COMPANY REPORTS.

Auckland Star, Volume LVI, Issue 292, 10 December 1925, Page 4

COMPANY REPORTS.

GEAR MEAT COMPANY.

DIVIDEND AND BONUS. I —__ The directors' report to the shareholders of the Gear Meat Preserving and Freezing Company or New Zealand. Ltd., Tor the year ended November 30 last, shows that, including the amount brought rorward, and after making allowance for depreciation and payment or Interim dividend, there remains a balance of £65,149 2/7 The directors recommend Tor appropriation as rollows:—In payment of dividend or 1/9 per share for the year ended 30th ultimo, less Interim dividend or 6d paid In June, £28,750; appropriation, towards liability for taxes, etc., In New Zealand and Great Britain, £16,000; to be carried forward to next year's account, £20,399 2/7. Owing to the satisfactory condition of the company's insurance reserve, the directors recommend the payment of a bonus or 3d per share out of that account. The distribution of Government Inscribed stock, referred to In the last annual report, was authorised at the extraordinary general meetings called Tor the purpose and the operation was successfully carried through early in the year. The balancesheet renects the altered position of the various accounts affected, and the earnings are accordingly reduced by the interest which rormerly accrued from the company's holdjng. In March, Mr. W. H. S. Moorhouse retired rrom the board owing to ill health, and a suitable minute, expressing the directors' appreciation or his valued services and wishing him a complete recovery of health, was placed on record, and a copy was forwarded to him. The vacancy has been lllled by the appointment or Mr. David W. Anderson The retiring directors arc: Sir Haroltf Beauchamp, Hon. Dr. \v. E. Collins, and Mr. w. H. Mlliward, who, being eligible, offer themselves for re-election.

WARD AND CO., LTD.

DISTRIBUTING PROFITS. The directors or Ward and Co., brewers, Christchurch, have addressed a circular letter to shareholders, putting before them a scheme Tor distribution of assets representing- a portion of accumulated profits An extraordinary meeting of the company lias been called for December 22. to Be held m Christchurch. It will then be proposed that out or the accumulated profits there be distributed amongst shareholders 16.638 shares held by tile company in New Zealand Breweries, Ltd! ln O f one share for every six held by each member of the company; rJi«nt?Hl v. h< i. com P al »y's accumulated profits there be distributed amongst shareholders £1 m cash per share" by the realisation or sufficient of the holding of the company or New Zealand a per cent tax free inscribed stock; that the capital 2f $ D H C 0 red uced rrom £100 000 divided into 100,000 sharee or £1 each fully paid'up to £50,000 divided Into 1000 000 shares or 10/ each fully paid The circular states that the financial pdsit on ?h O th m company will be rully explained at the meeting. Application is to be made to the Supreme Court Tor confirmation or the reduction of capital if approved by the shareholders, but the application is not likely to be heard before February ™l\,< Althou & h the company has ceased °E?l*}l ona as . a brewing concern, havingsold that portion of its business and the goodwill thereof to New Zealand Breweries Ltd., the directors state that they are or opinion, > after mature consideration, that It would be imprudent at present ror the company to go into voluntary liquidation with the object or winding up its affai"" as there are contracts and obligations' which the company has undertaken and contingencies to provide for, which it will take some years to complete and satisrv and for this purpose they think it would be prudent for the company to retain for the present its corporate existence In order to deal '.vith circumstances as they arise. .

TARINGAMUTU.TOTARA

(By Telegraph.—Own Correspondent.) WELLINGTON, this day. ■ Shareholders in Taringamutu Totara Sawmills; Ltd., have been advised that the comnanv's year ended October 31 closed with a loss or £9194. and, in addition, thore havo been written off. for cutting rißhts £1000, depreciation £542, and bad debts £75. The company suffered heavy losses throug-h the destruction or tram lines by floods. Messrs. \V. H. Ro#e and H O Williams, retiring- directors, offer themselves for re-election.

DAIRY PRODUCE CONTROL

"I may be heterodox," said Mr. -w. Brown president or the Wanganui CBambe? or commerce, at its annual meeting, "but it seems to mc that one or the results of the formation or dairy control will be tnat we are raisin? a host or competitors amongst the very people who have previously handled our butter in the English market, and we shall suffer accordingly. j