GEAR MEAT CO.

Sun (Auckland), Volume I, Issue 230, 17 December 1927, Page 12

GEAR MEAT CO.

SATISFACTORY YEAR DIVIDEND FUND CONSIDERED Press Association WELLINGTON, Friday. The anticipations of a keen debate at the annual meeting of shareholders of the Gear Meat Company to-day were not realised. The whole business was transacted in less than twenty minutes. A brief statement was made by the chairman, Mr. A. De B. Brandon, and supported by Sir Francis Bell. Otherwise the report and balance sheet were adopted without discussion. In moving the adoption of the report and balance sheet, as already published!, the chairman said that while the market prices for the company’s products had been subject to fairly large fluctuations, a weakness in one department or other had usually been met by strength in another. The resulting balance had enabled the presentation of the favourable report. A discussion, it was stated, had taken place regarding the propriety of establishing a dividend equalisation account. A majority of the members of the board preferred to keep any funds available for that purpose in the amounts carried forward from year to year. Directors* Position Questioned

“One matter which has been the subject of public discussion must be mentioned,” the chairman said, “and that is the relative positions of the company and the meat freezing works at Waingawa, which are now being worked temporarily by the Bank of New Zealand. We have been told that the works are being carried on for freezing accounts only, and that the Bank of New Zealand does not, nor does it seek to, influence any of its customers to give preference to the Waingawa works. As you know, two of the directors of this company are directors of the Bank of* New Zealand. At a recent meeting of the board of directors of this company the subject was discussed and a majority of the board concluded that the interests of this company were not likely to be prejudicially affected by the presence on its board of the two gentlemen concerned.” The statement was received without comment. No Fear of Lower Profits Sir Francis Bell, who seconded the motion for the adoption of the report and balance sheet, said that although works, machinery and plant were valued at £57,000, he estimated the reserve in that valuation as being little short of £400,000. Besides that the company had for a number of years set aside actual reserves, so that the company had no reason to fear what might happen or that its profits might be diminished. Dr. Prendergast Knight moved that a portrait of Mr. W. H. Millward be hung in the board room, remarking that bis. 43 years of service deserved rather more recognition than the mention made in the report. Mr. Dyer seconded the motion, which was carried, together with the report and balance sheet. The resolution declaring a dividend of Is 9d a share, less 6d interim divident paid in June, was carried. Messrs. D. W. Anderson and A. Strang were re-elected directors.