PHARMACY TRADE

Evening Post, Volume CXX, Issue 112, 7 November 1935, Page 11

PHARMACY TRADE

IMPROVED CONDITIONS

CHAIN STORES OPPOSED

Definite signs of recovery in the wholesale ■ pharmacy trade were reported at the annual meeting of shareholders of Sharland and Co., Ltd., today. Brief reference to the possibility of the establishment of chemrsts' chain stores in New Zealand was made by the chairman of directors (Mr. A E MabinVwho presided, but the subject was not discussed;

"I mentioned last year, when addressing you," said the chairman, in moving the adoption of the annual ceport, "that Uie turnover which during the years of depression had been going down, was then beginning to pick up. and I am pleased to say .that the past year has shown a material and pleasing increase. We can hope now that, with improved prices for butterfat and a better outlook for wool and meat, the increased spending power of the community will bring about better trading conditions.

"Stocks are up £5445, and book debts are down £3251. Full provision has been made for all bad and doubtful debts. Bank and open liabilities are less by £2106. Cash on deposit is flower by £1500, and now stands at j £3500. The gross profit shows an increase of £630, expenses are less by £207, and the net profit is thus £837 higher titan last year. The result of the year's operations is that after providing the usual dividend of 5 per cent., income tax, depreciation, and bad debts, there is left the sum of £1656, which increases the carry forward to £6128. The sum written off for depreciation during the year, £ 1772, shows that liberal provision has been made in that direction. The balance-sheet is clean and healthy, and all the company now awaits is a return to reasonable times to take advantage of improved conditions'.

"I must express regret to note that pharmacy is threatened with competition from chemists' chain stores, as this cannot really be for the good of the Dominion. Your company, however, i* fortunate in being in a strong position, and shareholders can be assured that your directors will use every possible means to combat this competition. The family chemist and dispenser fills an important place in business, and it is to be honed that New Zealanders will continue to support their local pharmacist who has had to be specially trained and to pass many examinations before being entitled to carry out the important service of safeguarding the health of the public."

The motion was seconded by Mr. V. J. Lamer, and carried without further discussion.

The retiring directors, Messrs. V. J. Lamer and A. Young, were re-elected, and the retiring auditors in Auckland, Wellington, and Dunedin were also reelected.

The meeting closed with votes of thanks to the directors, manager (Mr. C. Bruce-Smith), and the staff.