1939-03-23 — Page 11

HONGKONG. DAILY PRESS

Finance and Commerce

FINANCE

SATISFACTORY YEAR

China

Year Shows Satisfactory Expansion Entertainment

DAIRY FARM, ICE COLD STORAGE CO.,

were

AND

operation before the end of this

& Land Investment

ין

year. This modern method or Co. Ltd.: dealing with fish will, we believe, prove a boon to this." Important

LTD. industry and become a profitable

Chairman's Review At

Annual Meeting

Despite this increase, the heavy demand in the months from April to June could not be met, and our customers had to be restricted in their supplies of milk, and cream was not always made available,

adjunct to the Company's bustness. Despite restricted fishing opera. tions on account of the Sino- Japanese hostilities, ice sales were well maintained and, in fact, shew a small increase as compared to the sales made in 1937.

new

To cope with the steadily in- creasing demand, over $140,000.00 was expended on our Ice cream plant, during the year.. This plant, now installed in the dairy premises, is the last word in up-to-date emclency. A new line is to be, marketed this summer contracts which should prove a popular have been placed for additional Item in this important branch of

business, cattle, which I hope will obviate your

The policy of the a similar expertence this year. placing on the market only

very highest-grade of ice cream products will be maintained, and

In anticipation of still bigger Cemand this summer,

A year of satisfactory working and financial success was re- ported at the annual meeting of the China Entertainment and Land Investment Co. Ltd.. held at the company's office yesterday.

The Hon. Bir Shouson Chow, Chairman of the Board of Direc- tors, presided and other Directors present were Messrs. K. Y. Chang, LLin-chi, Li Jowson.

Chang Kwai-in and Dr. S. W. Tso, Mesars. P. C. Lowe, Sun Wing-kwong, Li Kwok-ying. K. P. Chang, Li Shlu- chung and Hong Soylu were the shareholders who attended.

✔

CHAIRMAN'S SPEECH

annual report. Presenting the the Chairman said, in part:--

The net pront for the year. after providing for depreciation, and in- cluding $7.338.39 brought forward from last year, amounts to $135% 604,78, which is nearly double that of the previous year... This in-

Payment of a final dividend "of $1.00 per share, of a bonus of 25 cents per share, and a bonus of 7 per cent, on staff salaries, sanctioned by share- holders at the 43rd annual gen- eral meeting of the Dairy Farm. Ice and Cold Storage Company, Ltd., held in the Company's Head Office in Lower Albert Road yesterday, when a тегу satisfactory year's working, re- sulting in a profit of over half

look forward to increased a million dollars, was reported.

business in this department. AL n extraordinary general

I mentioned last year, that we meeting held immediately follow ing, a resolution that shareholders not be aware of the fact the Com- had embarked on the production appearing in the company's regis-pany carries its own Veterinary of reconstituted milk. This has crease is doubtless due to the in- ter on March 22, 1939 be offered Surgeon and the management of not proved a success, as sales have flux of a large number of people pro-inte Hongkong owing to the hos- 41,905 shares of the nominal value he farm is in the hands of experts dwindled to very moderate

Most favourable com-portions, and there seems to be tities still prevailing in many of $7.50 each, in the proportion of from home one new share for each six shares ments were recently made on the little doubt that when good fresh parts of China. held by such persons at par and herd by a visiting authority. This milk is available, the demand for that $5.00 be paid up on each gentleman stated it was comparable the reconstituted substitute is very share not later then May 31, 1939, to the best managed herds he had limited. was passed.

The Hon MỞ T. E. Pearce, Chairman of the Board of Direc tors, presided at the meeting, and others present were:-Hon. Mr. S. H. Docwell, Hon. Mr. A. L. Shields:

HERD HEALTH GOOD The herd, I am pleased to report, enjoyed exceptionally good Health Some of our throughout the year. shareholders and customers may

seen anywhere.

