1919-10-11 — Page 8

HONGKONG, SATURDAY, OCTOBER 11, 1919.

COMPANY MEETING.

·DAIRY, FARM, ICH AND COLD

STORAGE CO., LTD. -. -..

MR. SCOTT HARSTON'S REPLY TO CHARGE OF PROFITEERING.

Voi

its prices. The Company has often Feald across its counters, food at a cheaper rate thho could be obtained in the Chinese Market, and has con- tinued the sale of such articles at a la muther than disappoint its cus tomers.

WEATHER REPORT.

October Md. 11h 40m-Warning to Hongkong, Phalien. Const Porta ko.— Typhoon in Lat-:140 N. Long. 1160- E direction W, velocity 8 to 19 m.p.h.

„October lid. 125. 150%-No returns

You will observe from the accounts that, during the past year, we have The annual general meeting of the spent $45,859.21 on repairs and restom. Vladivostock, Japan or Formoen. above Company was held in the newal. Out of this Arcount Pressure has decreased slightly ever" Company's offices this afternoon at $20,752-00 was spent on repairs to a. China, and increased slightly over 12.30. Mr. J. Scott Hirston pre- the old Hongkong Lee Company the Philippines

skling. The others present were launches, machinery and buildings, Messrs. F. Maithind. W. S. Brown which when taken over by this Com-

•

The anticyclone now appears to be

and br. Robert (Director), Mr. J. pany, were found to be in a dopler-central over the Yellow Sea. Walker (Manager), Messm, Tuble state of neglect, Id will, I The depression in the China Bos com- Oliphant. C. Makeham, We understand, be noosary to spend tinues to move westward. di 8 am I. Shenton, J. F. Grose and Chun further large sums in order to put this morning its centre was probably Tong

the ice works into geed running con-

near the Macclesfield Bank: The Chairman said: Gentlemen,dition, so as to enable them to meet as the report and statement of the growing demand; and we can. acounts, together with the audi-template the addition of new and tus "report, have been in your up-to-date ice plat, and the scrap- bands for some days, I wid, with ping of obsolete machinery which has your permission, adopt the usual tool for peare doing nothing beyoåd course and treat the same as read, turting.

You will once that the arccunts

Hongkong Rainfall for the 3 hours e diag st. 10 am. to-day, 0.00 inc. Total since Jansary Thi" "70,39 inches, against an average of 78.48 inches.

Sassonek for the 24 hours 'anding sk con on October 19th.

-ons to Gap Rock. E vindia atrong cloudy.

$-- Porossa. Channel. N.E.. winds,

By the untimely death of Dr. Mac- farine the Government Bacteriostrong.

get, this Compony and also the South coast of Chius batween Colong base untored a verious los longkong and Lemacks. The saine as in their deprivation of the services | No. 1.

include those concerning the working of the leg and Gold Simge Depart ment, which went fast year submit. tai ima erwater sport.

Your Direct..s regret that the re-and sistabes ni la very valuable 4-Smith coat of China between. ant of the year's working, though by

Choremment servant. I cannot

Hongkong sad Hainan, The same ad No. 2. mean uns.tifactory, is out so speak too highly of the services goal as that of the preceding year which Dr. Macfarlane along with a state of navin: which is due to vari. Mr. Gibson rendered to this Calory. ous causes over which the Company but I may say that it is very largely has had no control. Running exwing to those services that your penses and cost of cattle food have Company's cattle are in that excel -icromed so the extent of 10 parlent state of health which they enjoy. cent, to 100 per cent, during the paste men to whom nothing is too to-day. Dr. Macfarlane was one of three years, and are still rising; in

Hongkong Ubiervatory, Oct. 11, 1913.

T. F. CLAXTON, Director.

HONGKONG-TIDES.

