GEAR MEAT COMPANY

Evening Post, Volume XCVIII, Issue 137, 8 December 1919, Page 7

GEAR MEAT COMPANY

RESIGNATION OF CHAIRMAN

The report of the Gear Meat Preserving and Freezing Company for the twelve months ended 30th November, 1919, 3tates, inter alia, that owing to shortage of refrigerated tonnage the frozen meat stores were kept well filled during the greater part of the year; consequenly a large amount of revenue was derived therefrom. Shipping for general cargo having been made-available after the signing of the Armistice, the bulk of the tallow and pelts which had accumulated during the war became realisable, and met a very good market. The proceeds have therefore added considerably to the profits for the period under review. Licluding the amount brought forward, and after making allowance for depreciation and payment of interim dividend, there remains a balance of £109,630 10s lOd, which the directors recommend for appropriation as follows : —In payment of dividend of 10 per . cent, for the year ended 30th ultimo,, less interim dividend of 5 per cent, paid in June, £4600; in payment of dividend of 5 per cent, from profits earned by reserve funds, less 2£ per cent, paid in June, £2300; in payment of special dividend of 5 per cent, as last year, £4600; appropriation towards liability for taxes, etc., in New Zealand and Great Britain, £35,000; to be carried forward to next year's account, £63,130; 10s lOd ; total, £109,----630 10s lOd.

Owing to the satisfactory condition of the company's insurance reserve, the directors recommend the. payment of a bonus of IS pei' cent, on the paid-up capital out of that account.

The directors propose to take into consideration the best method of, dealing with a portion of the reserve fund for the benefit of shareholders. A meeting with this object will be called early next year. The retiring directors are Dr. A. K. Newman, M.P., and Mr. Harold Beauchamp, who, being eligible, offer themselves for ■ re-election. The auditors, Messrs. Ernest W. Hunt and E- RDymock, also offer themselves for reelection.

The directors desire to express thengreat regret that, owing to ill-health, Mr. W. H. Millward is relinquishing his position as managing director, and in an addendum to their report they state : "It is with feelings of really deep regret that the directors have accepted Mr. W. H. Millward's resignation as managing director, but they realise that the strain upon his energies is too great. For thirty-six yeois Mr. Millward has devoted ail his time and ability and thoughts to the interests of the company. His rare and great business abilities, his remaj-k----able powers of organisation, his complete knowledge of the tneat trade of the world, his wisdom in forecasting the trend of events, his courage in acting during anxious tunes, and his wide statesmanlike grasp of affairs, have been warmly appreciated by directors and shareholders alike. All through the thirty-six years his fairness and tact, his courtesy and kindly feeling, and his high and honourable methods have earned the highest goodwill, and, in very many cases the affection of the company's employees and customers." Following upon Mr. Millward's retirement, Mr. Walter H. Tripe haa been appointed general manager.