GEAR MEAT COMPANY.

New Zealand Herald, Volume LXIII, Issue 19512, 16 December 1926, Page 11

GEAR MEAT COMPANY.

BETTER TRADE PROSPECTS, DIVIDEND AND BONUS. [BY TEX.EGB.APH. —OWX CORRESPONDENT. 1 WELLINGTON. Wednesday. A hopeful note was struck by the act-ing-ehairmitn, .Mr. A. Do B. Brandon, to-day in addressing shareholders of the Gear Meat Company. He congratulated shareholders upon the satisfactory results of the year's operations. The prospects for mutton and lamb during the earlier months of last season looked promising, and keen competition with good prices was experienced, but owing to the effect of the seamen's strike and later of the coal strike, conditions soon changed for the worse. The tallow and pelt markets were not active and wool experienced a fall compared with the previous yew. Tim cheap prices at which beef was sold owing to the contest between tho American group and the English companies in tho Argentine resulted in a much larger consumption of that description of meat to the disadvantage of mutton. An eeort was apparently being made to adjust tho relative pre portions between the competing companies, in order to regulate shipments. In the case of chilled beef it was essential to have the arrivals timed to meet the requirements as it could not bo held long after discharge. The prospects for the coming season were uncertain, but the settlement of tho Coal' strike and the anticipated revival in British trade would, it was hoped, lead to improved purchasing power. The spring had not been favourable in some districts, but on the whole stock was coming to hand fairly well. During tho year there had been reductions in tho freight on meat which would bo of some assistance to producers. Tho report and balance-sheet wore then adopted. ' ' . , It was also resolved to pay a dividend of Is 9d per share, loss interim dividend of 6d already paid, and to pay a bonus of 3d per share out of the insurance fund. Sir Francis Bell and Mr. A. Do B. Brandon were re-elected directors. At tho request of shareholders, Mr. F. W Renaut, London manager of the company, reviewed the business of the past year, dwelling on the great difficulty of meeting a falling market without any additional output. The results of last year's trading, ho hold, were as good as expected. > Tie touched on the wool situation and tho disposal of the company's wool, with only 360 bales to realise in tho September sales. - AUSTRALIAN TRADE. EXCESS OF IMPORTATIONS. A very unsatisfactory feature of Australia's! trade, position is tho manner in which imports for the current year are mounting up and are enormously in excess of exports, says a recent market letter from Messrs. ,T. B. Were ami Son, of Melbourne. During tho four months from July 1 to October 31, the Commonwealth's exports have been valued at £43,675,434, and her imports at £55,849.940, leaving an adverse trade balance of, £12.174.506. If from exports is deducted £9,004,337. tho value of gold and specie shipped abroad during tho period, the deficit would amount to £21.061.602 These certainly aro not the months of heavy exports, but the progressiva deficit is staggering, and it will need all the promised wool, wheat, buttsr and other primary products to go anywhere near balancing the national trade ledger if buying, from overseas. proceeds at tho recent' x ate. NATIONAL TOBACCO COMPANY. DIVIDEND OF 12' PER CENT. . | ' | . J' ' The National"Tobacco Company (Napier) shows a net profit of £8251 for its third year ended October 31. 1o this is added £1394 carried forward from the previous year. The directors recommend the payment of a dividend of 12£ per cent, on the ordinary shares and 8 per cent, on tho preference shares. The sum of £3500 is to bo transferred to reserves and £2619 carried forward. Tho chairman of directors, Mr. Gerhard Hushcer, in his report to shareholders, states that "the old prejudice against New Zealand manufactured tobacco is gradually dying out and giving place to a more sympathetic attitude on tho part of the smoker Evidence of this change may he |. found in the ever-increasing orders that are coming to hand from all parts of tho Dominion. . . . Owing to dry weather and other adverse conditions, tho Nelson crops last season have been of a very poor character and light in yield ; however, the North Island districts have more, than compensated ns for tho deficiency and supplied us with some really ideal samples of leaf." '