SHARLAND & CO., LTD.

Press, Volume LXIII, Issue 19155, 11 November 1927, Page 13

SHARLAND & CO., LTD.

ANNUAL MEETING OF SHAREHOLDERS. [THE PBEBS 'Special Service.] WELLINGTON, November 10. The annual meeting of shareholders of Sharland and Co., Ltd. was held to-day, Mr W. 'Watson, chairman of directors, presiding. In moving the adoption of the report and balance-sheet, the chairman said he had pleasure in meeting shareholders again with some progress to announce notwiinstanding the trade depression which the Dominion had experienced during the year under review "Scarcity of money in the hands ol the bulk of the people," ho said, "militated against the sales of some classes of our gi'ods, yet, on the whole, our sales have shown an increase and besides paving the usval yearly dividend of 7 per cent., we are able to carry forward £554 more than ww did last year. Bitsines is by no means so easy to conduct as it was a few years ago. \Vc do not add anv more to the costing of our goods than "we did before the war, but expenses of sill kinds have so enormouely increased that had we not largely augmented our sales onr net profits would now be small indeed. The outlook both as to a favourable season and to prices of produce is much better this year, and we may expect to participate in" the general good. "Comparing the balance-sheet now before you with that of last year, there is little to remark. The stocks are less by £5642, and the book debts greater by £2415 owing to expansion of. business at tho end of the year. Bills receivable are greater because fewer were discounted at the bank. The gross profits were £ei3 more than those of the previous year, our properties, plant, and fixtures are well written down, and 1 consider that even on a forced realisation basis our assets would substantially exceed our capital reserves and liabilities, and that bb a going concern, in spite of high taxation and cost of service, the shares are worth more than their present- market price.

"I have been your chairman and practically managing-director since the year 1599. but having other important duties could not give all my timo to the company's affaire, and I considered it advisable to Buggest to the Board the appointment of a. general manager who should be under middle ago and who should devote ail his time to your interests, after advertising throughout the Dominion and mature consideration, Mr Bruce-Smith was chosen tram a number of applicants, and I have here the pleasure of introducing him to you." The report and balance-sheet were adopted. Mr J. H. Owen was re-elected a director and Messrs James TV. Jack (Wellington) and Ale.-. Grierson (Auckland) were ieay.pointed auditors.

DAIRY PRODUCE.

TALLOW.

SMITHFIBLD MARKET

Messrs A. H. Turnbull and C.i. report that tho following are the top London quotations for the past four weeks:—Oct. 11 Oct. 22 Oct, C 8 Nov. i

During tLe month, the market has been dull, witn prices gradually declining. Buyers arc not inclined to replenish stocks in view of the increasing supply of new season's butter, which is becoming available. New Ztaland arrivals in November will bo 5000 tons, as against 2800 tons last season, whilst the estimated arrivals for December are 7000 tons, ai against 5-lOd tons. The tradti has now arrived at what may bo considered the most critical period of the dairy produce season, that 13, the timo of short supplies on the home market immediately prior to the peak of production in the Southern Hemisphere, and the tommencernent of heavy shipments from this Dominion. Great importance js placed by the trade in- London upon shipments afloat, and the advice of heavy afloats is invariably followed by cautious buying ahead and often by eitdden declines in value. Taking the lino, of the Chart of London values, there generally is a alight depression during October, a ehort and generally sharp rise in November, with a return to ]o*ei values in December, immediately the holiday requirements have been covered, and the same coiiT&e may be c:;pected this year. The increase in shipments from New Zealand will S° a l° n (T «ay to counter-baianoincj the Australian shortage. Latest reports adviio the market as being steady, so it is !o be hoped that bottom hn's been reached. OHRESE.

Tha ruar.'.£6t has weakened a little, in anticipation o{ arrivals from New Zealand of liew season's make. Arrivals in November and December will be 10,000 tons, as against only SGOO tons for the same months last year. There eeema to be no activity by forward buyers, who are no doubt waiting to see whether the market can absorb the November and December arrivals before buying further. The present cheese position is not as sound as one would wish it to be. The market has been buoyed up by short supplies on one hand and by the fact that speculators purchased a laTge percentage of the Dominion's make to the end of November and December. They have, in ma,ny cases, been anxious sellers at anything that would cover their later purchases, and once these stocks have been marketed a fall in values must be expected for December and January make onwards

The Kew Zealand Loan and Mercantile .Agency 00., Ltd., have received the following cablegram from London, under date November 9th:— Batter—l72s to 176s per cwt; market steady. Cheese—9Bs to 102s per cwt; market blot.\

RABBITSKINS.

"Wright, Stephenson, snd Co., Ltd., Dunedin, offered a small catalogue at Tuesday's sale. Bidding was exceptionally keen for all grades of skins, prime and first winter does showing an advance of 3d to 4d per lb. Second winters and outgoing does showed a rise of 6d to lOd. All grades of winter bucks were inclined to be a shade easier, but the lower grades, comprising off season's skins, ruled much about previous sale. Quotations: Weevily 18Jd to S9Jd, second broken 30d to 4SJd, autumn broken 36id to 89} d, winter broken 50d to 60Jd, runners and suckers 16Jd to 25d, summers 243 d to 27Jd, light racks 36d to 393 d, prime racks 38d to 40d, dawny autumns 44d to 45Jd, early autumns 42d to 6Gd. autumns 57id to 6Sd, second incoming 63jd to 72d, incoming winters 74d to 85R cany \"'nt ers BSd to 96Jd. first spotted winters bOd to 102Jd second winter bucks 75Jd to bod. second winter does 113 d to 1173 d, first winter bucks 109 d to 114Jd, first winter does 1301 d to 134Jd, prime bucks 120 d to l*dd. prime does 138 d to 189f.d, second .petted winters 50d to 90d °" t *^ do "i&v i -od 102Jd, springs 41Jd to 45id m.lk> ood to 46d. fawn 66id to 80d, winter fawn 99d o 1151 d. summer black 26d to S«. autumn black 65d to 74d first winerbiack UM to 123 d, Becond winter black SOd to p. jo, hareskins 44d to 65d, horsehair 21% d to 24Jd.

Dalgcty and Co., Ltd., have received the following cablegram from their London office dated November BU>.: '•Tallow-Ai the weekly auct.cn.B9l eta* were offered and 35 per cent- sc.d. Vnvea for mutton tallow are 6d higher. Other deecriptions unchanged.'

-he New Zealand Meat Producers Board has bean «lvise4 * ia Lond v°? mana f, that the fallowing price, are being quoted te New Zetland lamb and mutton retailed in London on November 4th:New Zealand Lamb-Lege 14d per lb, -»-,lw»r« 13d loins 12d, necks Sd, breasts ed. Mutton lOd, ehouldew 9d, loins 3d, necks 7d, breasts 3d.

a. a. 9. 3. Danish butter .. 198 192 190 190 N\£. nnBalled .. 383 188 188 18-1 N.Z. salted .. 178 17C 17G 172 N.Z. Chec3e— Whito .. 103 101 1M 102 Colourod .. 103 105 101 102 BUTTER.

GRADING-S m TONS. 1923. 1926. 1927. Butter graded during October 7,100 7,800 . 9,110 Butter praded three months ending October 12,500 13,800 16,900 Butter in store X.Z. October 31 Bt 6,700 . 3,600 4,700 Cheeee graded during October 6,750 7,000 7,200 Cheese graded three • months ending October 10,750 10,900 11,086 Cheese in etore N.Z. October Slst .. 8,200 4,800 S.400