THE MOSGIEL WOOLLEN FACTORY. [BY TELEGRAPH.— PRESS ASSOCIATION.]

Waikato Times, Volume XXVII, Issue 2241, 18 November 1886, Page 3

THE MOSGIEL WOOLLEN FACTORY. [BY TELEGRAPH.— PRESS ASSOCIATION.]

DuNEmN, Tuesday. The Mosgiel WooJlen Factory Company held their annual meeting to-day, and declared a dividend of ten per cent, as usual. The Chairman in his remarks said that, comparing the last year's profit with the previous year, there was a falling off of £6000, but if they took the average of the last four years- the deficiency was only £1500. With regard to the prospects of the company ho did not think there was any reason for alarm or apprehension as to any severe struggle coining 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 fnrni&hed with mills, and the establishment of so many mut-t make keen competition. However, as he had always pointed oul, the allowances which had always been made before depression must place them on a firm footing, and in such a position as to mure than compete with new mill*. The new Mosgiel Company had spent from £100,000 to £105,000, and they were standing at a value of £30,000 less than that. The sum of £70,000 had been *pent on plant, and £20,500 written off. He 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 rlo in tha event of it being considered desirable. Seeing the ample provision which had bpen male for depression, he thought they would be justified in appropriating sums from the le^ervp fund for a year or two, writing down the ro^evvp fund, °nd securing a reduction of their current account in that wj»v.