SHARLAND AND CO., LIMITED.

New Zealand Mail, Issue 1367, 12 May 1898, Page 19

SHARLAND AND CO., LIMITED.

The annual general meeting of Messrs Sharland and Company was held at the head office, Lome street, Auckland. There were present:—Messrs May (in the chair), Ellis, Sellgren, Martin Kennedy, Lepper, Brookfiyld and Ledingham. Tae directors' report stated that, owing mainly to the increased working capital, realised by calling up the reserve of 7s 6d per share, the business had been placed on a sound financial basis; consequently trading operations, notwithstanding increased competition, had resulted in a profit sufficient to meet the deficit shown in last balance-sheet of .£2307 12s sd, and to admit, in addition, of the writing off of a sum for depreciation of plant. "While attaining this object, the two largest assets of the company—stock and book debts—had been most carefully valued and scruthiisod. Ifc was a matter for congratulation that the call had been so promptly paid on 43,268 shares, leaving only the small number of 74 on which the call had not been paid, and which consequently had been forfeited. The payment of the call so strengthened the company as to enable thu directors to make better financial arrangements and also to greatly enlarge the trading capacity of the company. As evidence of this, the turnover showed the substantial increase of 25 per cent, over the previous 12 months. Certain very exceptional losses, amounting to a considerable figure, had lessened profits, but there was no probability of their recurrence in the future.

In moving the adoption of the report and balance-sheet, the Chairman referred to the business operations during the past 15 months, and enlarged upon the improved financial position of affairs. The prompt response to the call had placed the company on an entirely different footing to that which it had previously occupied. Everything now pointed to a still better result to the present year's trading, and good prospect of dividends at an early date.

Messrs Kennedy, Ledingham and others having criticised the balance-sheet and submitted suggestions, it was put to the meeting and unanimously adopted. Messrs Jonas and Goulstone were reelected as auditors for Auckland and Mr Henry Kember for Wellington. A vote of thanks to the chairman, the directorate and the staff concluded the meeting,