tated the acquisition of further lots of farm land, and importation of cattle, which, needless to say, made it necessary to increase capital from time to time. The wise policy adopted by the directors of writing down annually the values of the Company's assets from the profits strengthened the Company's position considerably, and at present, when the Company's paid-up capital stands at only $855,000, consisting of 114,000 fully paid-up shares of $7.50 each, the Company's land and property, buildings and other assets are assessed at well over $3,000,000.
CAPITAL INCREASED.
The capital of the Company was increased as follows:---
To $187,500 in 1904.
+
$300,000 $450.000
K
1908
1916
+
In 1917 the uncalled balance of the capital ($90,000) was called up To $855,000 in 1918.
The last increase was consequent upon the acquisition of the Hong Kong Ice Co., Ltd., by the Company, when 54,000 new shares were created and issued to the Ice Company's shareholders in exchange for their holding of ice shares.
A GENERAL SURVEY.
The Company at present owns over 240 acres of land, with up-to-date buildings for offices, dairies, etc., equipped with the most modern appliances, coolers, milk fillers, cold stores, etc.
By acquiring the Ice Company's property the Company now supplies the whole of the Colony with ice and owns the only refrigerating stores in the Colony, which stores are always well stocked with Australian frozen meats and dairy produce.
To-day the Company, from a very small start, has grown both in importance and in size to be, if not the leading Company in the Colony, certainly one of the most necessary, and has vastly improved the amenities of life for the European population.
FROZEN MEAT AND BUTCHERY.
In 1904 the Company took over the agency of the frozen meat trade from Messrs. Butterfield & Swire, who had imported small consignments of frozen meats. By close attention to the requirements of the shipping and the local residents this branch of the business has become of the greatest
importance. The Company own, under the management of Mr. B. W. Bradbury, the only European Butchery in the Colony. Here the best of meats at all times can be had, Under the management of Mr. H. W. Page, the service to the principal mail liners calling at Hong Kong has earned a very high reputation in the shipping world. The Company is in a unique position, with its cold storage facilities, to meet all demands. Its resources, and its world-wide connections, enable it to be ready at all times to supply the requirements of the Colony itself and of the vast amount of shipping which makes Hong Kong a terminal or through port of call.
CURING AND CANNING.
In addition to its Dairying and Cold Storage Business, the Company has Ham and Bacon Curing and Meat Canning Branches, which are firmly established and are proving a boon to the Colony and the outports of China.
During the European War, the Company uninterruptedly supplied the Colony with all its accustomed foods and continued to furnish as well the regular delicacies. No ship calling at Hong Kong has ever failed to receive all it required in the way of food at the shortest notice. To meet the shortage of barrelled meats, which previously had been imported from America, the Company also undertook barrelling and soon was able to supply many tons of food in this form for the use of the ships and for the troops in Mesopotamia.
DEPARTMENTS.
In order to facilitate the management in the various branches of the Company's activities, the work is divided into several departments under European experts, each fully competent in their respective branches of the business, the whole being centred under the control of the Manager and the Secretary of the Company. The different departments, a list of which will give an idea of the Company's wide activities, are:-
The Farms
The Dairy
The Shipping
Ice and Cold Storage
Butchery
Meat Packing
Ham and Bacon Curing Engineering
Each department has its own staff and is independently managed as far as possible. This system permits of the expansion in each department and enables the chief management to watch the working of the various departments, each of which must justify its existence by its turnover and profits.
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