WANGANUI WOOLLEN MILLS.

Taranaki Daily News, 7 August 1922, Page 5

WANGANUI WOOLLEN MILLS.

A DIRECTOR’S OPINION. RECOMMENDS WINDING UP. Bx Telegraph.—Press Association. Wellington, August 5. Exception is taken by Mr. Doherty, of Wellington, director of the Wanganui Woollen Mills Company, to what he calls the unduly optimistic view of the directors in a message from Wanganui. Mr. Doherty states that he has gone thoroughly into the woollen mills question, visiting scores of mills in Australia and the United Kingdom last year, and interviewing most of the leading machine makers in the Old Country. He is strongly of opinion that the Wanganui Company should be wound ..up, and, in response tc very many solicitations from shareholders, he is moving in that direction, and believes this will be welcomed by the majority of shareholders. Last week he nominated two shareholders to contest the seats of two retiring directors, who are also again standing. This is to give the shareholders an opportunity of expressing their approval or otherwise of the chairman’s policy. If they appoint the two new directors, Mr. Claude Jones, architect, and Mr. Hugh Vickerman, civil engineer, both of Wellington, it will be taken as expressing themselves in favor of liquidation, which Mr. Doherty believes most of the shareholders favor. Wanganui, Laet Zight. Interviewed to-day concerning Mr. Doherty’s advocacy of liquidation of the Wanganui Woollen Mills, the chairman of directors (Mr. W. J. Polson) expressed utter astonishment at Mr. Doherty’s attitude, wliicli was directly opposed to the view of his fellow directors. In view of the fact that the company has subscribed a capital of practically £200,000, and that a very considerable eum has been spent in initial undertakings, he says Mr. Doherty’s statement is all the mo-re amazing.