KAIAPOI WOOLLEN MANU – FACTURING COMPANY.

Globe, Volume XXIV, Issue 2663, 19 October 1882, Page 3

KAIAPOI WOOLLEN MANU - FACTURING COMPANY.

The fifth financial meeting of shareholders in this Company was held at the Oddfcl) we Hall, Kaiapoi, yesterday afternoon. Sixty throe shareholders attended, represor-ang about three-fourth 8 of the capital of tb»> Company. Mr Isaac Wilson, Chairman of Directors, presided. . . , The Chairman said by permission o. the meeting they would take the following report and statement, which had been circulated over a week, as read, namely : . Your directors have pleasure iu presenting tlieir report and balance sheet for the fifth financial year ending September 30th. Shareholders will bear in mind that an alteration was made in the date of the “nnnal meeting, so that accounts now presented deal with nine months’ operations only, instead of twolvo Dionthß , | ns hcrctoforo. In vic“ of the extension of the company s business your directors considered it advisable to float tha balance of unissued shares, numbering 1J99. Thev were offered to the public at par, and every sluiro has been allotted. The expenses in connection With the floating of those shares have all been additions have been made during the i S to buildings and plant, and it is not past year both to important additions will anticipated that any imp Eighty looms sSsSgt«aßa! allowance for cloprociiiiio 11 K 7,1 which De Mosßrs°B t ‘ Parnham and W. Sansom ore the retiring directors, both of whom are eligible, and off T °L th sr £ Evans, also retire, and offer-themselves lor ®BALANCE SHEET. SEPTEMBER 30th. 1883. D*. LIABILITIES. £ B d £ 8 d £ B d

To Nominal Capital:— 4000 shares of „ - n £25 each... 100,00° O 0 Viz. — 2754 shores, £25 paid np 68,850 0 • 846 shares, £3l called np 17,706 9 0 400 shores, £6 called np... ... 2,400 fl * Uncalled eapital ... 10,984 0 0 £IOO,OOO 0 0 Capital Account : 2754 shares, £25 paid up 68,850 0 • 846 shares, £2l called np 17,766 0 0 400 shores, £6 called np 2,400 0 0 e 1— 89,01* 0 0 Less call dne Oct. 6th, and calls „ „ in arrears 87.515 10 0 Amount ;on loan, Christ* church pr«- „ ... _ . mises ... 5,000 0 0 Outstanding ... accounts... 3,672 14 0 A d v a n c e against wool _ _ shipment 0 0 Bills payable and Bank ofNewZeoland ... 16,63; 4 9 Un cl aimed _ . dividends * ...5 J? t Balance ... 9,043 11 7 £122,325 17 8 Ca. A Bflfßßß. £bd £ b d By Christchurch Property 10,143 6 2 Kaiapoi property and plant ... 46,765 15 6 Less depreciation 1,825 0 0 Sundry debts ... 11,809 4 10 Wool shipment ... 553 0 6 Bills receivable ... 34 12 6 Loom and petty cash 176 16 10 Stock manufactured aud in process, and raw material ... 54,609 1 4 £122,325 17 8 Statement of Profit and Loss Account for Nine Months Ended September 30th, 1882. Dr. . £ s d To depreciation on plant and buildings 1,825 0 0 Repairs to buildings and plant ... 1,007 12 8 Materials used in manufacture ... 25,536 22 Discounts, travelling, and general expenses ... ... ... ... 4,592 13 8 Wages, insurance, and interest ... 21,214 5 3 Balance ... ... ... ... 9,043 11 7 £63,219 5 4 CR. By balance to January Ist, 1882 ... 1,235 15 3 Transfer account ... ... ... 17 2 0 Manufactures account ... ... 61,966 5 4 £63,219 5 4

