GEAR MEAT COMPANY

Dominion, Volume 10, Issue 2953, 16 December 1916, Page 3

GEAR MEAT COMPANY

ANNUAL MEETING The annual meeting of Elie' Gear Moat Preserving and Freezing Company was held in tho company's . offices, Lambton Quay, last evening. Sir. W. H. Milhvard, chairman and managing director, was in tho chair. Tho chairman, in moving the'adoption of the report and balance-sheet, said the accounts were , niado out . in the usual form, and he did not think thero was anything calling for special mention. "We arc now well into the third year of the war," lie added, "and, as you can readily understand, tlie difficulties in conducting a business of this magnitude are for many reasons becoming greater and more numerous. I liope, however, that ere this time next year the Allies will have completely carried- out tho object theyhavo in view, and that a longstanding peace will be assured. The Imperial meat purchase scheme has been in vogue throughout the period under review, and everything has worked tfith perfect smoothness. A now schedule of prices', at an advance of seven-eighths of a penny per pound, is now current, and the farmers are benefiting accordingly—tlie company practically acting only as intermediary iu tlie matter, buying as far as feasible on the basis _of the Government scale. During last year, owing to the necessity of retaining breeding ewes and. ewe lambs it/ tlio country, there was less stock 1 available for slaughter, and our output, in common with that of others, suffered slightly accordingly. The effect is, however, favourably depicted in the sheep returns, wliero- breeding stock, shows a useful increase. This, in view of tho steady progress of settlement, is aiv absolute necessity. Tonnage and Storage. "Steamer tonnage, as was naturally expected, was short of requirements at certain stages of the season, but a complete clearance was effected by the end of November. I may add that everything possible has been done by the Government and its officers- in connection .with shipping, and the Dominion is to be congratulated on the-re-sult. The increased storage accommodation, finished early i in- 1915, has been a very profitable investment for the company, and a great part of tlie amount available .for distribution has been derived from that source. The rate lias now been fixed to the end of tho war, on the basis of a reduction of twenty-five per cent-., and in this the company, which from the first asked even a lower ligure, entirely concurs. Tho charges in connection with tallow, wool, and pelts are constantly rising— particularly has this been the case -in the matter of oversea freights. There lias also been great congestion in the British stores, and no sensible improvement is likely before the close of the war.

"As you will have seen, wool has lately been commandeered by'the Imperial authorities, and, although the arrangement involved many complicated questions, they have, by the desire of all concerned to help the object sought to bo attained, been satisfactorily adjusted. The company has again been fortunate inasmuch as no serious losses chargeable to its insurance fund have been incurred. The usual bonus of fivo per cent;-from this account has thereforo been recommended. During tho period now dealt ■ with -tho directors liavo given freely to patriotic funds, and, as they are sure the shareholders so wish it, will continue to do. so, using the utmost discretion in the selection of worthy : objects. Owing to the high cost" and the difficulty of obtaining materials, the time has not bpen opportune to .extend or improvo .tlio consequently..thefo has been little done in that direction during tlio year. Tho writing off is thereforo smaller than usual. 11l tlio off-season surplus funds 'available for tlio purpose have been .invested in British Treasury Bills, the company thus assisting tho- Empire in .a.small degree/ in the conduct of tho war. When I last addressed you .I referred to tho number of now freezing works in course of erection.in the North Island. . These are mostly completed, and tho competition arising from tho •efforts of tho lespcctive companies to obtain business has forced prices of fat stock to figures that leave no profit.and which in turn liavo. engendered speculation in stores. Trade Prosoects. ■ "Tho directors think that, in view of tho dangerously high values of all products, a considerable adjustment is bound to follow tho. close of tho war,, consequently they consider sic is absolutely necessary that tlio finances of tlio company be kept in tho strongest possible., condition. With such an object in view they have substantially increased both the reservo fund and the amount carried forward. Other reasons for tills course are to be. found in tho increasing taxation both in tho Dominion arid Great Britain, also the active engagement of American companies in the meat, business of Australasia. 1 cannot close without reference to the staff. .Many have voluntarily joined tho Expeditionary Forces, and, including our London office, four of them liavo given their lives' in tho light lor freedom. The board has tendered ■ sincero sympathy with the relatives in the losses they have sustained. Owing .to tho absence of .so many employees from the office and various departments of. tho works, there has been increased' pressure on those remaining, and to them we are indebted for willing and valuable ser-' vices.' The starting of so many new works has naturally created opportunities for members of our -expert staffs, and, although inducements have been offered in many instances, all the officers concerned have remained loyal to tho old.firm, and tho directors appreciate their action accordingly. Personally, I am very proud of all those who so ably and successfully assist in tlie operations of the company, from the higher , positions to the more humble but still necessary lower ones." B\isirists Concluded. The report and balance-sheet were adopted without discussion, and the payment of tlio dividends, and bonus were' authorised. Dr. A. K, Newman, M.P., and Mr. H. Beauchamp woro rc-elected as directors unopposed.. Mr.. Beau'chariip returned thanks briefly. Ho said that tlio company had been consistently successful, and ho saw no reason why its progress should not continue. \ Messrs. il. T. Baldwin and E.' W. Hunt wcro re-elected auditors. .Votes of thanks to tho chairman of directors and the staff were carried unanimously.