GEAR HEAT GO.

New Zealand Times, Volume L, Issue 11705, 18 December 1923, Page 3

GEAR HEAT GO.

SHAREHOLDERS MEETING DIVIDEND Is 6d PER SHARE DECLARED. WITH 3d BONDS PER SHARE. The ordinary general meeting* of shareholders of the Gear Meat Preserving and Freezing Company of New Zealand, Ltd • was held at the company’s offices, Lamb* ton quay, last night, Mr W. H. Millward (chairman of directois) presiding. The directors report and balance-sheet showed that, including the amount brought forward, and after making allowance for depreciation and payment of interim dividend, there remained a balance of jE61,964 Os 6d, which the directors recommended for appropriation as follows:—In payment of dividend of Is 6d per sha;'e for the year ended 30th ultimo, less interim dividend of 6d paid in June, 3523,000; appropriation towards liability for taxes, etc., in New Zealand end Great Britain, ,£12,500; to be carried forward to next year’s account, 3226,461 Os 6d; total, -261,964 Os 6d. Owing to the satisfactory condition of the company’s insurance reserve, the directors also recommended the payment of a bonus of 8d per share out of that account. THE CHAIRMAN’S SPEECH. In moving the adoption of the annual report and balance-sheet, the chairman laid "I have great pleasure in congratulating you upon the results of the year’s operations. The season opened with tne keenest competition from all sources, and very high prices were paid for both mutton and lamb. In the early part London buyers offered freely, and fairly large sales were made; but heavy shipments frojp Austrxlia and South America ultimately brought about a change, which resulted in e.i.f. buyers, either withdrawing altogether, or reducing their limits to such an extent that business could not profitably be done. High prices 'checked consumption; and for a time, ‘.owine to an accumulation of stocks in Great Britain, meat was sold below cost.

“Owing to the wet weather experienced during the spring and summer, * lambs did not fatten well; and as a result there was a large proportion of second quality. These had to be disposed of, as, owing to the increased number of breeding ewes to be provided for during the winter, it was impossible to carry them over as hoggets. Generally speaking, the quality of lambs in this district has improved; and it is only the climatic conditions which have given rise to recent unfavourable comments. “South America, as in the past, dominated the beef position. Tho considerable increase in exports resulted in extremely ! ow prices ruling in both the chilled and frozen sections, which, as you are aware, reacted seriously on values heye. Stabilisation of Continental currencies ought to bring about an improvement in this commodity. Dairying has made tremendous strides .within recent years, and as closer settlement proceeds, will- continue to increase. Although a favourably development for the Dominion, it is an adverse factor so far as our business is concerned. The markets for both tallow and pelts have remained fairly steady; and that for wool has been excellent, with a general udvanoe throughout the year. “SHEEPFARMERS’ OUTLOOK GOOD/’ “The immediate outlook, from the sheepfarmers' point of view, appears to bo good, as both mutton and lamb have opened at high figures and the wool clip ; s realising splendid prices; but it must not be forgotten that conditions in Great Britain generally are very unsettled and unsatisfactory, consequently the future is uncertain. The lambixm was probably above the average; and if the weather is favourable, the shipments of both mutton and lamb should be, at least, equal to last year. Australia cannot this season be considered a serious competitor, as owing to the late drought and the dry conditions now prevailing in many parts of the country, there will be little stock available for export. South America should, under existing circumstances, maintain, if not add to, recent totals. “The company’s freezing rates have been carefully considered, and are equal to the best ruling in the Dominion. Ocean freights on mutton and lamb have been reduced, as also have English landing and storage charges on all product#. Shipping has been in good supply throughout the year, and ample space appears likely to be available for this season.

“The directors policy of maintaining a strong financial position has been of great benefit during the difficult period under review, and to a large extent has accounted for the results now placed before you. In conclusion, I wish to extend to the general manager, head office, and London staffs. Buyers, heads of departments, and employees generally, the thanks of the board for the work that they have so well and faithfully performed throughout the year/* 1 Sir Harold Beauchamp seconded the motion, which was carried unanimously without discussion

The chairman moved, and the Hon. Dr Newman, M.L.C., seconded, the payment of the dividend of Is 6d and the bonus of Sd per share, which was also carried unanimously. Tho retiring directors (Sir Francis Bell and Mr A. de B. Brandon) were re-elected without opposition j as also were the auditors (Messrs Ernest W. Hunt and E. R. Dyraook). On the motion of Sir Harold Beauchamp a very hearty vote of thanks was accorded the general manager and his staff for their very excellent work during the past year. Mr W. H. Tripe (manager! suitably responded, remarking that the year bad been a very trying one. but all concerned had risen to the occasion.