The tide-table kiven below has been ompiled at the National Almanac Ones in London from the result of the analysis. of observations taken by means of an Water Police Basin at Tsim Sha Tsui sutomatic tide-recording machine in the furing the

years 1905-9,

dition, the prime cost of imported much trouble: painstaking to a de cuttle food advanced, during last, he found no detail too small year, some 25 per cent. to 30 per for his attention, and you may well cent, whereas the Company's prices nderstand therefore what a tower for its various commodities have re-of strength he was to the Company. mained unaltered since the com- best be the compu: your mencement of 1915-the price of the Dinotons take this opportunity of zero of the table corresponds with Company's fresh milk having remaining to Mrs. Macfarlane their the zero of the sounding in the Admiralty ed the same for a period of over 15 sincere condolences with her in her hart, which has been found to be 41set sad lows and, ut the same time plac-

+ Inches below mean sea-level

To obtain the depth of water on the The Company's present prices on record their keen appreciation dde gauge at the Victoria Naval Yard compared with its pre-war prices the services rendered by Dr. Mac-add a feet 1 inches, and on the gange show an increase avenging 15 perke to the Company over a term it Lamont Dock, Aberdeen, add 10 feet vent.to 20 per cent., while food of

of several years, every description in England has in- erased to 100 per cent. to 150 per

years,

cent at least.

Your Directors have rated the staff bonus of 10 per cent. on their salaries, and have created a provi

In Australia, wholesale prices dur.dent fund for the European staff. ing the like period have advanced 25 whh they do not doubt will meet per cent, to 30 percent., and, ne.

with your unanimous approval. cording to the latest reports, it is anticipated that in 1920, prices for food in Australia will be higher than

ever.

The situation of the Company with regard to dairy cattle is even more acute. Dairy cattle, whereof the cost per head handed in Hongkong was (before the war) £50 to £80, cannot now be imported at under £150 per head; while dairy utensils of every description have advanced in price to the extent of 300 per

cent, and, even at that rate, are extremely difficult to obtain.

I may add, that I understand, America is experiencing a shortage: of meat, and is, in consequence, im- parting eattle from 'Mexico.

I inches to the height given in the table.

After making the usual provision 4. 2° for bad and doubtful debts, and writ ing sun of $16,001-11 off machin sun. ery, &c, your Directors recommend go.. that the net profits amounting to $200,867.15 be appropriated as fol- lows:-

To pay a

dividend of $1.50 per share ab- sorbing

To place to cattle re-

Berto

To place to typhoon and

fire insurance

To carry forward

Wad

13

Dtl.

October 13th to 19, 1919.

du R

$171,000.00 |

1m

20,000.00

$,000.00 4,907.15

$200,807.15

All cattle and stocks have been valued by your manager and secre- try and the same are well above their book value.

With the foregoing facts before you, the reasons for the Company earning decreased profite, in spite of its increased turn-over, become quite I should mention that your Direc- obvious.

tors have considered it advisable, in

A

„ODE SZAKEN!

KACIPOBEGA Obrobk

Law WATER flongkong

*

S.

Meen

HONGKONG REGISTER...

Barometer Temperature Humidity Direction of

Wind

Force Featherne

In the past, the dairy business-order to meet the growing demand imen which was original and, for some in Canton for ice, to erect a factory yeurs, the only business of the Com-in Stammeer for the manufacture of pang-walk of the greatest neistance that commodity..

The necessary nursing other branches of the and has been noquired, and the Company's bruipos until these hat machinery ordered; and we hope to ter were place on a paying basis; be able to turn out ice in Canton by Bit that very dairy business would. next summer, which will make, Can- this year, has hown a loss, save ton independent of Hongkong, and

Province

day On data at On date as Að 1 p.3.

