GEAR MEAT COMPANY

New Zealand Times, Volume LIV, Issue 9801, 5 January 1893, Page 4

GEAR MEAT COMPANY

ANNUAL MEETING, Th* annual mooting of the shareholders of the Go*r Aluttt Company was held Jo the Chamber <£ Commerce last night. There was a bare quorum present, and J. Gear (chairman of directors) presided. - ]d moving Iho adoption of the annual report and balance-sheet (already published) the Chairman said :~I have again to congratulate you upon the T access of the year’s operations. When you consider the uniformly low prices ruling in Lond n for frczan meat and wool, and the coat of stock in this island, owing to the large quantity of fresh country being opened up, vou muit recognise that the company is well established on a good footing, and on a thoroughly sound basis. During the year no very ex* tensive additions have been made to the buildings or plant, beyond some improvements in the preserving department, aud the addition of a plant for turning out potted meat, which I have every reason to think will be highly successful. ( A brick coal store has been added to the boiler bouse which enables ns to taka larger quantities at one time, and thereby make more satisfactory terms. It also cheapens the discharge and eases the work for the firemen, besides affording shelter for the coal. The Jubilee and all the plant, &o , have been thoroughly overhauled, and the company is now in a position to put through the large quantity of stock which they have reason to expect will be available during the coming summer. Daring the year several Native leases have bean converted into freeholds on highly satisfactory terms, and about 4 acres, north ct Jackson street, not required for our operations, have been surveyed, out up, and put into the market. Up to data 20 sec* tlons out of 42 have been successfully die posed of. Turning to the balance sheet, I do not think there Is much that requires explanation. You will notice the figures are more compact than last year, and 1 may say that we have no shipments afloat or in England on which we can possibly lose ; anything, having valued everything on the lowest basis. The property account shows an increase of nearly £I2OO, caused by Native land purchases, &0., already ex* plained, less proceeds of sections sold and certain amounts written off. Working plant stands at about the same money. This Includes the additional plant already referred to, and other additions, leas de predation written off. The hulk and jetty account shows a redaction for depreciation of £660 in all. 1. may here stats that everything is kept in a thorough state of efficiency, and the cost of replacement charged to working accounts. Sundry debtors are £6600 loss. Stock, £6OO, and cash balance £2400 loss. Against this 1 have pleasure in adding that the snudry creditors ate over £IO,OOO less. The reserve funds ars £ISOO more, notwithstanding that several heavy insurance losses have been taken from the Insurance reserve, I may ttll you that during the early part of the year the steamers delivered their meat cargoes in a generally bad condition. Be yond the actual monetary loss, the effect on the market is a serious matter to exporters. Latterly, owing to strong representations and fee’ing the pinch of the new form of bill of lading, matters are considerably improved. la the profit and loss account, Interest and discounts are £430 less; salaries, *o. f £l6O more (£IOO of this being the bonus voted by you laat year to the secretary) ; office expenses are £SO lesa. Notwithstanding the scarcity of stock this company has slaughtered during the past year the same quantity as they did during the previous one. This is extraordinary, Inasmuch as most freezing companies have ■howu considerable reduction. Generally, 1 may say that the company is highly popular, and that the directors look forward to a continued successful future. Competition has undoubtedly been very heavy, and there are now freezing works capable of putting through considerably more sheep than are available. The directors feel that they have nothing to fear, however, and are confident that this company can hold its own against aU'Ccmers, The directors take this opportunity of cs pressing their appreciation of the service oi their officers, who have so zealously worked for the company. Mr Alex. McKenzie, resigned during the year, but the vacancy has been filled without any inconvenience arising to the company. 1 have pleasure in now moving the adoption of the report and balance-sheet.

Ur G, Allen seconded the adoption of th* report and bslaoue.sheet. In answer to Mr Allen, the Chairman said that the Canterbury mutton realised about per lb more than the Wellington meat, and be thought it was full) worth that, as they had a better class of sheep in Canterbury. Mr Allen could see nothing to carp at in the report, and be must congratulate the directors upon it. - The motion for the adoption of the report was then put and carried. On the motion of the Chairman a dividend 'at the rate of 10 per oent was then declared.

The three retiring directors—Dr Newman, Messrs Gesr and N. Reid—were re. elected, on the motion of Mr C. T, Richardson, seconded by Mr C. A. Knapp. On the motion of Mr G. Allen, Messrs D. X. Stuart and K. T. Badbam were re elected auditors at the previous remuneration.

Mr 0. Allen, seconded by Mr Richardson, moved that a vote of thanks be awarded to the directors and officers of the company. This was osrriod by acclamation.

Dr Newman returned thanks to the tbireboldere lot re electing him, and she (or the vote o( thanks awarded to the directors. He spoke in high terms of the staff, and expressed tbs opinion that the company wonld bars a prosperous future. Mr N. Beid, in returning thanks, painted oat that although the company had only been inexistence ton years, they bad rs< turned to the shareholders 103) per cent upon the capital they had invested. The present year, he thought, would be a successful one, He might say that they had Started it very successfully. Mr W, H, Millward (seoretary) returned thanks on behalf of the staff.

A vote of thanks to the chairman brought the meeting to a close.