SHARLAND AND CO., LTD.

Evening Post, Volume XCII, Issue 108, 3 November 1926, Page 9

SHARLAND AND CO., LTD.

The report and balance-sheet (already published) of Sharland and Co., Ltd., was adopted at the annual meeting of the company's shareholders yesterday, and in accordance therewith it was decided to pay a i\i per cent, dividend, making 7 per cent, for tho year. The chairman of directors, Mr. W. Watson, who presided, paid a tribute to the services to the company of the late Mr. Christopher Smith, and went en to say that the vacancy was filled by the appointment of a director resident in Auckland, and in consequence Mr. Lamer, a retired business man, well and favourably known to the other directors, was appointed as mentioned in the report. "You will see by the balance-sheet that the stocks on hand were £5899 less than in the previous year, and that this is balanced by the less amount of liabilities, the reductions signifying closer trading. Tho gross profits were not quite so much as in last year, while the expenses were greater. A larger sum paid for Income tax partly accounts for the latter, but the increased cost of all services and keen competition were tho main causes. I trust, however, that when you reflect upon the fact that many trading concerns have paid no dividends of late, whilst^ this company has managed to pay 7 per cent?" and carry forward a larger amount than last year, you will not be altogether disappointed. With, regard to the future prospects, the directors have no misgivings. The stock' and plant and fixtures have been kept weir written down [ ever since tho war, while the properties are | worth much more than the amount at which they stand in the books. The class of customer with whom we do business is of hlgh^ standing, and the percentage of bad debts tobusiness done is therefore low." Messrs. J. W. Jack (Wellington) and Alex. Grierson (Auckland) were re-elected as auditors. Votes of thanks to the staff and to the directors were passed. !