GEAR MEAT COY

Manawatu Standard, Volume LIII, Issue 16, 16 December 1932, Page 2

GEAR MEAT COY

ANNUAL MEETING OF SHAREHOLDERS.

Per P less Association. WELLINGTON, Dee. 16. At the annual meeting of shareholders of the Gear Meat Coy., held to-day, the chairman, Mr Strang, said:- —“Two vears ago your directors had to put before you a balance-sheet showing a debit for the first time in tire company's existence. Affairs all over the world are still in a chaotic state. We again find ourselves with the balance on the wrong side, but tliis year we have not the same amount in the leserve fund, and the directors have therefore determined not to recommend a. further dividend beyond the 6d per share paid «s an'interim dividend in June last.”

In tire concluding portion of the speech. Mr Strang asked the shareholders to accept the board’s assurance that the exceptional occurrence of the passing of the dividend did not in any manner depreciate the true value of the company’s shares. The. company still held invested Government stock . and liquid assets representing two-thirds of tiro whole capital. In addition, the company held more' man i-oO.bUO at call and ill hand. 'The properties were entirely free from any charge, and, though they might Have to face again a falling niaiaOL, the company was well equipped to meet such difficulties. Every sir reholder should realise that Ills capital was safe and that, as regards income, there was no reason to believe that the trade of the company would tail to repeat in the future the results of the past. Sir Francis Bell seconded the motion for the adoption of the report and baiance-sheet.

Mr W. If. Bose took the attitude that a dividend should he paid. It was just possible, lie said, that the personal fortunate position of the directors had allowed them to forget the possible necessitous times and conditions of other shareholders, lie said that for manv years the assets disclosed in the baiance-sheet had been kept at ridiculously low figures, and. a,| uiiu deference to the board lie proposed that a dividend at the rate of per cent, be paid out of the reserve for the half-year. Mr Thomas Ward seconded. The chairman said the directors had gone carefully into the position and had been advised by their solicitors that, under the terms of the company s articles, the payment of a dividend would be ultra vires. The proposal was lost on a show hands and the report and balance-sheet were adopted. Sir Francis Hell and Mr A. De. 13. Brandon were re-elected directors.