Signed by H. A’COBKT, Secretary. And WM. ECKEESLEY l AnditorH J. HAEOLD EVANS ) Auaitorß- - Chairman said, although this was the fifth financial meeting, the company had only been in operation four years and three months, the nine months to complete the fifth year being accounted for by the fact that an alteration was agreed to last year as to the time at which the accounts should close. Evidencing the progress of the company, he stated that when the present company started it had twenty-nine persons employed, at the end of that year sixty-three, in the second year 154, third 350, and on that day 500 persons were engaged in work at the mill and the warehouse and clothing factory. The mill now contained eighty looms, with other machinery to keep up with them. The additions were nearly all completed, except the election of a larger wool store, now in progress, and the placing of two pair of mules expected from England. The carding room was now in complete order, and the mill, when quite completed, might be said to be the best in the Australasian colonies. A new shed for the teasing machines had been finished, which it was noocesary to have, ts the Eire Insurance Companies always objected to effecting insurance of the main building on the ground that the refuse from the teasing machines caused a grealer risk, and the directors also had objections to their remaining in the main building; hence the improvement. In common with the other insurer* the company in consequence of this alteration in the placing of the teasers in a separate building of brick had effected a saving of £l5O in insurance premiums, which would pay the interest on cost of the building erected. It we* intended during tho coming year to make full enquiries into tho matter of introducing the electric light at the mill, and if better and more suitable for tho purposes required than tho gasoline would probably before next annual meeting ha adopted. In this connection ho might say that there was no danger to the mill in tho u»e of tho present system of lighting. The warehouse and clothing factory in Christchurch had been opened during the year; tho former was very commodious for its purpose, -and tho latter well ventilated and suitable for tho conveniences of the work people, there being room for about 350 hand*. It was proposed to introduce a gas engine, costing £SOO, to work tho sewing machine*, not that tho company would make any very great saving, but as many of their employes were females the directors thought it best to adopt this piece ‘cf machinery to aid in their work. The goods sold by tho company were everywhere reported to bo giving satisfaction, and there were few if any real complaints about tho class and variety of articles which they could now make. The goods shown at the International Exhibition received tho gold medal award for the best woollens, and a gold medal for the manufacture of clothing, as well as a special award called tho industrial prize, given to tho colonial exhibitor or firm which had shown by its exhibit and otherwise that it hod done most to forward New Zealand Industry. Their goods were, however, being imitated, and ho had ascertained that their patterns had been taken advantage of in an English shoddy mill; but to protect the company agoinsfc this, it was intended at once to adopt and register a trade mark, detect and prosecute peroons practising frauds upon their productions. It had been said that the directors had goue too fur in making such an extensive enlargement. It was indeed a bold stip, hut had that course not been entered on, the mill would have been unable to meet tho demands made upon it. It was not an object with them to get dividends for the shareholders by grinding down tho wages of their workpeople. It was their object to turn out tho beat article, and, by producing a largo quantity, ensure to their workpeople adequate wages, and also by tho larger out turn ensure a fair return to the company. Ha had, in conclusi n, to apologise for the absence of Mr B. Allen, one of their directors, who was unable to attend, having an appointment in Melbourne, and his absence must not bo taken as any criterion of Mr Allen’s presence at the directors’ meetings, at which he was always regularly present, Tho chairman concluded by moving the adoption of tho report and balance-sheet.

Mr W. Ware briefly seconded. There wore no questions asked, and the motion for adoption was unanimously agreed to.

The Chairman invited nominations for the offices of directors in place of Messrs E. Parnham and W. Sansom, who retired by rotation.

Mr W. R. Mitchell proposed Mr Sansom for re-election, observing that ho was pleased to note the progress of the company and the large employment it gave for labor. The success of the undertaking and the good balance-sheet present was due to the gentlemen who had held the position of directors, and he hoped they would reinstate them for another t<rm. Messrs H. Blackett and Q. P. Milsom rose to second the nomination.

Mr B. Muloook, referring to the general business tact of Mr Parnham, proposed him for re-election. Mr J. Lowthian Wilson, in seconding, considered that those gentlemen who had borne the burthen and heat of the day in establishing the company, and had proved themselves worthy of the confidence of tho shareholder*, ought to receive substantial testimony of the renewal of the same.

Mr J. A. Morgan proposed Mr W. Strange as a candidate, painting out that, though new probably to the management of a woollen company, his experience in the fabrics and clothing would render that gentleman an invaluable member of tha directory, Mr W. Ware briefly seconded. A ballot was taken, Messrs B. Aheroe and W. Good acting as scrutineers, which resulted in the votes being recorded for Mr dansom, 423 ; Mr Parnham, 414 j Mr Strange, 128.

The Chairman declared the two retiring directors re elected. Messrs Sansom and Parnham thanked the shareholders, and expressed their determination to olosoly watch the company’s interests.

Mr Strange thanked those who had voted for him, and if the meeting had decided his return he would have been happy to do all in hie power to advance the affairs of the company, Messrs W. Bokersley and J. Harold Evans were re-elected as auditors. Mr J. Lowthian Wilsen moved— 11 That a vote cf thanks ba accorded to the chairman and board of directors,” laying the balancesheet and prosperity of tha company spoke more eloquently in support of the proposition than any language at his command could do. Ho felt certain that they were also pleased to find that those gentlemen as directors who had brought the company to its present state were still to keep together, and this was an augury, no doubt, of future progress. Mr Mulcook said the decision arrived at showed the shareholders had the fullest reliance on the ability of the directors to manage the business, and he had great pleasure in endorsing the remarks made. The motion was carried with applause, Tho Chairman, acknowledging the vote, said tho Board had hitherto worked very harmoniously. They were sensible of tha fact thit their success was duo to their employes aud the managers of the different departments. Ho moved a vote of thanks to the officers and employes of the company. Mr G. H. Blackwell seconded, stating the employes seemed as much determined to make the enterprise a remunerative one as tho directors had. The motion was unanimously agreed to. A vote of thanks to the auditors was acknowledged by Mr Evans, who referred to tho well kept books and ease with which the auditors got through them. Tho Chairman announced the dividend to be payable on November 6th. Ho had been asked by a Wellington gentleman to suggest at this meeting that shares of £5 each be issued, the reason assigned being that a proportionately higher premium in the sale of smaller shares might be obtained. To adopt it would necessitate two general meetings. Mr Mitchell advised that notice might be given of this suggestion, and then it might be discussed. Mr Blackwell, in complimentary terms to the chairman’s energy in the interests of local industries, many of which have been assisted by the factory, moved—“ That tho industrial prize gained by tho company be handed to Mr Isaac Wilson.” Tho prize, ho said, was ef silver, value £6O.

Mr Ware seconded, and the motion was carried.

The Chairman acknowledged the rote, and said he thought that Mr B. Allen, president Industrial Association, or Mr W._B. Mitchell, who had taken a very active part in the India*trial Exhibition, would have been fitter recipients, but be thanked them. The meeting then terminated.