SHARLAND AND CO., LIMITED.

New Zealand Herald, Volume XXXIII, Issue 10046, 5 February 1896, Page 6

SHARLAND AND CO., LIMITED.

The sixth annual general meeting of this company was held on Monday, at the head office, Lome-street, Auokland. Mr. .T. H, Ellis presidod, The Chairman moved the adoption of the directors' report and balanoe-sheet. In doing go he referred to tho sorious disadvantages under which the present directorate took offioe at the beginning of the year, and to the satisfactory progress which the business had made. It was, ha said, no win a sounder position than it ever was, with every prospeot of being able to pay a dividend at a very early date, and thenceforward. In criticising the balanoe-sheet, Mr. J. Brown drew attention to the item of £1494 Bs, which appeared as au asset under the heading of forfeited shares. He asked whether it was oorrect that such an item should appear in the assets ? The Chairman explained that the amount represented the former indobtodnoas of two of the previous directors and certain other small amounts, not only tor calls but for goods. He did not Bee any other manner ol dealing with the amount. Practically speaking, it was a really good asset, and one which would certainly realise more than its face value. Of oonrso anything realised over and above the amount shown iu the balance-sheet would be a profit to tbe company. Mr. Brown drew attention to the item " patent and proprietary rights." It was explained that £1000 had already been written off this item, and, as was recommended in tha directors' report, &n< other similar amount would be written off. Mr. Aickih suggested that it would be a good plan to write £1000 off this item every year until it was altogether extinguished. Mr. Bkown did not think that a dividend should be paid until it had been so extinguished. Mr. J. H. Owes, in seconding the adoption of the report and balanoe-sheet, referred to the difficulties under which tho business had laboured in the past. Mr. Aiokin spoke in complimentary torms as to the result as shown in the balance-sheet. ELECTION OP AUDITORS. The Chaiiimah stated that Messrs. Chas. Jonat and H. Goulstone offer themselves for re-election, and explained that some increase m their remuneration was only fair' as a weekly audit had been established from the beginning of the past fiuanoial year. Mr. J. J. Holland had much pleasure In proposing that such increase of remuneration be made, and moved that their salary in future be £50 per annum, i.e., £25 each instead of £15 each as hitherto. This having been carried, Mr. Aickin proposed a vote of thanks to the directors and officers of the company for their services during the past year. The Mayor (Mr, Holland) seconded. The motion was carried unanimously. Mr, J. H. Owen replied, returning thanks on behalf of the directors, etc., for the kindly expressions of enoouragoment and goodwill.