THE GEAR COMPANY

Dominion, Volume 9, Issue 2645, 16 December 1915, Page 8

THE GEAR COMPANY

A SUCCESSFUL YEAB. The annual general meeting of shareholders of the Gear Meat Preserving and Freezing Company of New Zealand, Ltd., was held at the company' 6 office last night. Mr. W. H. Midword (managing director and chairman of directors) .'presided, and there were some 30 shareholders present. \! r. Millward, moving the adoption of the report and balance-sheet, reviewed the year's operaions brielly w the following address/ The directors have pleasure in presenting to you the accounts for the year ended November 30 last, which, as they are made up in the usual form, call for no comment. At the. beginning of March last all frozen meat was commandeered on behalf of the Imperial authorities, consequently consignments then at Home and afloat experienced considerable appreciation from the fact that they would be the last to be dealt with under free marketing conditions. Tho arrangements made by the Dominion Government have given general satisfaction, and there has been no friction in carrying out the large volume of business under this head. As you are aware, there was for a time a gretft. shortage of steamers, but, as the bulk of tho meat was required for the Army, the Board of Trade at Some did everything possible to minimise inconvenience, and latterly there has been ample tonnage. The increased storage erected by the company in 1914 proved most useful and profitable. There is still great congestion in the British ports, and, ae the stores for all descriptions of produce are full, there is considerable delay involved in discharging and realising shipments. As a result freights and handling charges are heavy, and these, in conjunction with higher insurance premiums, make marketing costs almost double the normal. - "The call for meat has produced several fresh avenues of supply, notably Brazil South Africa, Manchuria, and Madagascar—that from the last-named going mainly to Fmnce. North America has again appeared on the lists of imports into England. The Imperial Government seem to have stocks well in hand, and pricjs are generally on a more reasonable basis than was tho case some months ago. In thi6 connection it is interesting to note that the flocks and herds in Great Britain during 1914-5 were greater by 460,000 sheep and 384,000 cattle, the latter constituting a record. In our Dominion there are eleven new meat freezing works—nine in the North Island—in course of erection or in prospect, and the tendency of such a development will be to shorten the season and hasten'forward shipments during the summer months. Notwithstanding the submarine blockade and Zeppelin raids the company has been very fortunate in not having made any serious losses on its insurance fund. The board has, however, in view of poesible emergencies, deemed it advisable to maintain the account in a Btrong position. The properties and plant have been improved and kept in a high state of efliiJloncy. The slaughtering during the period under review has again created a record, and, as usual, the company's produots have given the highest satisfaction. in addition to the gifts already made the directors are of opinion that the company should donate a further sum of £2000 to such properly constituted funds for the relief of w'ounded New Zealand soldiers both here aud abroad, as may bo approved, and hope that the proposal will meet with tho cordial assent of shareholders. A large number of the permanent staff has joined the Expeditionary Forces, and, while they are being liberally dealt with, their pieces are being kept open for them. This entails greater pressure upon the remaining memoer6, but it is being loyally met, and ws are deeply indebted to all in the head office, at tho works, in the country districts, and in the London branch for their zealous and efficient services during this year. Since the report was issued to shareholders the directors regret that Mr. Nicholas Beid has passed away. He was one of the original board and for some time chairman. In both capacities he did most valuable work. In due course a, resolution embodying the directors' Appreciation of his services and expressing sympathy vvith the relatives •will be forwarded to the family. Mr. Harold Beauchump seconded the motion, which was agreed to without debate. Formal resolutions, moved by the chairman, declaring an ordinary dividend' of 10 per cent, for the year, a special dividend of 5 per cent, for the year from profits earned by reserve funds (in each case less interim dividends at half these rates paid in June last), and a bonus of 5 per cent, on the paid-up capital of the company's insurance reserve were also agreed to. The suggestion of the directors to vote £2000 to the Wounded Soldiers' Fund was approved. Mr. \V. H. S. Moorhouse and Mr. Allan Strang were elected ( unopposed to the vacancies on thp board. Tho retiring directors were Mr. Moorhouse and 'Mr. Nicholas Beid, but owing to tho death of Mr. Reid a few days ago his place had to be filled by the meeting. Messrs. It. T. Badham and Mr. E. L. Hunt were jc-elected auditors. Mr. J. C. M'Korrow moved that the meeting record its high appreciation of the valuable services rendered to the company by the late Mr. Nicholas Beid, and extend sympathy to his family in their bereavement. Mr. M'Kerrow spoke of the early days of the company's history, when the prospect, was dark, and of the invaluable work done by Mr. Beid as director, and some time as chairman, in laying the foundation of the company's present prosperity, "I want to say," lie raid, "that Mr. lieid was one of. the kindest men I ever met in nil my life—always cheery, always hopeful, and always sympathetic. Tho motion was weaMsd b.v lir. 0. 'f. Stuoit. and wiled by. the mwtlafe-, -