1940-03-27 — Page 3

THE CHINA MAIL, MARCH 27, 1940

BAIRY FARM'S

Library, Supreme Court

Page

NEW "DOWNTOWN" QUEEN'S & ALHAMBRO

SCHEME

PLANS FOR A MODERN food emporium in the centre of the city, on the site of the White House, to be linked with a scheme for a soda fountain and snacketeria and new offices were announced at the annual meet- ing held at noon of the Dairy Farm, Ice and Cold Storage Company; 13:

THE HON. MR. S. H. DODWELL WHO WAS IN THE CHAIR, ANNOUN- CED A DIVIDEND OF $1 AND A BONUS OF 50 CENTS; ON THE OLD' SHARES AND A DIVIDEND OF 50 CENTS AND BONUS OF 25 CENTS ON THE NEW.

The Chairman said:-The accounts. bemises and also the original Powell's Build fore you to-day show a record profitining-lately White House-fronting Des Voeux working account, the 'figuré (öf 15966,074.49 Road. It has been necessary therefore to being some $88,000 more than last year. This result, I am sure, you will consider all the more satisfactory in that it has been accomplished without increasing the prices of the commodities' produced or manufach tured by the company, the chief of which are milk, ice, and ice-cream..

look for other premises and I am pleased to say that we have been fortunate enough to secure a lease of that section fronting Des Voeux Road. In the ground floor it'Is intended to instal a modern and complete food emporium and also in a half-mezzan ine section in the same' floor to equip a Soda Fountain and "Snacketeria." Your directors are confident that this will prove a popular and profifable venture and fill a long felt want.

The mezzanine. floor .proper has been take en for administrative offices. It is most desirable from the points of view, of super vision and control that our executive should be accommodated in our new premises, and, as our present offices are now quite inade- quate for our requirements, I am sure that| shareholders will agree that this is a wise step,

The advancing costs of cattle fodder, due to the outbreak of 'Siho/Japanese hostili ties, followed by further increases in most things caused by the European War, would have fully justified an increase in the price of our products, but it has always been the policy of your board and 1always will be that the prices of such vital commodities as milk and ice should be kept down to, the lowest possible level, since they are neces sities with all classes of the community.

Unless, however, there is a halt to the rising cost of fodder, bottles, caps and other necessities required for the producThe entire part of the building which we tion of our milk, it may prove impossible have agreed to lease will be air-condition- to avoid an upward revision of our price ed and I believe this will be greatly ap during the present year;/ UP ANAK

preciated by our' patrons; who will be ablo When addressing you from the chair Jant to shop in comfort during the humid sum year my predecessor manisöhed; that in or mér days and if desired may have their der to cater for the anticipated larger de morning coffee or, a cooling drink in a mand for milk, orders had been placed for pleasant atmosphere in the one building. additional cattle, Importations throughout The issued Capital now amounts to $2,200,- the year numbered 79 antihals but I regret 012.50 leaving only $49,987.50 unissued. Also to state that owing to the unprecedented on the Liabilities side it will be noted that demand, we could not entirely meet it dur, a sum of $104.762.50' representing the bonus. ing the greater part of the summer.. Sales of $2.50 per share' paid to Shareholders' in of milk during the year constituted a re respect to the. 41,903 New Shares issued has cord in the history of the company and heen deducted from General Reserve. continue at an exceptionally high level for this time of the year, so much so that sup plies of creám have had to be restricted.

RECORD HERD AAN

Before closing my remarks I should like to pay a tribute to the Staff whose task during the year under review has been no easy one. They have been voted a bonus of 7ace on salaries, which they thoroughly deserve and which I am sure you will cor- dially support.

per share on 41,905 shares ...

