MOSGIEL WOOLLEN' FACTORY COMPANY.

Globe, Volume XXIII, Issue 2386, 25 November 1881, Page 4

MOSGIEL WOOLLEN' FACTORY COMPANY.

[press association telegram.J DUNEDIN, November 24,

The annual meeting of the Mosgiel Woollen Factory was held this afternoon. The report stated that 2150 unalloted shaves have been successfully placed at a premium of ss. It is intended to replace in brick and cement the main buildings, and the saving in coat of insurance will justify the outlay. After making duo provision for bad and doubtful debts, there is a balance of £6930 19s 31, whieh the directors recommend should bo applied as follows :—£2450 12a fid to the payment of a dividend at the rate of 10 per cent, per annum for the half-year on the 70j paid upon the original shares and the same dividend for three months on 10s paid up shares of the new allotment. £3OOO will be carried to the reserve fund, thus making the amount at the credit of this account the substantial sum of i 310,000, which can be applied at any time to the purchase of new machinery or the extension of the company’s property, and £I4BO €s 9i to be carried to the credit of the now profit and loss account. Mr J. Roberts, chairman in moving the adoption of the report, said that it the shareholders were only content with moderate dividends and allowed all profit beyond that to go towards writing down the cost of the plant and the increase of the company’s property by introducing more machinery, ho saw no reason why the Mosgiel Company should not prove itself to be more than a match for any competitor. He did not mean to say that they should never pay more than 10 per cent., but die held a very strong opinion that no more should be paid until the cost of the mil! was written down to about one half the original cost. Mr A. J. Burno seconded the motion, the adoption of was unanimously agreed tn. Mr Burns said, in reply to some criticisms which had appeared in a Northern paper, that there waa no mill in Britain which had a better plant than was now in the Mosgiel Woollen Footory. It was a matter for congratulation that since the formation of the company there had only been two changes in the directors, and there had always been unanimity at their meetings. Messrs J. Roberts and A. J. Burns were then re-elected directors.