SHARLAND AND CO., LTD

Dominion, Volume 9, Issue 2760, 2 May 1916, Page 8

SHARLAND AND CO., LTD

MEETING OF SHAItEHOLDPJBS. The- annual general meeting of shareHolders of feharland and Co-party, Lw siding yesterday, Mr. W. Watson pre? Moving the adoption of the report and "lm ace " s H lO chairman said;— Ihe company's business lias increased year by year, but the turnover of tile past year, was a record one, and accounts - for uie increase shown in thp book dsbte. The decrease in,stocks is partly owiug to diltlcutty in purchasing, and partly to scarcity wm? l V P ? lng *- °A r S> ha s also to be taken, whilst keeping in a position to fill the wante of customers, not to overstock at present high prices. Looking to tlie other side of the balanceshcct. you will sco that the indebtedness has been materially reduced, which, of course has augmented'the profits. "The eum of £500 set aside by the board r»n* contributions to. patriotic funds will, they feel sure, meet with vour unanimous approval. llie amount written off for depreciation is chiefly on account of the extensive factory plant in Auckland. "The reserve fund has now reached such an important figure that the directors con-, eider tho shareholders should dcrjvc somo benefit by way of dividend from its employment in the business, arid thoy accordingly recommend the payment of threepence per share over and above the usual dividend paid by the company for several years. .

• It is necessary to carry. forward a inucn larger sum than -usual to meet the charge for income lax, which will this yoar be very heavy. "Several of the company's ' employees have' volunteered for the war, and due provision has been made for them. In consequence of their absence more work has devolved on those who rejnained, and a well-deserved spcclal bonus haa been paid on salaries and wages; Owing to tho absence from work of the young men who have to attend territorial camps during: the summer season, stock-taking in tho month of February has become a, difficult matter, ans for that and other reasons it is deemed advisable to change the end of the company's financial year to August 31 I. now. move the adoption of- tho report and balance-sheet, which carries with it the payment of dividends amounting to In per share." * • • •

Tho report was adopted without discussion. -j Mi " " -

[r. Jfartin Kennedy, the retiring director, wne rc-clectcd to .the bonrd. It was dceided that only "one auditor should be appointed for Wellington, in. stead of two as formerly. Mr. A S. 33iss was appointed to conduct the Wellington audit, and - Mr." Alexander G_rierson tbo Auckland audit.

A vote of thanks wa6 accorded to tho managers at Wellington and Auckland, to tho secretary, and the staff generally for their faithful and diligent services during tho year.

At a special general meeting hold immediately after the ordinary meetinr special resolutions were carried to chance the end of the -company's financial year to August 31 instead of February 28.