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GEAR MEAT COMPANY

ANNUAL MEETING. The annual meeting of shareholders of tho Gear Meat Preserving and Freezing Company of Now Zealand was hold last night in tlio board room. In the unavoidable absence of Mr.- W. H._ Millward, managing director, Dr. Newman was voted to the chair. _ ■ Apologies were received from Messrs. Millward and Harold Beauchamp, who wero unable to attend owing to indisposition. The report and balance-sheet (already published) were talcen ns read, and in moving l their .adoption the chairman congratulated the ehalvholders upon' the satisfactory results of the yeaf',s operations. "The company," ho said", "has again profited by the enforced storage of meat and wool at rates fixed by the 'Imperial Government, but this has been a diminishing quantity, and ceases with the clearance of existing stocks. The commandeer of both these commodities ended in June last, and I am happy to state that, owing to great care, exercised during the whole of the period, everything was delivered from the company's works in excellent condition, and nothing was v-'n-w. ji.i)v cause whatever. Considerable congestion was last season experienced in _ the freezing stores, and consequently-it was impassible to tak« tho whole of our clients' fat 6tock within the commandeer period, but I. am suro you will be pleased to know that all available was lifted the following month, at rates rnling in June and taken into store on tho - company's account. Although no meat was telescoped last season. the killings fop tho year were slightly in' excess of the previous one. This is accounted for "by the larjse number of ehpen which were boned out for oanninc and boiling down in order to provide additional storage'. When the commandeer ended there was an enoroinus accnmnlation" of meat 'in store'in England, and with the obieat of relieving tho position the Imperial Government sold approximatelv 2,300,000 lambs nnd '400,000 light"vht wethers arid maiden ewes to America, and later Messrs. Vestey Bros, purennsod -ftbont-1,00f1,0f10. cut owes and all the Australasian beef, which it is generally Understood will be pa.rtlv distributed on the Continent. Durinsr tho last few months shipping has, owing to the Australian drought; been very plentiful, and contrary to _ expectations tho New Year will open with tho stores almost free of Government meat.

''Tlie operations for the period under review have been difficult, owing to the unsettled state of the markets, for preserved meats, tallow, and pelts. • To-day the value of tallow is less than hjilf of what it .wis at its highest point.. Pelts are even in a worse state, and bottom (locs not appear to have been touched vet. Frown meat is controlled at Homo at satisfactory prices until April 80 next, and. fie prospects for the cominjr season for this commodity appear to be fair, but tho outlook for wool, is distinctly bad ; and there is little hope of recovery until the hn?o stocks which have accumulated are disposed of. It is impossible at this stage to forecast what the future has in store, but the company will do its h{st to protect the interests of its' clients. '

"Owing to the uncertain outlook, the directors havo deemed it necessary to maintain a, strong finance, and with this object in view havo made what, may, undor the present abnormal circumstances, be considered a reasonable addition to tho Reserve Funds. The properties and . plant have been woll and carefully maintained, and are enual to anyIhing that, may be required : of them. The supply of fuel has been a'source "f constant anxiety during the yeilr, but for the time being, at all events, stocks are sufficient to carry on for a reasonable time. Tho thanks of the shareholders to tho general manager, head oilier, and London staffs, tho buyers and heads of departments, and, the employees generally for the good ,wor,k done by them."

Sir Francis Bell and Mr. A. de 13. Brandon wero re-elected .directors, and Messrs. !!. 'W.-Hunt nnd.E. R. Dym.ock were re-elected auditors.

A. half-year's dividend of 9d. per sharo and a lionus of 3d. per share was passed, and the chairman announced that the dividend warrants would be posted to shareholders to-day.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/DOM19201218.2.14

Bibliographic details
Ngā taipitopito pukapuka

Dominion, Volume 14, Issue 72, 18 December 1920, Page 7

Word count
Tapeke kupu
686

GEAR MEAT COMPANY Dominion, Volume 14, Issue 72, 18 December 1920, Page 7

GEAR MEAT COMPANY Dominion, Volume 14, Issue 72, 18 December 1920, Page 7

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