SHARLAND AND CO., LTD.

Dominion, Volume 14, Issue 33, 3 November 1920, Page 10

SHARLAND AND CO., LTD.

ANNUAL MEETING 01? SHAREHOLDERS. Tlfe annunl general meeting of Shacland nnd Co., Ltd., was hold yesterday. Mr. W. Watson was in the chair. In moving the adoption of the annual report and balance-Sheet, tlio chairman remarked that tlio balanee-sWt showed that,the- capital authorised and subscribed had increased to .£125,000, and the capital paid 'up to .£100,250. Tlin increased prices of goods, and tliij increase of turnover in business, rendered it necessary to acquire fresh capital, and as tho reserve fund permitted it. tho board deemed it advisable to recommend the deduction from that fund for distribution in shares of nn amount equal to the fivsli levy on capital. The shares from the reservo fund were allotted to ail shareholders in proportion to their holdings. Those offered for subscription weno not nil applied for by the shareholders entitled to them, and the directors considered it in tlio shareholders' interests to distribute thjj bnlancci 'at par amongst the heads of departments and travellers, excepting- the managers in Auckland and Wellington. This action was much appreciated by th'j recipients, who eagerly subscribed for the shares, thus showing their confidence in the future of the company. The increasy in liabilities owing was caused by purchase of goods, and by JMIOO paid for a freehold 'propery in Auckland, which was wedged in between the company's buildings. The purchase of this new property was necessary to provide storage in place of a leased store which had shortly to be given up. The liabilities would 'be lessened by .£18,750 from calls ou th'j subscribed shares to be made a<= soon as the articles of association permitted, The stock on hand and book debts hid increased very largely by reason entirely of higher values and increased turnover, and the freehold properties on account of the purchase already mentioned, less depreciation. Tlio other items in the balance-sheet did not call for remark. Turning to the profit and loss account, the gross profits were mora than last year, but the and the higher expenses under all heads fiiriuvd more than lust year by £i<32, It was to be hoped- that future increases in ordiary expenses would be more than met by increases in business, 'but until tTi'fif.3 was some alleviation of the present heavy taxation on companies Hie severe drain must retard local .manufacturing induslrie* and undertakings such as the company's. The greater amount recoramendWl by the directors to bo carried forward on this occasion was on account of the income to to bo met.' lii common with all im-DSrtnig houses, the company had its anxieties with regard to the future of the markets It was, however, greatly minimised by tlio excellence of its managers and staff, for wltee earnest and intelligent work.during the past year he bespoke the shareholders' thanks. , The report and balance-sheet were unanimously adopted, ( i m ,„i-mi The retiring director, Lieutonant-U>l-onel A. A. Corrigau, was re-elected, and Mr. James W. Jack was re-elected andior at Wellington, and Mr. A. Grier.on auditor at Auckland. The services of th£ auditors were eulogised, and an increase made" in their remuiwration. The meeting closed with a hearty vote of thanks to the staff.