GEAT MEAT CO.

Wanganui Chronicle, Volume 75, Issue 298, 17 December 1932, Page 7

GEAT MEAT CO.

AN ADVERSE BALANCB NO FURTHER DIVIDEND [ Per Press Association.] WELLINGTON. Dec. 16. The annual meeting of shareholders of tho Gear Meat Company was hold to-day. The chairman (Air. Strang) said: “Two years ago your directors h*id put before you a balance-sheet showing a debit for tho first time in the company’s existence. Affairs all over the world are still in a chaotic state and we again find ourselves with a balance on the wrong side, but this year we have not the same amount in the reverse fund and the directors have therefore determined not to recommend a further dividend beyond the sixpence per share paid as an interim dividend in June last. In the concluding portion of his speech Mr. Strang asked the shareholders to accept tho board’s assurance that the exceptional occurrence of the passing of the dividend did not in any manner depreciate the true value of the company’s shares. The company still held in invested Government stock a liquid asset representing two thirds of the whole, of the capital. In addition, tho company held more, than £50.000 at call and in hand. The properties were entirely free from any charge, and though they might have, to face again a falling market the company is well equipped to meet such difficulties. Every shareholder should realise that his capital is safe, and that as regards income there, is no reason to believe that the trade of the company will fnil to repeat in the future, the results of the past.