We

During the year under review, we gave several successful per- formances for the benent of the Green Spot has proved its initial Chinese refugees and other charit- Before leaving the herd, I should popularity and sales were appre-able organisations, and I am glad those to say that, thanks to the generous explain the amount at credit of clably up as compared to

support of the public, we were able Cattle wastage account is the sur-made in 1937,

The butchery, imported dairy to raise a fair amount to add to plus, after allowance is made tor decided upon some few years ago but competition has been parti- have produced a record turnover.

vided from working account was $97,517.48 which was in excess of the larger turnover, that a satis

factory trading pront has been actual requirements to the extent achieved. This larger turnover is

$29,243.85, This latter is the

(no doubt due to the abnormal amount by which cattle wastage

conditions prevailing. which is

losses by death. or sale, on a scale produce and shipping departments charitable funds,

The Management have been very„

Mr. H. V. Wilkinson, Mr. D. This year the total amount pro-cularly severe, and it is due to careful In- the selection of pictures-

Landale Directors), Mr. "J. "D. Thomson (Manager), G. Milne (Secretary), Mr. RA. Wadeson, or Messrs. Deacons, and Mrs. Yong

Yeong-shi, Mcasra. J. Owen Hughes A D. Wyllie, R. L. Morphew, R. L

Wylle, J. Gardner, S. H. Ross, C account has been increased during also the reason that necessitates ·

T. Chan and D. McFerran, (Share- holders).

CHAIRMAN'S SPEECH

To payment of "a Final Dividend of $1.00 per share

the year.

FIGURES

formidable

our carrying a much larger stock. Although on the right side for which you will observe, at Decem the past three years, it is not ton ber 31, stood at the sidered advisable to adjust the ngure of $964,509.86. scale applied for Wastage in the herd. The sum of $97,517.46 may | seem a heavy charge, but it must 2 not be overlooked this only repre- sents 16.27 per cent of the value

the herd.

are chosen for their suitability to during the current year. Pictures

the taste of both our Chinese and European patrons, and I am sure that our line-up of first class aims this year will meet with general approval.

Turning to the investment side, I am pleased to report that all our abops and onces are occupied, and" they are yielding us a regular monthly income:

N

It was proposed by Mr. Li Kwok- ying and seconded by Mr. P. L. Lowe, that Mr. Chang Kwal-on and Mr. Li Lin-chi be re-elected to the Board of Directors.

The Chadrinan sald-After depreciating fixed assets, $218.432.-

Turning 03, and providing for directors and

to the figures in the Profit and Loss Account and Out of the profit available for auditors fees, there remains

Balance Sheet, I would call your distribution, your Directors recom- balance at credit of Profit & Loss

attention to Account of $502,923,83 which with

the amount of mend placing a further sum of the addition of $74,095.95 brought

$216.432.08 written off as deprecia- $50,000 to General Reserve and An event of Importance to record tion This forward from last account and was the transfer of the Dairy from

amount exceeds by payment of a Dividend of 60 cents $43,853.94 the amount provided per share absorbing $59,914.80, after deducting $125,715.00, the In- Pokfulum to the new one at East for in the 1937 accounts but covers leaving a balance of $25,889.98 to terim Dividend of 50 cents per Point. This new dairy is equipped a full year's depreciation on all the carried forward to the next sc- share paid on September 28- last. with every modern device for the the fixed assets of the Company count. leaves $451.304.78 for distribution. Pasteurization and bottling of milk including the additions made dur- Your directors recommend this under hygienic conditions, and ing the period under review. balance should be allocated as with the most up-to-date follows:

In the balance sheet you Will machinery for the cleansing and observe the item $310,000.00, proft sterilizing of bottles, I need on sale of the Lal-chi-kok proper- hardly ade the dairying is under ty. This property was acquired in $251,430.00 constant European supervision, 1918 when this Company, took and the staff under strict and re-over the business of the Hongkong 62,857.50 gular examination by our medical Ice Co. Apart from a small rental obtained for storage purposes, this COMPULSORY PASTEURIZATION property had been lying idle for a Customers and shareholders will considerable period After careful no doubt have appreciated the fact consideration your Directors con- we have anticipated the Govern- cluded a sale on cash terms which ment's compulsory regulations re resulted in a profit, on its book $451.30478 garding pasteurization, which come value of $310,000.00, now added to Jinto force on April 1 next, and the general reserve. This cash The directors trust the above they may rest assured that every accretion has been the means of appropriations will meet with your possible precaution is taken and materiaily reducing the overdraft approval

no expense is spared to ensure the with our bankers, which had been The addition of $15,000.00 to supply of milk of the highest grade, incurred largely by expenditure

to Tuberculin under capital account. general reserve, together with the and comparable transfer of $310,000.00, profit Tested Pasteurized gade in Great

