GEAR MEAT COMPANY

Press, Volume LXIX, Issue 21034, 9 December 1933, Page 13

GEAR MEAT COMPANY

DIRECTORS' ANNUAL REPORT DIVIDEND OF 7i PER CENT. ON ORIGINAL CAPITAL I.From Our Own Reporter..! WELLINGTON, December 8. The directors of the Gear Meat Preserving and Freezing Company of New Zealand, Limited, Wellington, in presenting this year's balance-sheet, state' that shareholders will gather that the company has been enabled during the year under review to earn a profit sufficient, after discharging the debit balance at profit and loss shown in last year's accounts, to provide a sum of £39,872 Os lOd for distribution. Shareholders will note that the bal-ance-sheet presented shows the capital still at £460,000, though the order of the Supreme Court has been sealed reducing it to £230,000. The reduction is not effective until ihe registration of the court order with the Registrar of Companies, and that registration has be£p delayed in accordance with the board's promise to shareholders at the special meeting at which the reduction was agreed to in order that the dividend may be declared upon the whole capital which has been e'mployed in earning the profit of this year. The arrangements necessary to give effect to the scheme were approvod by the shareholders at special meetings held during the year. The distribution of £230,000 face value of Government stock is in progress. The whole of tho freehold properties and working plant of the company appear in last year's bal-ance-sheet as an asset of the value of £57,693. The freehold properties include' the Lambton quay land, offices, and shops, and the Petone butcher's shop in Tory street, the Government valuation of which together exceeds £35,000. The directors have decided that these two properties shall be treated as a separate investment of company capital, and carried to reserve account. The remaining freehold properties and working plant, being of an actual value largely exceeding the sum of £57,000, which remains on the assets side, now represent the assumed value of ihe remaining land and plant, nt'fer the' separation of the two special properties.

The directors recommend that tho balance of the credit of the profit and loss account, £39,872 0s lOd, be dealt with as follows:—•

In payment of a dividend of is (id u share, being 7J per cent, on the original capital of £460,000, £34 500 Appropriation towards liability for taxes etc., in New Zealand and Great Britain, £2OOO.

To carry forward, £3372 0s lOd. The dividend last year was at the rate of 2K per cent.

WELLINGTON BUILDING AND INVESTMENT CO.

PROPOSALS TO DEPOSITORS

LFrcm Our Own Reporter.]

WELLINGTON, December 8,

"After a careful examination of the affairs and position with a view to re-energising the company, and restoring the public confidence, so that ordinary business with its free flow and deposit of money may be resumed, and the particular needs of individual depositors met at the earliest possible elate, the directors submit for consideration the following proposals in variation and in lieu of the present agreement and court order," states the chairman of the Equitable Building and Investment Company of Wellington, Ltd., Mr A. D. Crawford, in an announcement to depositors. "(a) The company to issue up to £75,000 5 per cent, cumulative preference shares, reserving the right to redeem at par the whole or part of such issue on giving six months' notice of intention to do so. On such shares it is probable that dividends will be paid quarterly. Such shares will have preference as to capital and dividend over ordinary shares.

"(b) Depositors to convert the whole or portion of their deposits into 5 per cent, cumulative preference, shares, such conversion to be optional and to be limited in total to the issue of £75,000.

"(c) Depositors not desirous of converting their deposits in whole or in part into 5 per cent, cumulative preference shares to have the amount of the deposit not so converted spread over three, four, five, and six years, so as to eliminate all present bunching of due dates, and have these falling as near as possible evenly over an extended period. This would mean varying the extensions on the present due dates, in which arrangement some due dates might not be required to be deferred for the full period of sixyears. Tho company to reserve the right to repay the whole or part as .may be arranged at any prior date on giving three months' notice. "The directors are convinced that the interests of depositors are not being prejudiced in any way by the proposals, but on the contrary their position is being improved, and the day when they will again have free control of their deposits will be definitely brought nearer. The directors therefore confidently appeal to depositors to approve of the proposals."

COMPANIES REGISTERED

Tho current issue of the "Mercantile Gazette" notifies the registration of the following new companies : 2Cew Zealand AYool Graders, Ltd. Kegistered as a private company .'November 21, I£3.J. OUico: J'rinces slreet, Onehunga. Capital: XISOO in 4500 shares of X'L each. Subsenbers: Auckland—-A. S. .Miller 4050, iVI. K. (Joatcs 350. Objects: Wool graders, etc., ami incidental. Gold Prospectors, Lid. liegislercd as a private company November 27, 19,'JJ. Oil.ce, fi Oma.hu road, Auckland. Capital: XIOOO in ItICM shares of XI each. .Subscribers: Auckland —1\ V*'. Lamb 331, A. I). Fisk 333, A. S. Lamb 333. Objects: Goidmining, etc.. and incidental. Adams Hardware, Lid, Ftrgistcred as a private company, Oetober 10, 1933. OHice: Market street. North, Blenheim. Capital: X'l.oo in 100 sh.-res of X'l earh. Subscribers: F W. Adams, Sun. 50. M. Adams 50. Objects: Ironmongers and hardware merchants, Mnrib iroiigh Sounds Holiday Service Compaliv, Ltd. Registered Novcmbsr 22, 11)33. Oflicc: Astoria Buildings, High street, i icton. Capital: ,£IO,OOO into 10,000 shares of £1 each. Subscribers: liclon—D. H. 1 hoinp■soll I .1. I'arfitt, W. H. Cillice, A. 1.. Gre'i", li. Li- 1- Story. K K. Gahagau. Blenheim: K. Sutherland, 10 shares each. Objects: Business of a travel agency and incidental. , fl . . , Colvillo (C. and .1.), Ltd. Kegistered as •i private eoinpanv, December 1. 19.. i. OfTieo. 303 Cambridge terrace, Christchurch. Capital: XSOO into 500 shares of i'l each. .Subscribers: Christchurch—J. I). Colvillo •-<>o, L. and J''.. c. I'. Colvillc 2)0. Objects: 1 lumbers and incidental. ... ,Steel (J.), .inn., Ltd. Kegislered as a private company, December 1, 1.U.. Mackay street, Greymouth Capital. X-.)l into 25C0 shares of X'J <*ach (1200 fully paid 10 per cent, cum pref. and 1300 10s paid ordinary sh ires). Sul-8-risers: U •" J. Steel 100 ordinary, James Steel 1-00 (10 per cent. cum. pref.:. Objects: Boot, shoo, and general footwear dealers.