. JL long conversation ensued as to what -advantage could be taken of thc Roads and Bridges Construction Act of the last session of Parliament. The Council then adjourned.