GEAR MEAT COMPANY

Evening Post, Volume LXXXVIII, Issue 138, 8 December 1914, Page 5

GEAR MEAT COMPANY

ANNUAL REPORT. The directors' report to the shareholders of the Gear Meat Preserving and Freezing Company of New Zealand, Limited, for the year ended 30th November shows that, including the amount brought forward, and after making allowance ior depreciation and payment of interim dividend, there remains a balance of £21,537 3s 2d. This the directors recommend for appropriation as follows : — In payment of a dividend of 10 per cent, for the year ended 30th ultimo, less interim dividend at 5 per cent paid in June, £4600; in payment of special dividend of 5 per cent, irom profits earned by reserve funds, less 24 per cent, paul in June, £2300 ; to be carried forward to next year's account, £14,637 3s 2d. Total, £21,537 3« 2d. Owing to tho satisfactory result of operations in connection , with the company's insurance reserve, tho directors recommend the payment of a bonus of 5 per cent, on the paid-up capital out of that account. The directors express their regret at the death of Mr. J. R. Blair, who for many years had been at valuable member of the board. A minuto of appreciation of his services has been placed on record and transmitted to his relatives. The vacancy has been filled by the appointment of Mr. W. H. S. Moorhouse. The retiring directors are Mr. David Anderson and Hon. H. D. Bell, X.0., who, being eligible, offer themselves for re-election. The auditors, Messrs. R. T. Badham and E. W Hunt, aleo offer themselves for reelection. The proceeds from sales, manufactures, investments, and other sources, amounted to £75,676, and the balance brought forward from 1913 was £13,671. Landed property, working and office expenses, total £55,917; £5000 was placed to reserve, and £6900 was paid in interim dividends. The company's reserve fund 6tands lit £125,000, and the marine, fire, and accident insurance reserve at £116,570. Investments appear in the books at £29,800, and tho cash in hand amounts to £16,808.