The Evening Mail. WITH WHICH IS INCORPORATED THE NEW ZEALAND AGRICULTURIST. MONDAY, FEBRUARY 24, 1879.

Oamaru Mail, Volume IV, Issue 892, 24 February 1879, Page 2

The Evening Mail. WITH WHICH IS INCORPORATED THE NEW ZEALAND AGRICULTURIST. MONDAY, FEBRUARY 24, 1879.

MItSSU!*. KtilKl'.VTlUinc, rttKSDCWSIt ASP Co. urn muking all the necessary arrange nionts fur starting tv woollen factory ia tho Kaikorai Valley, and, it ia expected, ■will before long have the works in operaion. This is a favorable, commentary on

efforts of the promoters of tho projw*ed Oumaru Woollen Factory. There 'Vtm b» no doubt that there is now plenty •of tv*m\ for the mills that are in existence ■and thosH that am projected; It was a strti£gl» for tho Woollen Mill Companies •of this Colony and tho neighboring Colonies in tho early days of their existence ; but it was not a fair struggle. Th«y had to contend against ineffectiw machinery,, want of knowledge of how to conduct their business,, aniallness of population,, andy lastly,. tW competition of forsign productions •im&u to theirs. fossa mills,, with one or two exception* where; anpsecedentetUy faulty management and smallncsa of

capital compelled them to succumb, arc stilt ttt existence, aa well as a number of additional ones, and the reports which appear from time to time in the public prints bear ttndeniable proof that they are paying mmsrtmeot*. The improvements ia th* character and the redaction in the ipsk* of ma«Mn*ry, the acquirement of I expcftASM of th* oondact of to* industry, the increa** in population, and the gradual throating oat of the Colonial markets of foreign woollen goods, have worked the change. It will doubtless be remembered by aotne of oar readers that about fifteen years ago* a woollen milks was established in Oeelong, Victoria, and shortly afterwards another followed in its wake. It has been terribly op-hilt work for those mill*. They had to learn their business, aa well aa how tf> conduct it, and they had to sink the capital that should have been expended in improving their position in paying the wagea of operatives that were more than half their time idle, because they had tr> fight against the silly prejudice > with which the introduction of colonial production* are at first greeted. Their position i» much more favorabte now. Who ha* not heard of '• Oeelong tweed ?" That which was. at first rejected because people could scarcely realise the fact that it was possible to. make woollen fabric* equal to those of English manufacture, cos»-t so. greatly in favor that the beforementioned companies—the ft rat that were t-stabtiahed for 3uch a purpose in the : colonies—as investments now give every satisfaction to the shareholders. Thesuccess of the Cfeetortg pioneer nulls called : into existence a number of others, amongst 1 which are the Melbourne Woollen Mitt Company and the notable Mosgiel Woollen : Company.. Everybody has been afforded 'an opportunity of knowing how the Mosgiel Factory haa grown-; how its ; trade and popularity have increased year by year, necessitating the obtaining of additional appliances and hands, until it has become one of the- most stable institutions in the land. The following report of the position of the Melbourne Woollen Mill Company speaks for itself:—" The hatf-vtsarly meeting of the shareholders of : the Melbou*n» Woollen Milt Company was held on Monday »iight at the Temiperance flail. Mr. J. Mh'Skm-,, M. L.A.. chairman of the board of directors*, presiding. The report and balauce-sheefc. which tu«t been previoctsty published and circulated amongst the shareholders, were taken as rvid. Front them it appeared that the quantity of tweeds made during the half-year was otf.nbo yards, being more than was ever made in any prevents h*«-year, and the sales were r>U,-iSt> yards. There w:u* a balance bryught forward at the eottimenewnwnt of the last half-year' amounting to EIWS i«>» r :ind after transferring ,£SO(J to the reserve fund, there was left to tile credit of profit and toss account .■SUOO3 bis I'd. »rrt of vrhich the directors recommended that £?Wtf <Hi ">d shmdd be appropriated to payment of a dividend at the rate of 10 percent., leaving .£'lOW 15s 3d at credit of the reserve "" wear-and-tear fund. The Chairman moved the adoption of the report and balance-sheet,and Mr. .f.\,snr.s tVt. L. A., secowrlwd the tu.iti"tv. v. ilicit was carried unanimously,. a:;d the reeiiiur.ieii- I itivtioii tV.c pavtviefce <•( » H» |-.-f «*' | dividend was also- agreed to-. 1 * A perusat off the above report suggested the writing oi this article. The facts should inspire tho projector* of the Oatuaru Woollen Mill Company with hop*, and incite them to emulate this prosperity of the companies now in existence.