GEAR MEAT COMPANY

Sun (Auckland), Volume III, Issue 841, 9 December 1929, Page 10

GEAR MEAT COMPANY

LOWER NET PROFITS DIVIDEND RATE MAINTAINED After making allowance tor depreciation, the amounts of the Gear Meat Preserving and Freezing Co.. Ltd., show a net profit for the year ended November 30 of £52,808. The directors propose the payment of a dividend of Is 9d a share for the year, interim ditidend of 9d paid in June, £23,000; the appropriation of £15,000 toward liability for taxes, etc., in New Zealand and Britain; and the carrying forward of £16,008 16s Bd. Owing to the satisfactory condition of the company’s insurance reserve, the directors recommend the payment of a bonus of sixpence- a share out of that account. The accounts show that the profit on. sales, manufactures, and interest on investments amounted to £63,015. as against £93,405 in the previous year, while expenses amounted to £10,210, as against £12,125, the allowance for depreciation having been reduced from £4,270 to £2,199. Following is a comparison of the company’s results for the last three years:— 1927. 1928. 1929. £ £ £ Brought forward.. 20,223 30,421 30,451 Net profits .... 77,948 81,280 52,805 98,171 111,701 83.259 Reserve fund . . . 5,000 5,000 Reserve for taxes . 15,000 16,000 15,000 Insurance fund . . 7.500 20,000 12,000 Dividend 40,250 40,250 40,250 Carried forward ... 30,421 30,451 16,009 The amount of the bonus from the insurance fund will be £11,500, the same as last year, when the bonus paid in previous years was doubled. The total distribution is again 11£ per cent., as against 10 per cent, in 1927 and previous years. Tho company’s capital is £460,000. The reserve fund remains at £30,000. The insurance fund is £72,248, an increase of £ 664 on last year’s figures. Liability to sundry creditors has risen from £40,273 to £57,154. The assets total £673,410, a reduction of £3,674. Properties and plant remain at £57,100. Bund.ry debtors are entered at £102,545, as against £62,643, and stocks at £41,599, as against £40,270. The three items of investments, current account deposits, and cash total £472,166, which is £44,900 less than last year.