HOSIERY MILLS

Wairarapa Times-Age, 22 August 1942, Page 2

HOSIERY MILLS

COMPANY’S LAST MEETING CHAIRMAN’S REPORT. NEW MANAGEMENT TAKES OVER. Although the Masterton Spinning and Hosiery Mills Ltd. has disposed of its busi- ; ness, the mill is to continue to function under its new management. In moving the adoption of the report and balance sheet at the last meeting of the company, Mi- S. R. Gawith, chairman of directors, said that the loss; during the- past year had been caused through the loss of production on account of not being able to obtain yarn and the serious stoppages of work during the year. The directors had sold the company to Mr C. Robinson for the two reasons: (1) Inability to obtain a continuous supply of yarn, and, (2) inability to finance the earthquake damage. The loss of supply of yarn caused a serious loss last year and the directors could see no way of getting an improved position for the forthcoming year. The earthquake damage would cost somewhere between £7OO and £lOOO to repair and as the prospects of the company l stood, there was no chance of obtaining the necessary finance. It was with very grfeat regret that the directors decided to hand over the company’s assets to Mr Robinson and after battling for seventeen yearsthrough many trials and difficulties, the directors were very loathe to give in, but he thought they would all agree that under the circumstances, there was no option. “The original idea,” said Mr Gawith, “was to start an industry for Masterton and there are two matters which give your directors, and I think I should include the shareholders, considerable satisfaction. They are: (1) That the company was able to go out of existence without leaving a single creditor, that is, all creditors have been paid in full, and (2) that the industry still remains in Masterton. In conclusion I wish to thank my co-directors for their loyalty and assistance to me in all matters connected with the company and also I wish to thank Mi’ Marchbank and Miss Iggulden for their good efforts and, at times, personal sacrifices to enable the company to be kept going and, lastly, I am sure you will all. join with me in wishing Mr Robinson every success in the venture and may the business not only be an asset to him but also an asset to Masterton.” FULL PRODUCTION. RESTORATION OF EARTHQUAKE DAMAGE. Mr Robinson, who has taken over the Masterton Spinning and Hosiery Mills Ltd., is a well known warehouseman of Wellington, having been in the soft goods business for many years. He is now carrying on the business as the Masterton Hosiery Mills, retaining the entire staff, under the management of Mr W. L. Marchbank. Work on the restoration of the earthquake damage is proceeding satisfactorily and the machinery is now back in full production.