WELLINGTON MEAT EXPORT COY.

Wanganui Chronicle, Issue 20432, 11 August 1915, Page 4

WELLINGTON MEAT EXPORT COY.

fPer Press Association.)

WELLINGTON, August 10.

The annual meeting of the Wellington Meat .Export Co. was held to-day, Mr. W. G. Foster presiding, tn moving the adoption of the report and balance'sheet, the chairman described the result of tTTe business of the year as satisfactory; in fact the year had been a "fat"- one. Referring to the unsold stocks at 30th June, 1914, the chairman remarked that the market conditions1-their were somewhat uncertain, and in consequence the Board' considered that very conservative valuations should prevail and so preclude disappointments. In the ordinary course satisfactory surpluses over draft values ..were confidently anticipated, but these"- were very greatly exceeded as the result of war conditions which, had it been possible to foresee, mould, have obviated the appropriation from the dividend equalisation reserve of the half year's dividend (£4230). This reserve was established for specific purposes, and the directors considered it desirable by this course to mark it as a "leap." year rather than anticipate ascertained surpluses. The company's assets during its existence by depreciation appropriations had been written down from £371,148 to £171,132, or nearly 50 per cent. The reserve funds, apart from the ,£6165 carried forward, aggregatedl £85,231. With such -.substantial additions to the reserve itwas felt that 7t was due to shareholder* to supplement €iie usual dividend on hhare. capital by way of a bonus of £2 per cent. This was the more strong ]y recommended in that unsold stocks were again valued conservatively in view of any abnormal decline in values which might ensue as a conseqitence of the war.

The report and balance-sheet were unanimously adopted, Mr. Ilott seconding. ■On the Augge.stion of Msr. Jft.. B. Mabin the appropriation to war fund or other patriotic purposes was left in the hands of the directors.

Reference was made to the strenuous year experienced by the staff and 'employees generally, and the gratitude of the .shareholders was duly acknowledged. Mr. T. D. gladden, the secretary, replied on behalf of the staff. Messrs. J. Campion and E. Newman were re-elected directors, and the directors' remuneration was fixed at U\e previous year's rate. Messrs. O, 3. Watkinsj'G. W. Hunt, and W. S. Wheeler were elected auditors.