GEAR MEAT COMPANY.

Dominion, Volume 11, Issue 70, 15 December 1917, Page 12

GEAR MEAT COMPANY.

: .' RECORD OF SUCCESSFUL OPEIUTIDNS. 1 The annual meeting of the shareholders of tlio Gear Frozen Meat Company ■was field in the company's offices last night. Mr. W. H. -Millward was in the chair; and tliero was a good attendance of shareholders. Tile chairman moved the adoption of the'.report and balance-sheet, ais already summarised .iu.THE Dominion. -.' "We are now unfortunately well into .the fourth year of the war," he said, "and the difficulties and aiixieties®iu connection with our business arc increasing, and are likely to do so Ihe Dominion-Government has continued to purchase the output.of fr&z&n meat, wool, and. hides.<on behalf of the Imperial authorities, and th& arrangements are, 011 the whole, working very satisfactorily. As was naturally to be ; expected,.tho slaughtering during the past year- has "Ueen somewhat less than I ■nstial, .and owing to the shortage of refriger'atea .steamers available fos Aew, | Zealand, the opcratipns of, the comkg j .season will be further diminished. The, comuany will uso its utmost endeavours to. meet its.old clients' .requirements by ] the uill use of its extensive storage and by.canning and boiling down as much as possible. As tho Government has power to restrict or otherwise regulate the freezing ofcmeat not required for army purposes, it would appear to bo advisable that farmers should, particularly in view of the increase shown in The sTieep returns in the North Island, provide ample winter feed. The tonnage for general cargo has also been less than last year, and large stocks of most of our products are still held liere. Seeing that there is likely to be more boiling down than has lately been the case, tallow will accumulate more rapidly, and, in common with other bulky goods, will bo difficult to accommodate. "Owing to tho impossibility of obtaining suitable labour and materials, there have been no important improvements made during the year. All property and plant have, however, been maintained in the highest efficiency. ."Within the period under review the old manure works and ten acres of land adjoining have been sold to Messrs. Lever Itros., Ltd., and the directors, will lose no opportunity of disposing of tho remainder of this-block, wliicn, being isolated from the main establishment, is not now required in the business. The sale accounts for the smaller amounts shown in property and plant. Since last meeting the directors have/ in accordance with j'our desiro, contributed liberally to selected and deserving patriotic funds, and, assuming this to" ba tho. wish of shareholders, will continue to do so. Taxation under such war conditions as' exist must .necessarily be heavy, and the company's payments are reflected under this heading in the profit and loss account. The advent of sovcral new. companies in the., district created very keeu competition amongst buyers, but lam please<J|^o/say that, owing to its up-to-date..plant,.and to its excellent financial position, the company has been able to produce the usual satisfactory results. ..in this connection I may add that payments for storage have been profitable. The operations of the insurance fund lave been as successful as in previous years, and the directors have pleasure in recommending the same bonus from this source as before, namely, 5 per cent, i "In view of the uncertainty of tho outlook, the probable foreign competition and tho adjustment of values ot our large and accumulating stocks likely to eventuate on the termination of hostilities, .the directors consider itprudent.. to .maintain the strongest possible finance. To this end they havo again made a> considerable addition to the reserves, which they are sure will meet with your approval. • "During last session a Parliamentary Committee was set up to investigate tho meat export trade. The evidence taken and tho suggestions made by the committee are both interesting and. instructive. A meat trust of any description. oan only be successfully dealt with by co-operation between the Jjominiou aiid-.lmperial Governments the former effecting tho purchase at this end and the latter controlling the sale in Great Britain. By such concerted action the interests of tho producers would be conserved and a steady supply of wholesome food would be available. for the British consumers. "Under this or .a similar method .stability would be given to fat and store stock;'.values;.which would to a great' extent .eliminate 'speculation and' make for,, soundness, in Dominiou finance. ; "On behalf of the, board, I wish to tender thanks to the heads of departments, to tlie staffs- in New Zealand and Great Britain, and to the employees generally for their splendid services during an arduous and anxious year. There is now a large number in tho Expeditionary Forces, aud I am sorry-to say several more havo, during the period, lost their lives in the noblo cause for which the Allies are fighting. I am sure I am only voicing your feelings when I say how sincerely we sympathise with their relatives and friends." Tlfe' report and balance-sheot were adopted. The chairman moved to approve the dividends and bonus as set forth in the "balance-sheet, and the motion was carried. The retiring directors, Sir Francis Bell and Mr. David Anderson, and the retiring auditors, Messrs. li. \V. Hunt and E. E. Dyrnock, were rfc-elected.