1 the Dir

29.86 29.88 29.83

BO.... 77

92

68

80

69

E

I

3

4

0

·

0,00

0,00

0.00

Highrat apes wie Temparsine on the 19th-20 fewer open air Tempestore be that 11amit

T. F. CLAXTON Diracker. Bunzione Chasevstory, Bet. 11, 1819

for the fact that (thanks to your enable residents in Canton and displayed by the manager and secre manager's careful selection and care) basmeen to obtain cheap and good tary, and other members of the Com- the average milk yield of the Comice.

pany's staff,,, which has done couch

pany's herd has shown considerable As the ice will be mostly consumed to relieve the situation arising out of improvement, and thus enabled that by Chinese residents, your Directors the strenuous period through which department to show a profit. You have decided to floot a separate com

will be gind to know that many of pony to be caled The Hongkong the Company passed during recent the black and white cattle on our and Canton lee Manufacturing Com-years. And, on my own behalf, I farms are descended from the same pany, Limited," with a capital of would convey my thanks to the family as the famous bull which, at $400,000 divided into 10,000 shares secretary, to whom I am indebted a private sale recently, realised a of $10 each, whereof half (namely for the whole of the data on which price of £20,000.

20,000 shares) will be offered to Chi-this speech is based, and nine-tenthis

Recognising the necessity for suppose subscribe-thus giving the

plying the public with fresh milk, at Chinese an opportunity of sharing of the substance contained therein. as low a figure as possible, and, in in the profits of the now company- I now beg to propose that the order to refrain from causing any while the remaining 20,000 shares report and accounts as presented hardship to classes with moderate will be offered to the shareholders be adopted, and I shall be much

Directors though in the Dairy Farm, Ice and Cold

merne,

your

realising the almost imperative Storage Co., Ltd. (that is, this Com- obliged if some shareholder will necessity for a contrary policy-re pany) which latter Company will kindly second that proposition. frined, during the past year, from be general managers of the proposed Mr. A. Beattie seconded. raising the price of milk, but, the new company.

The new company The Chairman: The adoption of

titne

is rapidly approaching when will have a board of directors, con- the report and accounts having been your Directors may be compelled to sisting of six members, of whom raise the price of that commodity in

order to obtain an adequate return on invested capital.

three will be Chinese, nominated by duly proposed and seconded, 1-shall the Chinese shareholder, and three be pleased to endeavour to answer will be nominated from the existing to the best of my ability any ques- It will no doubt be of interest to members of this Company's board tion which shareholders may be you to know that our profit on our of directors for the time being. pleased to raise thereon. Turnover is only about 184 per cent, am pleased to say that ready pur-

and that on our invested capital lem chasers for the shares, to be offered here, being no questions, I will than 6 per cent., which profit your to the Chinese as abore are being now put to this meeting the resolu Directors feel confident is very con- found, and it is hoped to place the tion as proposed by myself and sidembly, lower than the profit made matter in the bands of the Com-seconded by Mr. Beattie that the by many other retailors in the Colony, pany's solicitors for the formation report and accounts as presented who in the majority of cases handle of the new company in the near be adopted, and shall be obliged if lesa perishable goods than those future.

→

handled by this Courpany. It is Before closing these remaries, I those in favour, with kindly signify modely due to this Company's large would like to make reference to two in the usual way, Carried," turnover that your Directors are able further important matters, namely i Mr. W. E. L. Shenton proposed to recommend, the dividend theyFirst, the most material assistance:

have done. The above figures con- which the Company has at all times and Mr. Qliphant seconded, the re- clusively show that this Company at received from the Government, both election of Mr. F. Maitland, and least cannot be called a profiteering during and since the late war Father Robert to the board of direc

araistance without which the Comtors. Carried.

one mig met via a tendrada

"'s

I would like to mention at this pany's interests might have been Mr. Grose proposed and Mr. Chen juncture, that, while Chinese retail-phoed in serious jeopardy-refer

ers and others in this Colony, have particularly to the poonmans whereon Tong seconded, the re-election of been allowed to regulate their prices the Government aveaid to the Mosers. Peroy Smith, Seth & Flood- on they pleased; this Company Has Company in regard to embargoen ing as auditors, at a rominentide been unduly handicapped by the sys-placed upon the export of supplies of 2000. Carried...... tem of control exercised by the Food from other Colunics,

Committee, which, in the effect, bas Secondly, I desire to record the The Chairman sanounced that caused adverso discriminiation deep appreciation of the Board of dividend warrants were ready and against this Company in regard to the whole hearted devotion to duty the meeting then

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