WANGANUI WOOLLEN MILLS SUCCESS.

Taranaki Daily News, 20 July 1920, Page 7

WANGANUI WOOLLEN MILLS SUCCESS.

FURTHER 80,000 SHARES. That the people of New Zealand are in favor of industrial expansion and of the old policy of national self-support in manufacturing, is proved by the fact that already the first'issue of 120,000' shares in the Wanganui Woollen Mills, Ltd., has been over-subscribed, and tl'st a further SO,OOO shares have been issued. This evidence of material support lias encouraged the promoters to seriously consider increasing the size and scops of the mill, in order to take an adequate part in the production, of goods the public require. The democratic nature of the response is shown in that already over 1400 sill", scribers have applied for shares, and that applications have been received from all over New Zealand, Australia, and as far away as the Friendly In another cqlumn appears an ment concerning the new issue of shares', and an application form is printed for the convenience of intending investors At present there, are tlrroa .' woollen. companies in New Zealand, and .with all their efforts their output is hopelessly inadequate to meet the demand for woollen goods of every description. It 1 therefore follows that they are prospjjous financially. Hero, are the prices of the shares of these three companies on • 27t)i April, 1920: Kaiapoj Woollen Manufacturing Co., Ltd., £-5 (paid-up), Mar- | ket price £lO (buyers; no sellers); Mosj giel Woollen Factory Co., Ltd., £3 103 (paid-up), Market price £6 17a 6d (buyj ers, no'sellers); Wellington Wooll?n Manufacturing Co., Ltd., £4 10a (paidi up), Market price £9 15s (buyers, no ' sellers). The promoters of tlifl Wanganui A'ooV.en Mills, Ltd., therefore, have i syery confidence that they are embarki Sng upon a similarly successful career. I I It is clear that New Zealand is a nafc- I I ural field for the woollen trade—our I sheep procjjico immense quantities of j superior fleece. In a few years' time, I electric power will be available from the j Government Hydro-Electric Plants, whilst at Wanganui, where the propose! I mills will -?e situated, there *s every i convfenlrrco Wtb regard to railways, i water, labor, etc. j The £>m;t handicap of pre-war days—- ■ the low wage 3of labor in othsr coutijtriK—has disappeared, and now thero is i so reason why New Zealand woollen I ?°o<l«, which are recognised as superior j •J) qwftJHy and durability, should act • compete m oversea markets, after pu? I owr. needs M 9 supplied. j Tlii publ.'.o as a whole recognise these ! facts, they are determined to sncourage and purport tha extension of j | manufacturing enterprise in the DoTninI ipn. The 120,000 shares first issued «« j I behalf of I'll a Wanganui Woollen Mills, Ltd.. were promptly over-subscribed, an] the Directors have placed a further 30,000 niiares in the market. Prompt aci t.ion is demanded on the part of those | who wish to become shareholders.