SHARLAND AND CO., LTD.

Evening Post, Volume CVI, Issue 106, 1 November 1923, Page 8

SHARLAND AND CO., LTD.

ANNUAL MEETING OF SHAREHOLDERS. '

The annual meeting of shareholders of Sharland and Co., Ltd., was held at the company's office," Dixon street, today, Mr. \V. Watson, chairman of directors, presiding. ■ ■ i In moving the adoption of the report and balance-sheet, a- synopsis of which have already been published in "The Post," the chairman said that the stock on hand, book debts, and money owing showed increases consequent on a larger turnover of business. The other items in the balance-sheet w.ere after allowing for depreciation, practically the same as last year. Expenses were again higher principally owing to increased cost of travelling, advertising, and wages. When the stocks of goods enhanced in value at the beginning of the war the directors considered it prudent to carry them on in the books and balance-sheets at the lower figures, thus making provision for a drop in value when tha war should cease. By so doing, the company were enabled to continue paying moderate dividends, and now that income tax had been reduced to 5s lOd consequently requiring less provision, the board had the pleasure of recommending an increase of 1 per cent.' on ' the'previous yearly rate of dividend, making it 7 per cent, for the year under review. While they had up to and including this occasion, written off all the law aflowed for depreciation pi premises the real values of these both ■ in Wellington and Auckland, were considerably, in excess of the book values, and the board considered that the dividend should not be lessened on that account, there being sufficient to carry forward to meet taxation. I

Mr. C. Smith seconded the motion, and the report and balance-sheet were adopted. Mr. W. Watson,was re-elected a director, and Messrs. J. W. Jack (Wellington) and Grierson (Auckland) were i%appointed auditors.

Votes of thanks were passed to the managers at Auckland and Wellington and to the secretary and staff generally In returning thanks for a vote "of thanks passed to the directors, the chairman remarked that the last few years had not been as. easy as some previous ones, but the directors had tried to do their best in the interests of the shareholders. The expenses had been particularly heavy, as shareholders would see by the balance-sheet. Salaries and travelling expenses had been very weighty; still, they had managed to struggle through, and the directors were very pleased to be able to announce a better dividend than last year and they hoped ■in the future to be able to do even better than they had done in the past twelve months.