Britain. sale of the La-chi-kok property, to which I shall later make refer-;

To payment of a bonus of 25 cents per share To transfer to general

Veserve

Te transfer to cattle re-

serve To Carry forward to new

account

15,000.00

50,000.00

72,017.28

$700,000,00 and the addition $50,000.00 to cattle reserve will bring

that to 3500,000.00.

The year under review has been an eventful one for your Company, and I am pleased my report has been one of general expansion.

.

advisera.

for

As you will observe the capitał expenditure as detailed in the

Ice Plant

ana

strenuous and

staff, who have worked conselen-

lously during abnormal year. They have been vated a bonus of 71% on salaries, which has been debited to working account. I believe you will heart- ly support this vote. Mam

With these remarks, "I beg to propose the adoption of accounts as presented, and after this has beer seconded. will be pleased to answer to the best of my ability, any questions Shareholders may

wish to ask.

Seconder's Remarks

THURSDAY, MARCH 23 1939.–PAGE 11

KIRIN

The

B

E

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Choice of R

The Multitude

Sole Agents.

H. HONDA & CO.

Tel. 20720.

2053

A$

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B. Free

Fram

Crippling LEG SORES

soon as you sinter Zam-Buk on crippling leg sores, monzesses or ulcers, quick, antiseptic ...healing starts. This is because the valuable barbad ous in Zarn-Buk are readily absorbed into the tissues and get to the root of the trouble, Zam-Buk soothes pain, reduces inflammation and dries up unpleasant discharges. When it has thoroughly cleansed the diseased places Zam-Buk heels without a star. Doctors and nurses everywbare was and, recommend Zam-Buk

The total cost of this new in- balance sheet has been as follows: Mr. J. Owen Hughes, seconding gives ence, will bring this reserve to stallation, including the new build-Building and Property A/c. the proposition, sald:-It

rings, amounted to $91,197.07 and $179,465.37;

me much pleasure to second the accounts for a large proportion Machinery $407.185.89: Launches, report and accounts, and to con- under capital account expended Lighters and Vehicles $26,006.31; gratulate the directors, manager during the year. The management Furniture and Fittings $21,946.25. and staff on the excellent result will be only too pleased to arrangeļa total of $334,003.81 exclusive of or their labour during the past

interested shareholders and expenditure on Cattle.

and dificult year. customers to view this new dairy. 1939" CAPITAL EXPENDITURE

The ngures given in the account. Further expansion to the Cold

Unless further additions to the give as usual very full information Storage premises at East Point in Herd to those already contracted to shareholders, which I feel sure Importations of 18 head of cattle the shape of four large rooms of for are found necessary it is not have been received with muchi from Canada, 37 from Australia just over 100,000 cubic feet capa expected that capital expenditure satisfaction. The policy of bulld- and 20 from Great Britain and the city have been completed at a cost for this year will exceed $220,000.00, ing up substantial reserves, will addition of home-bred animals for $149,768.91.

the main items of which are the have very general approbation, have increased the herd from 1:170 In addition to this increase in quick freezing plant and exten-

In do not intend to comment to to 1,401, and as you will observe storage space, an extension of the sions at the Central Cold Stores. any extent on the very interesting from the balance sheet, stands in Central Cold Storage in Con-

