WEBLEY'S CLOTH FACTORY.

Nelson Evening Mail, Volume XI, Issue 188, 1 August 1876, Page 2

WEBLEY'S CLOTH FACTORY.

The meeting called for list evening was but thinly attended, owing to tha inclemency °* th _ c weather, and attractions elsewhere. Mr H. E. Curtis occupied the chair, and read the report of the Committee who had examined the buildings and plant. From.-this > it appeared that at a very low estimate the buildings aud land were worth £1600, whilst treating the machinery aa second hand, thevery lowest value that could be put npon it was £1700, so that these low estimates exceeded the sum asked for the whole by Messrs Webley Brothers by £300- The Committee, therefore, have come to the conclusion that the terms are very favorable for the proposed Company. They add that Messrs Webley Brothers' cannot prepare any statement of the ' income and expenditure without great difficulty, but refer to calculations made by them some time ago, which are in the hands of Mr Scaife, and which, they say, "are as truthful as possible/ Mr Scaife produced these calculations, and explained that from the fact of the wool beings eatitmted at one quarter more than was admitted to be requisite, and the depreciation being taken at ten per cent, 'when experts stated that five" per cent was more than sufficient, there was reason, to believe that the expenditure was throughout over-estimated, whilst the brice assumed for the cloth was that of the lowest net sales. Nevertheless these estimates showed a net profit- equal to £16 4s per cent ou- the capital proposed to be called up (£5400.) After some discussion on the variom points, the meeting. was adjourned to Monday nexfc,,. at half-past seven, when we hope to see a united effort made to resuscitate this promising industry. i