SHARLAND AND CO., LTD.

Dominion, Volume 30, Issue 41, 12 November 1936, Page 14

SHARLAND AND CO., LTD.

Improved Results Last Year At the 38th annual meeting of Sharland and Company, Ltd., at Wellington, yesterday, the chairman of directors, Mr. A. E. Mahin, in moving the adoption of the report and balance-sheet, carrying with it payment of a dividend of tier cent, on preference and ordinary shares, making 5 per cent, for the.year, Mid the year had been quite a satisfactory one. The turnover had shown a pleasing increase.

Looking at the balance-sheet, stocks were up £2438. Book debts were down £954. Full provision had been made for all bad and doubtful debts. Bank and open liabilities were higher by £1662. Cash on deposit was higher by £3560, and stands at £7OOO. Gross profit showed an increase of £1912. Expenses were higher by £B9B, and the net profit was thus £lOl4 higher than last year. The result of the year’s operations was that, after providing the usual dividend of 5 per cent., income and land taxes, depreciation and bad debts, there was left the sum of £2670, which increased the carryforward to £8798. The sum written off for deipreciatiou during the year was £1659. Ample provision had been made in this connection.

Shareholders had had to go along with very moderate returns on their investment during the depression, and it was hoped by directors that it would have been possible to have increased tin; dividend on this occasion. However, extra provision had had to be made fur graduated land .tax anil income tax. and this amounted to £l3OO more than if tiie taxes bad been on the previous basis. This had taken from shareholders the equivalent of one per cent, on their capital. Tiie combined tax this year amounted to £5OOO, i.e., for £6250 distributed to 300 shareholders, taxation took £5OOO. Graduated laud anil income taxes had now become a serious incubus upon business, and it was hard to conceive bow the country was to be kept prosperous and contented under the heavy load of taxation.

The directors regretted to report the death of Mr. J. 11, Owen, on September 13. Mr. Owen had been connected with the company for many years, becoming manager in 'Wellington in 1894. and general manager from 1599 to 1912. when he resigned and joined the hoard, where his long experience of this trade proved of considerable assistance to his fellow directors. As the board remains adequately constituted with five members, it was not proposed Io til! the vacancy. The report and balance-sheet were adopted. The retiring director, Mr. W. Watson, was re-elected. A vote of thanks to the directors and staff was carried unanimously. Colombo Tea Market By Telegraph—ln-PH. Association Dunedin, November 11. Mr. L. M. Wright has received the following cabled report on the Colombo tea auctions of November 10: —At yesterday’s sale of •2.(100,00011)., common grades remained steady, and medium and fine teas at the close of the auction were -Jd. lower, mainly owing to the inferior quality of the offerings. Next week’s sale catalogue is for 2,000,0001 b.