GEAR MEAT COMPANY

Waikato Times, Volume 116, Issue 19453, 18 December 1934, Page 12

GEAR MEAT COMPANY

THE ANNUAL MEETING.

A SATISFACTORY YEAR. REDUCTION OF CAPITAL. WELLINGTON, Monday. The annual meeting of the Gear Meat Company was presided over by Mr. Allan Strang. He explained that the balance-sheet was presented in a somewhat different form to that of previous years, to comply with the terms of the new Companies Act, and also the Supreme Court order confirming the 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 £59,294, 'this being the ■difference between the figure, £30,391, shown in. the balance-sheet and the par value of this 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 stock there would be easily sold out .before the 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 season, which was very much later in starting. . The motion for the 'adoption of the report and balance-sheet was seconded by Sir Francis Bell. The retiring directors, Sir Harold Beauchamp and Messrs. R. W. Gibbs and H. S. Riddlford, were, unanimously re-elected, as were the auditors, Messrs- E. W. Hunt and E. R. Dymook. , A vote of thanks to the staff was acknowledged by the general manager, who spoke of the difficult year passed ■through and his recent visit to London and the handling there of the company’s products.