As you

will have observed a speech we have just listened to our books at the figure of $599,-naught Road is under construc- special meeting has been convened except to express my own views 335,05. Against this, as I have tion, and when completed will be to be held immediately after this on one or two points. You have Just stated, we shall have after a valuable addition to the cold meeting, at which your directors referred, Mr. Chairman to the allocating a further $50.000.00, storage facilities offered by your will recommend the issue of 41,905, item of cattle wastage account and cattle reserve of $500,000.00 but in company. In the Central District. fully paid up shares, to be offered having had some experience dur- addition the $43,586.85 at credit of When this extension is com-one for every six, at present held ng several years as a member of cattle wastage account will bring pleted; we shall have at East Point by shareholders, at $5.00 in cash, the Board I entirely agree this our total cattle reserves to $543,- Cubic Feet 753.009: Central Cold and $2.50 from the general re- should be maintained at a fairly 586.85 as against a book value of Stores Cubic Feet 29,938; Kowloon | serve.

high figure livestock being such $609,335.05.

Cubic Feet 32,760; or a total of Your directors are of the opinion an "unknown" quantity especially SATISFACTORY POSITION

that shareholders should now a dairy herd, We believe shareholders will

beneat by the conservative policy. The reports of the improvements agree this is a very satisfactory. The Cold Storage business has adopted in the past, and belleve made in the dairy is to me very position to be in. To house increased rapidly during the last they will appreciate this favour interesting, and am really amazed this herd it was necessary to few years, but your board have able offer which is to be made at the progress made by our Com- erect

new shed " and considered it advisable to antici- {them. severale "others had, to be pate future demands "and : are extended.

satiated the expenditure on these This herd, which incidentally is extensions will soon be fully wit soon be fully

one

*

815,707 Cuble Feet...

COLD STORAGE

a record one for the Company, haa justified. provided 5,100,119 lbs. of milk, az To bring our Cold Storage, faci- increase of 14,26 per cent over the littes up-to-date, we have con- previous year and is, of course, also | tracted for a quick freezing plant. a record for the Company

which It is hoped will be in

pany, during the last two years Spa and note with much satisfaction If the proposition is accept- bd, we shall receive $209,525.00 33that the demand for milk has been to further reduce our Over- draft," and "the general reserve will stand at approximately $500,000.00,

Before closing my remarks I should like to pay a tribute to the

so heavy as to warrant the Im- portation of 135 head during the past year, and that you deem it necessary to contract, for more during the present year.

(Continued on Back Pago)

ZAM-BUK Heals Without A Scar.

ZAM-BUK

Maldone

Herbal OINTMENT

Mr Howard Harding,

LAMMERTS' AUCTIONS

PUBLIC AUCTION.

THE Undersigned bave received

instructions

TO SELL BY

PUBLIC AUCTION

029

FRIDAY, the 24th' MARCH, 1939.

Commencing at 2:30 p.m.

At their Sales Room; No. 2 Con- naught Road, Central Ground

Floor.

A QUANTITY OF VALUABLE HOUSEHOLD FURNITURE,

Comprising

Teak Bedstead, Divans, Ward- robes. Dressing Tables, Chests of Drawers, Dining Tables Dinner Waggon, Sideboard, Chairs, Deirs, Typewriter Tables, Qlass and Filing " Cabinets, Medicine Chests, Gramo- phones

and Records, Electric Lamps and Heaters. Porcelain. Glass, Brass and Alumiflum Ware, Pictures, Clocks, Ornaments, Car- pets, Rugs, etc., etc.

also

A FEW PIECES OF BLACKWOOD

FURNITURE

1 Cash Register

1 Portable Typewriter

Wood"

1 "Smith" Typewriter

1 Croquet Set in Box

"Under-

1 Ashwood Bed Room Suite

3 Chesterfield Suites

On VIEW from THURSDAY,

the 23rd MARCH, 1339.

TERMS:-Cash on Delivery

LAMMERT BROS.

AUCTIONEERS.

Engraving is the hall mark

Mr. J. Cartwright.

48. Allerton Road,

In these we Specialise

Samples available

Mr Geoffrey A. Matthew

14. Mayfair

of

VISITING CARDS.

If you wish to create

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90. Karth

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THE HONGKONG DAILY PRESS

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