GEAR MEAT COMPANY

New Zealand Times, Volume XXXI, Issue 6996, 9 December 1909, Page 3

GEAR MEAT COMPANY

ANNUAL REPORT: The report of the directors of the Gear Meat Preserving and Freezing Company, for the year ended November 30th last, shows that, including the amount brought forward, and after making allowance for depreciation and payment of interim dividend, there remains a balance of £13,800 6s sd, which the directors recommend for appropriation ; as follows: —In payment of a dividend of 10 per cent. foT the year ended 30th ult., less interim dividend of 5 per cent, paid in June, £4600'; to be carried forward to next year's account, £9200 6s sd; total, £13,800 6s sd. Owing to the continued success which has attended the operations of the company's insurance department, the directors recommend the payment of a bonus of 2-J- per cent, on the paid-up capital out of the insurance reserve., "The managing director," the report states, ." has not yet returned from his visit to Great Britain, but the results of his trip are highly satisfactory, and shareholders will no doubt be glad to hear that his health has greatly benefited by the.change." The retiring directors are Messrs J. R. Blair and James Gear, who, being eligible, offer themselves for reelection. Mr R. T. Badham offers himself for re-election as auditor, but Mr D. T. Stuart ,_ who has held office in this capacity since the inception of the company, does not seek re-ap-pointment. The profit and- loss account is as follows:—To landed properties, working plant, etc., £10,872 3s 8d; interest, discount, and exchange, £316 lis 9d; salaries, directors and auditors' fees, £4287 Is 8d; office and legal expenses, rates, taxes, etc., £3686 9s sd; marine, fire, and accident insurance reserve, £5000; interim dividend, £4600; for present appropriation, £13,800 6s 5d—£42,562 12s lid. By balance from November 30th, 1908, £9633 12s; sales, manufactures, land, etc., £32,916 8s lid; transfer fees, £l2 125—£42,562 12s lid.