GEAR MEAT COMPANY

Hawera Star, Volume L, 18 December 1930, Page 5

GEAR MEAT COMPANY

THE ANNUAL MEETING. FIRST DEBIT BALANCE. (By Telegraph—Press Association.) WELLINGTON, Dec. 17.-' The Gear Company’s annual meeting was presided over by Mi - . A. Strang. In moving the adoption of the bal-ance-sheet, Air. Strang remarked that it was the first time the company had to deal with a debit balance, due to the inevitable and unavoidable heavy losses in trading. He referred to the fall in-prices tMs year of every article produced by the company, namely, meat, wool, tallow, pelts, . canned goods, casings and fertilisers. ;At ordinary times some of- these would be down in price, others having, appreciated and therefore compensating. The board had necessarily .to prescribe limits this year, but. would' pay farmers the fullest possible prices prompted under the present conditions. The company had no debentures and no creditors except a credit of annual trade. The shareholders owned the property, which was absolutely free from any charge. The value of the company’s property appears in the bal-ance-sheet as £57,100. The Government valuation is £260,738. The company holds permanently invested Government securities of £303,650. The total interest paid to bankers in the past year is £8554, which is less than the annual income from permanent investments in Government securities. Cash at the bank and on current deposit was far more - than sufficient to provide a dividend.