The well-being of the Mosgiel Woollen Factory Company is a matter of direct interest to us dwellert m Ashburton, and the satisfactory state of affairs—under all the disadvantage ous circumstances which surrounded manufacturing enterprises during the last year—which the directors were able to place before the shareholders at the annual meeting of the Company last week is matter for congratulation, j no less to Ashburton than to Dunedin True, the reserve fund had to be en croached upon to the extent of £1000, the net profits for the year being in sufficient by about£7ooto pay the usual 8 jer cent dividend; but seeing that the reserve fund of well managed public companies is established purposely to ipeet such emerge twite; thai the re

serve fund still stands at .£18,000;, that the bank over-draft was reduced during the year by £1415 to £31,664, which is more than doubly covered by the stocks of raw material and goods m course of manufacture or ready for sale, amounting altogether to £64,198; and that the net profits of the year, £5108, were sufficient without drawing upon the reserve fund to pay a dividend of seven per cent per annum, the Company must be held ,to be m a most satisfactory position,*'and the directors well merited the thanks which they received for the prudent manner m Which they managed the business of the company during the unusually try ing period. Indeed during the year the net profits were only £260 less than for the preceding year, and the business of the last half of the year showed a good return. The interrup tion m business caused by the strike m 11890, the effects of which fell upon the first half of the year just closed, were m no way blamable upon the company or its work-people, the relations between whom had been and continued to be most happy. Visitors to Mosgiel speak of the place as an ideal factory village, which .it. could scarcely be unless the hands were satisfied with and had confidence m their em ployees. It is highly satisfactory to learn that the directors are pleased with their Ashburton mill. The chair man m his address said, "The Ash burton mill last yea«* stood'-ak £11,180, and this year it stands at £11 5 289. There was a small addition there of £159. 