GEAR MEAT COMPANY

Poverty Bay Herald, Volume LXI, Issue 18582, 17 December 1934, Page 13

GEAR MEAT COMPANY

NEW BALANCE SHEET MORE RESERVES APPEAR (Per Press Association.) WELLINGTON, this day. The annual meeting of the Gear Meat Company was> presided over by Mr. Allan Strang, who explained that the balance-sheet presented a somewhat different form from that of previous years to comply with the terms of the new Companies Act, and also a Supreme Court order confirming tho reduction of the capital of the company to £230,000. He said the balance-sheet clearly showed that there was an additional reserve over the balance-sheet figures amounting to £59,204, this being the difference between the figure of £30,391 shown in the blance, and the par value of Government stock, which was £89.685. It was his intention, before vacating the chair at the next meeting of directors in January, to move that this stock be written up to par value, and the difference transferred to reserve.

The bulk of the company's meat went to London, and its stocks there to-day would be easily sold out, before new season's shipments 'of any size were on the market. Properties and plant were in good order, and everything was in readiness and working for the seasou, which was very much later in starting. The motion for the adoption of the report and balance-sheet was seconded by Sir Francis- Bell, and the retiring directors, Sir Harold Beauchamp and Messrs. J?,. W. Cibbs and If. N. Jliddiford were unanimously re-elected, as were also the auditors, Messrs. K. W. Hunt and E. U. Dyntnek. A vote of i bants to I lie staff was acknowledged bv the general manager, who spoke of the difficult year passed through, and bis recent, visit to Loudon and ibe handling there of the company's products.