COMPANY AFFAIRS.

Auckland Star, Volume LXVI, Issue 299, 18 December 1935, Page 4

COMPANY AFFAIRS.

GEAR MEAT COMPANY. INCREASE IN RESERVES. (By Telegraph.— Press Association.) WELLINGTON, Tuesday. The ordinary general meeting of shareholders of the Gear Meat Preserving and Freezing Company of New Zealand, Limited, was presided over by Mr. A. Strang, chairman of directors, who said on the motion moved at the last annual meeting the company's holding of Government inscribed stock, valued in the books at £30,391, had been written up to par and the increase added to the reserve accounts. The general reserve and marine, fire and accident reserve had been increased by £54,000 and £5000 respectively. Owing to rapid fluctuations in market prices, with so little warning, it was very difficult to prophesy as to the future, he said. The matter of exchange also caused uneasiness on account of the present purchases of stock being based on to-day's rates. The matter would have careful consideration during the coming year. Asked if the profit would have been made had there been no exchange, he replied that the company had to pay out to farmers and then risk getting the money at the London end. Sir Francis Bell was re-elected a director. The company's accounts, published in the "Star" on December 13, showed a net profit of £14,928, against £24,947 in the previous year. REID RUBBER MILLS. The second annual meeting of Reid New Zealand Rubber Mills, Limited, was held yesterday, the chairman of directors, Mr. A. M. Seaman, presiding. A report on a recent tour of the Dominion was presented by the managing director, Mr. G. C. Reid, who stated that indications pointed to considerable expansion. The annual report and balance-sheet were adopted, and the retiring director. Mr. lea man, was re-elected.