MEETINGS.

New Zealand Mail, Issue 932, 10 January 1890, Page 21

MEETINGS.

O BA &, .M BAT GO MP A.UY. annual meeting. The annual meeting off the shareholder® in the Gear Meat Preserving and Freezing Company of Now Zealand (Limited) was held at the Chamber of Commerce oti Friday night. There was a t&srly largo attendance, and Mr Nicholas itei<s (Chau* man of Directors) presided. 1 ANNUAL REPORT AND BALANCE-SHEET. The Chairman, in moving, the adoption*, of the annual report and balance-sheet (already published), said 111 moving the adoption of the report, balance-sheet, aud profit and loss account of the operations of the Company for the year ended’ 30th November, 1889, I do so with great pleasure* because the business of fchsCompany has been so remunerative that it has enabled the Directors to bring the financial position of the Company on to it highly satisfactory basis, as a perusal of the balance-sheet will show when compared with previous ones. I stated at the annual meeting, held In January, 18b8v that the Company was based on a safe and solid foundation, and offered every promise for continued success in tka future. These remarks were fully warranted, as the Company is now in such & position as to undertake new w*orks which are urgently wanted without having tc< make a single call upon the shareholders. These works I will explain to you later on. To the distribution of the balance of the profit and loss account your Directors gave a great amount of attention. The first thiDg considered was the value of both town and country properties. These stood iu the last-balance-sheet at L 41,032 17s Id, aucl have now been reduced to L 51,735, which we think is a safe estimate of their value. The hulk and ,refrigerat : ng machinery are reduced from' -XJ4,377 10s to L 12,000, and fair allowance inr depreciation on plant, jetty and office furniture has been made. Sundry, debtors —The amount is about L4OOQ more than, at previous balance. Deposits at interest, cash in Bank of New Zealand and -at . head, office and branches amounts to L 13.159 16s 7d. The sum is a large one, but iff will all be required shortly for new works. Liabilities (sundry" creditors) —We have reduced the amount from * L 39,725 atprevious balance to L 34,567 18s 7d ; the difference of LSOOO has been paid off our loan. The reserve fund we have increased from L 3500 to L6OOO, and the insurance reserve from L 5255 to L 6822 12s lid, and after paying a dividend at the rate of 10 per cent per annum, w o aro enabled to carry forward to next year’s account the sum of L 4720. These figures, your Directors know, must be highly satisfactory to every shareholder. The expansion of our business is of the utmost importance, and, as we are now working to our limits, it is highly necessary that we should make provision for the increased trade at our command, a great amount of which at present, and during the past two years, we have been unable to undertake ; now our excellent financial position enables us to carry out veryimportant works without making calls. ' These are freezing, storing, and manure works. The freezing and storing works will be erected at Pitone, close to the new slaughterhouse, which we have just finished, and which, I may tell you, is one of the most complete in the Colony. We have already ordered a very powerful refrigerator, capable of freezing 1000 carcases daily, As a justification of the step we are taking, I may mention that the increase in sheep during 1888-9 in the districts drawn upon by us is 214,000 head. These new works when completed will enable us to get a larger quantity of material for all our other departments, viz. :—Preserving, tallow, fellmongery, and a new department—our manure works. You are probably not aware that all the blood from fully 200,000 animals at present runs into the harbour on the Pitone Beach. This of itself is very offensive, and we, must not offend our neighbours, but it is also a great waste of a very valuable product. In order to convert this and tons of other bye products into a marketable article, wo are erecting tile manure works, and your Directors are sanguine that when completed they will not only be a successful undertaking, but will confer a boon upon the inhabitants of Pitone, as all offensive matter will be removed for treatment to the 76 acres of land we have close to the pipe bridge, about three miles from When the new works are finished, we will have the only complete business of its kind in the colonies, and one of which,. I am sure, we will all be proud. Wo expect to be in full working order in about ten months, and ivhen finished your Directors will invite shareholders to inspect the works. It is highly satisfactory to know that all the departments of the Company’s business are in excellent working order, and under very able management. These facts, in a great measure, tend to the success of our business. It is gratifying to notice that the public have at last shown that they have confidence in the Company ; the sharer are at present quoted at 92s Gd, but it has taken nearly six years for the face to to be discovered that the Gear Company’s business is not such a peculative cue, after all. As an

inastatsce of vv , 'hat has been done since the initiation of the Company, now seven ye&Ys ago, I may say that duriiig 4hat time dividends aggregating 70 per scent, have been paid, thus giving the high, average <*f 10 per cent. A reserve fund of L6OOO has been created, and an insurance reserve of L 6822 12s lid. In addition to this, ample alio Wan ce has been made for depreciations and the properties. Hulk and jetty have been well written down, as a perusal of this and former balance-sheets will show. Gentlemen, 1 think this a result to be proud of, and I shave every confidence that the future will be equally good. Perhaps it would interest you to know that during the year we slaughtered close upon 200,000 animals, tinned over 900,0001bs of meat, made over 1300 tons of tallow, fell ■ mongered nearly 160,000 Skins, and exported over 156,000 pelts and nearly 1700 bales of wool. During the year the Company have lost the services of Mr Goalen, our late Secretary, arid on behalf of the Directors I beg to tender him our thanks for liis past valuable services. Mr George Allen, in seconding the report, said the Chairman’s report of what fiad been done during the past year had induced him to change his mind and not move an amendment, asking the Directors to either increase the dividends or pay a bonus. He expressed warm approval of the Directors’ proposals and fch'6 results which they had achieved during the year, and said it was especially gratifying to him to find thatAhe fellmongering branch of the business* bad been so successful, The motion was carried unanimously. DIVIDEND, On the Chairman’s motion, a dividend of 10 per cent (of which 5 per cent lias already been paid) was declared. DIRECTORS. On the motion of Mr C. Pharazyn, Seconded by Mr W. S. Reid, the retiring Directors—Messrs D. Anderson and J. Gear and Dr Newman, M.H.R.—were ve elected. On the motion of Mr James McKerrow, seconded by Mr H. Hume, the retiring auditors, Messrs T. K. Macdonald and D. T. Stuart, were re-elected at the same remuneration as before, viz, £SO per anatnn each. VOTE OR THANKS. Mr T. K. Macdonald moved a hearty vote of thanks to the Directors for their services during the year. Speaking as an auditor, and consequently upon a close knowledge of the affairs of the Company, lie assured the shareholders that the Company was doing a thoroughly satisfactory business, and was in an absolute state of prosperity. He believed it stood unrivalled as a successful institution of its kind, and he warmly eulogised the energy and pains taken by the Directors in the shareholders’ interests. Mr G. Allen seconded the motion, which was carried by acclamation. Dr Newman, returning thanks, assured shareholders of the sound condition of the Company, and that when the new works were completed the Company would be in a position to cope with all the requirements of this district from it. "With reference to the amendment hinted at by Mr Allen, Dr Newman said it was the policy of the Directors to pay a steady dividend of 10 per cent rather than to pay large dividends and risk having to increase the paid-up capital. On the motion of Mr W. S. Reid, a hearty vote of thanks was also passed to the permanent staff, clerical and manufacturing, of the Company. Mr W. H. Millward (Secretary) having returned thanks, the meeting terminated.