SHARLAND AND CO.

Dominion, Volume 12, Issue 33, 2 November 1918, Page 10

SHARLAND AND CO.

ANNUAL ja/eETING. The annual meeting of' Sharland and Co., manufacturing ' chemists, was . held yesterday, Jlr. William Watson presiding. The chairman, in moving the adoption of the same, remarked thut the bal-ance-sheet showed a substantial advance in the business compared with that of tho previous year, owing in a great measure to the products ot the company's factory meeting the demands caused- by the lesser importations from abroad. They were fortunate in obtaining supplies of raw material, and they confidently trusted that tjie excellence of their manufactures would render the acquisitions of business permanent. They would notice that tho stock on hand was increased by i 20,323 as compared with last year, and the book debts by .£Bll3. Larger stocks were required for the increasing business, but the excess was partly due to dearer prices and to. goods in England bought and paid for. • • Tho increase in liabilities was in proportion to that of the assets, Jlr. Watson went on. The reserve fund was now ,£30,000, and had well earned the special dividend payable from its-profit's. Hitherto it had been the custom to show in tho yearly balance-sheets the reserve fund with tho. accretions of the previous year only; in future, the addition of those of the year under review would be shown. The directors were giad to bo able to dispose of the premises in 'Willeston Street for d£ICOO more than the writtendown value at which they stood in. the books. Tho holding of properties was now entirely confined to those in which the business was conducted, and the book I value had been written down to considerI ably less than the present actual value; 'The large sum of JJUSDS recommended by the directors to be carried forward was simply to provide beforehand for .income tax.

Mr. Watson then moved the adoption of the report and balance-sheet. On the motion being seconded by Mr. C. Smith and carried, the dividends were ordered to be paid forthwith. . Mr. .William Watson was re-elected director on the motion of Captain Gray and Mr. Brown, and thanked shareholders for again returning him. Messrs. James Jack (Wellington) and Alexander Grierson (Auckland) were elected auditors.

Mr. L. P. Blundcll moved, and Mr. Arnold seconded, "That a vote of thanks be accorded to the manager, secretary, and stall." Mr. Bluiulell said ho thought that the very satisfactory balance-sheet wsis evidence of the good work that had been done. The motion was carried