Having regard to this, your directors, con- sidered it advisable to further increase the herd, and of the animals ordered some: 90 have arrived. With these further importa- There are no other items in the' Balance tions the herd will number. some 1,800 and Sheet calling for comment from me and 7 mals one of the largest herds in the world therefore have pleasure in proposing that and roughly 100 per cent more than the the Accounts as presented be adopted and number we had, nine years ago. During that the sum of $490,845.65 for appropriation the year, the herd enjoyed good .health; abe dealt with as follows>--.. fact which is reflected in the favourable | To pay a Anal Dividend of $1.00 balance at credit of cattle wastage account per share on 251,430, share .$251,430.00 in the balance sheet before you. You will To pay a final Dividend of 50 cents observe with this balance; amounting as it does to $87,531.98 and that standing at cre- dit of cattle reserve we are only some $90,- 000 short of the book value.at..the..herd; nevertheless. In order to safeguard the posi tion, having regard to the further purchases of cattle this year, your directors have deem- ed it advisable to place a further $50,000 to credit of cattle reserves nga pompatta og

During the year we were honoured when His Excellency The Governor," Lady" "North cote and party visited the dairy and ice making plants.

The results in the imported dairy and frozen foods department continue to be 'sa tisfactory although returns from the ship ping side of these departments have been affected to a considerable degree by the dis-organization caused to certain shipping companies as a result of the War.

During the year we put on the market two frozen confections under the trade names of "Popsicle" and "Fudgicle." These pro ducts are of our usual high standard and enjoyed an immediate success, though they no way affected the sales of our fee cream, the return from which department showed an increase over the previous year's figures. A record sale of that popular drink Green Spot-which we manufacture, was made during the year. This business has reached such proportions that your dire tors sanctioned the purchase of an up-to date syrup making and filtering plant which was installed in the main depot in the lat ter part of the year.

in

Ice sales have been well maintained while our cold stores at East Point, Connaught Road Central and Canton Road have been well patronized. I regret to say, that ow ing to the scarcity of fish the fast-freezing plant to which my predecessor referred from the chair last year has not yet been put into use. ↑

At our East Point factory we are now able to offer storage where the temperature and humidity in the store. la controlled. This type of storage is Highly successful for The keeping of such commodities ar Nourcho colates, etc.. The demand for this class of accommodation-te-zo“ grätifying that nurther dehumidifying equipment has been ordered. In order to Improve servidat Kowloon, the branch premises on Nathang, Boddyard being improved and reconstructio the alterations, the, fair and provisionaide- partments will be transferred to:14. Nathan Road.

NEW DEVELOPMENT, As you are probably - iware; the Kong Land Jayestment or and Agency - Có.. who own our present down-town premises fa Queen's Roods-have-einbarked on AŢre“ construction scheme embracing, these pre-

Hong

20,932.50 To pay a bonus of 25 - cents per AAA

share on 251.430 shares

To pay a bonus of 12% cents per

share on 41,905 shares Add to General Reserve. Add to Cattle Reserve. To Carry Forward

1

62,657.50

5,238.18

15.00.60%

_30,000.00.

85,387.50

$400,845.05

SECONDER'S SPEECH Mr. P. S. Cassidy, seconding, said:-1 have no doubt that housewives who do their own shopping will be delighted to hear about the new prèmises: to which the Chairman ed atmosphere with a Soda Fountain, and has referred. Shopping in an air-condition- Snacketeria adjacent will make a pleasure of which is at present rather; a stern duty. In any case there is plenty of room for ad. ditional refreshment facilities in the cen

confidence that the venture will prove po tre of the town and I share the Directors' pular. I quite agree that the present, of aces are totally inadequate and I am glad. that there will be ample accommodation for the executive in the new building.

CO-

I should like to testify to the close operation which exists between the Direc- tors and the Management. To my mind as long as this factor can be counted upon we need have no fears about the future of the Company. On your behalf I offer our con- gratulations to the Board, the Management and the Staff for such a handsome result of being made to keep pace with the ever- the past year's working and for the efforts growing demand of the public.

Messrs., 3. H.-Dodwell and H. V. Wilkin- son were re-elected, directors, while Messrs. Perry Smith, Seth and Fleming were re elected auditors at a fee for the year of $2,000

E. Pearce, HV-Wilkinson, Ai D. Shields Supporting Mr Dodwell were Messrs. T. and D. L. Newbigging, directors, and Mr. G. Milne, secretary.

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