SHARLAND & CO., LTD.

Dominion, Volume 3, Issue 824, 24 May 1910, Page 8

SHARLAND & CO., LTD.

| ANNUAL MEETING. I Tho annual meeting of tho shareholders of Messrs. Sharland and Co., Ltd., was held in the company's office yesterday afternoon. Mr. W. Watson, chairman of directors, presided, and there were ten shareholders present. The chairman, in moving the adoption of the report and balance-sheet (which have already been published), said that, apart from a defalcation at Auckland, and, taking into account the general depression in trade which existed during the year under review, the company's business and profits must be considered satisfactory, as • but for tho regrettable incident referred to, they would have been able to raise the reserve fund _to £15,000, besides paying the usual dividend of 7i per cent. Sales of goods showed a considerable increase, and accounted for the increase in book debj.s, also for the higher expenditure. Keen competition in business compelled the somewhat lower figures shown as gross profits. The increasing demand for the company's malt vinegar induced them to add to, and improve tho plant for tho manufacture of that product in Auckland, which accounted for the higher amount of plant and fixtures. The result had justified expectations. Stocks had been written down drastically,> under the personal supervision of the general manager. The loss at Auckland, debited to profit and loss account, consisted of a series of embezzlements by the late assistant accountant' there, who. when found out, gave himself up to the police, pleaded guilty in Court, and was committed to the Supreme Court for sentence. Efforts were being made to trace whore tho moneys actually weut. with the viow of recovering somo of them, if possible;, the man's confessiou was that they went mostly to bookmakers. On ascertaining that the lease of the premises occupied by the company as a photographic depot in Lambton Quay would not be renewed on March 23, the directors resolved to secure other premises for this important branch of the business, and it was thought expedient to acquire a permanent place to prevent disturbance of trade in the future. They accordingly unanimously resolved to accept an offer of the property immediately to. tho north of Kelburno Avenue, known as Kelburne Chambers, lor the sum of. £13,050, and, as the present net revenue receivable from these premises amounted to more than the interest payable on the purchase price, they considered that the transaction wan advantageous ,to the company. It was intended that, on .the expiry. of the lease of the front shop, or sooner if a suitable arrangement could be -made, the photographic department would occupy that portion, which would bo at a much cheaper rent than that paid for the present depot. •- • • ' The motion, which carried with it tho payment •of a dividend of 7$ per cent., was seconded by Mr. R. M. Watson, and was carried unanimously.

Mr. Martin' Kennedy was re-elected a director.

Messrs. Komber and A. S. Biss were reelected auditors in Wellington, and Mr. Alexander Grierson was elected auditor in Auckland.

A vote of thanks to the general manager, the Wellington and Auckland managers, the Wellington accountaut, and tho sfaff generally were carried unanimously.