GEAR MEAT CO.

Press, Volume LXIII, Issue 19178, 8 December 1927, Page 10

GEAR MEAT CO.

ANNUAL REPORT. [THE PBESS, Special Service.] WELLINGTON, December 7.

The balance-sheet of the Gear Meat Preserving and Freezing Co. of New Zealand, Limited, for the year ended November 30th, states that the profit on sales and manufactures amounted to £87,781, which contrasts with £80,758 in tho previous year, nn increase of £7023. Transfer fees at £ls wore tho same as .in the preceding year, and thero was brought forward £20,224, making total of £108,020, as against £101,172 in 1925. The expenses, iucluding allowance of £2170 for depreciation of working plant, etc., amounted to £9848, against £16,198 in 1926, a decrease of £5350, due mainly to the very heavy redaction in the item of office and legal' expenses, rates and taxes, which are shown in the latest balance-sheet at £lB7, against £7449 in the previous year. The balance available, including the amount brought forward, is £98,172. Out of this £SOOO is added to the reserve fund, and £7500 to the marine, fire, and accident reserve fund, £15,000 is appropriated _ towards liability for taxes, and the dividend, for the year at Is 9d per share (of which 6d per share was paid as an interim dividend) absorbs £40,250, leaving £30,422 to be carried forward. In addition to this a bonus of 3d per share is to be paid out of the insurance reserve account, which will absorb £5750, but £7500 is added to the insurance reserve which will thus show an increase of £1750.

The only liability apart from that to shareholders, is that of sundry creditors £71,315. Thb assets total £687,956, against £674,340, and except for £59,100, which is the value set on freehold properties, working plant, and office furniture, the whole of the assets are of a liquid character. Sundry debtors and deposits account for £360,923, against £358,273, stocks £44,449, against £38,441, investments unchanged at £194,916, and cash in bank t>"d in hand £30,569, against £24,610.

The directors in their report state that owing to ill-health Mr W. H. Millward resigned from the Boa-d early in the year, and the directors express their very great appreciation. of his services to the company extending over a period of years. Mr H. W. Gibbs was appointed to the vacancy caused by Mr Millward's resignation. The retiring di-ectors are Messrs. D. W. Anderson and A. Strang, who - are seeking re-election.