GEAR MEAT COY.

Sun (Auckland), Volume II, Issue 532, 8 December 1928, Page 12

GEAR MEAT COY.

NET PROFIT OF £81,280 A net profit of £81,280 is shown in the annual report and balance sheet of the Gear Meat Preserving and Freezing Co., Ltd., for the year ended November 30, 1928. Including the amount brought forward, after making allowance for depreciation and the payment of the interim dividend, there is a balance of £75,201 available for distribution. This the directors recommend should be appropriated as follow;—In payment of dividend of Is 9d a share, less interim dividend of 6d paid in June, £28,750; appropriation toward liability for taxes, etc., in New Zealand and Great Britain, £16,000; to be carried forward to next year’s account, £30,451 Is lid. The directors recommend that as the profits of the present year allow of the carrying forward of a satisfactory balance the usual bonus of 3d a share paid out of the insurance reserve account be increased to 6d a share. To provide a nearer proportion between the respective amounts of the interim and final dividends in each year the directors propose, whenever the prospects of the year justify the course, to declare a larger interim dividend in June, the final dividend being consequently proportionately reduced. The accounts show that the profit on sales, manufactures and interest on investments amounted to £93,405, as against £57,796 in' the previous year, while expenses amounted to £12,125, as against £9,S4S, the allowance for depreciation having been £4,270, as against £2170. The usual appropriation of £5,000 has been made to the reserve fund, which is now £30,000, while £20,000 (as against £7,500 last year) has been added to the marine, fire and accident reserve fund, the amount of which in the balance sheet is £71,584, as against £57,469. Liability to sundry creditors stands at £40,273, as against £71,315 last year. The assets total £677,084, a reduction of £10,872. Properties and plant remain at £57,100. Last year a total of £360,922 was shown in the item sundry debtors and deposits with £194,915 as investments. Sundry debtors are now shown separately, the amount being £62,643, while investments, deposits and money at short call total £492,441. Stocks at £40,270 are cash balances total £24,630, a reduction of £5,939. Following is a comparison of the company’s results for the last three years:— 1926. 1927. 1928. £ £ £ Brought forward 20,399 20,223 30,421 Net profits .... 64,574 77,948 81,280 £84,973 £98,171 £111,701 Reserve fund .. 5,000 5,000 5,000 Reserve for taxes 14,500 15,000 16,000 Insurance fund . 5,000 7,500 20,000 Dividend .. .. 40,250 40,250 40,250 Car. forward £20,223 £30,421 £30,451 The amount of the bonus from the insurance fund will be £11,500, as against £5,750 in recent years, the total distribution being ll£ per cent., as against 10 per cent, previously.