TIMARU WOOLLEN FACTORY.

Temuka Leader, Issue 1379, 15 August 1885, Page 3

TIMARU WOOLLEN FACTORY.

At the annual meeting of the Timaru Woollen Factory Company in Timaru on Wednesday, night tha Chairman (Mr Courtis) made the following statements in his report which may be of interest to many of our readers; home to negotiate for a plant, had made the following arrangements : Total cost of plant, £3,500; £1,200 cash, and £2,300 extending over five years, without any security whatever. The plant compiiseo two complete sets, viz. : 14 Dobcross looms, 2 carding engines with steel curds, 1000 spindles, 1 doubling machine, hydro extractor, 20-h.p. engine and steel boiler, and smaller details to numerous to particularise on an occasion of this description.” lha present position of

the Company was stated thus “ 3,700 20s shares £3,700, and according to the sc le laid down by your Directors, and which tha future employees are accepting, 500 more will be added or a total of £4,200. Our immediate liabilities may be approximated as follows : Preliminary and Secretary’s expenses, £178; land and drain, £521; Claphara and immigrants and families, comprising the following trades ; 1 worsted coaling finisher, 1 dyer, I corder, and 1 trimmer, £298 ; cost of building and architect’s commission, £1,850; machinery, £1,200; freight (approximately), £450 ; erecting, £330 ; total, £4,827. This will leave us 627 20s shares on the wrong side of the ledger.” This was caused by the Company purchasings double instead of single set of machinery which it is suit! one set of hands can work. It is proposed to meet the liability by a further issue of shares. The Chairman also stated that they intended to confine their attention to the district and not to enter into competition beyond the district with other mills. The report continuesAs within the next 4 or 5 months we anticipate commencing manufacturing operations, I will show you approximately what our plant is capable of doing. Taking the carders as the slowest running machine in the mill, and allowing 121bs per hour for merinos and 20lbs for half-breds, I find the plant should turn out 86,400 yards of well-milled cloth, which I will put down at 3s 6d, a very low average quotation, as a large quantity of it will sell at 5s and 6s. This should return £15,100, but so that, there should be no mistake I will strike off one-third and leave £IO,IOO in round numbers. To manufacture this quantity it will take say £3240 for wool, £2,282 for wages, £9OO for coal, £460 for wear and tear, £460 for sinking fund to meet payments duo to manufacturers, gas, water, oil, and rates, £557, commercial £SOO, discounting £7Ol, total £9,100 leaving a credit balance of £I,OOO or say 20 per cent on paid-up capital,” The report was unanimously adopted. Messrs W. Priest, J. Crawford, T. Amos, and J. Tennent were re-elected Directors. Mr James Granger was appointed auditor. Votes of thanks ware passed to the retiring Auditor, Mr D. Stewart, the Chairman, and the undefrtigable Secretary (Mr F. W. Stubbs), and the meeting terminated.