GEAR MEAT COY

Hokitika Guardian, 16 December 1932, Page 6

GEAR MEAT COY

NO FURTHER DIVIDEND

(Per Press Association Copyright.)

WELLINGTON,' December 16.

. -The annual meeting .of shareholders of the Gear Meat Company wa s held to-day. The chairman, Mr Strang, said two years ago your directors had put before you a balance sheet showing a debit for the first time in the company's existence. Affairs all over the world are etil 1 in a chaotic state. Wo again find ourselves with a balance on the wrong side, hut this yea, r we have not the same amount in the reserve fund and the directors therefore are determined not to recommend a further dividend, beyond the .sixpence a share paid as an interim dividend in June last.

• In the concluding portion of his speech, Air Strang asked shareholders to accept the Board’s assurance that tho exceptional occurrence-of the passing of a dividend did not in any manner depreciate the true value of the Company’s shares. The Company still hold invested in governiiierit stock, liquid' assets representing two thirds Of the whole capital. In addition, the Company held more, than fifty thousand at call and' in hand. Their properties were entirely free from any charge and though they might have to face again a. falling market, the-' CoriipanV -was ,! well 1 -equipped' to- meet such difficulties. Every shareholder should realise their capital was safe and that as regards income there was nO reason to believe that the trade of the Company would fail to repeat in tli© future the results of the past.