זז
BOARD ROOM,
11
ENTRANCE TO TOWN DEPOT AND SHOP.
to increase our means. We are at present very much hampered. Our total capital is altogether insufficient. The demand for our commodities is practically unlimited, and we are obliged to increase our herd in order to meet this increasing demand. We shall be obliged to erect some addi- tional buildings at Pokfulum. We have now four circular cow-sheds and we propose to erect two or more in addition. We also propose to obtain from England an assistant manager, in which matter our late chairman, Dr. Manson, has kindly promised his assistance. The new cattle we pro- pose to procure we think of locating upon the property we purchased last, at the top of Sassoon's lot, which you all know. This will enable us to divide our herd instead of having it all in one group as at present, and we feel that this is very essential as a matter of insurance and security. Another matter which we intend to accomplish, if possible, is the obtaining of a central distributing depôt in the town, which we feel is very necessary indeed. We have had a good deal of experience now, and the result of our experience is that we have come to be sure that milk can be produced and can be sold in Hong Kong at a fair and remunerative profit. It is an article of prime necessity and of general if not universal use. Our milk has com. mended itself to the approbation of everybody, and very recently the Government Analyst and also the Colonial Surgeon have expressed a very favourable opinion of its high-class qualities, classing it with that produced and distributed by the Aylesbury Dairy Company in England. It is the belief of medical men in the Colony-and I think I shall be supported in this by Dr. Cantlie-that children and young people don't drink so much milk as they should, and it is very important that at any rate the ability to obtain it, not only of first rate quality but also in large quantity, should be unbounded. . . I beg to move "That the capital of the Company be increased to the sum of $100,000 by the issue of 7,000 new shares of $10 each, and that the Memorandum of Association be altered accordingly." Mr. Burnie seconded and the motion was carried unanimously.
Of the 7,000 new shares created, 3,000 were offered to existing share- holders, $5 per share paid, in proportion with their holdings, the remaining 4,000 being put on offer to the public. This did not entirely satisfy one shareholder, Mr. D. McCulloch, whose view was that "the original share- holders have been holding their shares so long, and have been losing so much interest, and getting no return for their money, that it would be hardly fair to let new shareholders come in at par,"
76
77
355