The Mosgiel Woollen Factory. DUNEDIN, NOV. 18.

Te Aroha News, Volume IV, Issue 179, 20 November 1886, Page 2

The Mosgiel Woollen Factory. DUNEDIN, NOV. 18.

The Moegiel Woollen Factory Company held their annual meeting to day, and declared a dividend of 10 per cent, as usual. The Chairman in hie remarks said that, comparing the last year's profit with the previous years,there was a falling off of £6,000, but if they took the average of the last four years the deficiency was only £1.500. With regard to the prospects of the Company he did not think there was any reason for alarm or apprehension as to any severe •struggle coming on ; at the same time, they could not shut their eyes to the fact that competition was getting very severe. New Zealand, north and south, was pretty well furnished with mills, and tbe establishment of bo many must make keen competition. However, as he had always pointed out, the allowaccea ■which had always been made before •depression must place them on a firm looting, and in such a position as to more than compete with new mills. The new Moßgiel Company had epent from £100,000 to £105,000, and they were standing at a value of £30,000 less than that. The sum of £76.000 had been spent on plant, and £26,500 written off. Be had not the slightest doubt but they would be able to exist fairly well, but he would like to indicate what the directors were prepared to do in the event of it being considered desirable. Seeing the ample provision which had been made for depression, he thought they would 1)6 justified in appropriating sums from the reserve fund for a year or two, writing down the reserve fund, and securing a reduction Of their current account in t way.