The stocks and cattle have been valued by your manager and secretary, and are well under their market value. I now beg to propose that the Report and Accounts as presented be adopted."
Mr. Stevenson seconded, and the motion was carried unanimously.
ICE AND COLD STORAGE DEPARTMENT.
The chairman said:"In accordance with the agreement made between Messrs. Jardine. Matheson & Co., Ltd., General Managers for the Hong Kong Ice Co., Ltd., and this Company, dated 26th March, 1918, we have had to keep the accounts of the Dairy Farm Co., Ltd. and the Hong Kong Ice Co., Ltd., quite apart and distinct in order to declare an Interim Dividend of $2 per ice share to the original shareholders of the Hong Kong Ice Co., Ltd. provided the profits made by the Ice and Cold Storage Department warrant the declaration of such a dividend. Your directors are pleased to state that the profits made between the 9th May, the date when the Ice Company was actually taken over, and the 31st July have made it possible to declare the $2 dividend agreed upon. The actual net profit made after writing off the sum of $22,479,70 for depreciation amounts to $19,080.60 which it is proposed to appropriate as follows:
Pay a dividend of $2 per share on the Ice Company's shares absorbing $13,000 and to carry forward to next year's account $6,080.60.
The accounts of the two Companies have been amalgamated as from the 1st August last, and next year only one Report and Balance Sheet will be issued in respect of the whole Company. Your directors hope that the new Company with its greater facilities will be able to take advantage of any opportunity offering in the expansion of its business. We have sold the property at Ice House Street acquired with the Ice Company's assets as the property was not necessary to the Company and the price received was considered good. The sale was concluded this month and it will there- fore appear in our current year's accounts. I will now propose the adoption of the Report and Accounts of the Ice and Cold Storage Department as rendered."
Mr. Makeham seconded, and the motion was carried.
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