466
meeting for a couple of days; but I would like the suggestion to come from the body of the hall as it is only with the best interests of the Company at heart that I am now anxious that the question should not be settled to day for all time.
THE HONGKONG WEEKLY PRESS AND
improvel the flavour of the milk and besides the process of Pasteurising will remove any chance, however small, of sickness from our milk, I have now to touch with much regret on the disappearance of our late secretary, Mr. R. P. Moffit, who absconded early in October after Mr. J. R. MICH ALL-So far, we have discussed embezzling the Company of a large sum of this very fully and 1 do not see the benefit of money. His defalcations to 31st July, 1922, postponing this meeting. The whole scheme amounted to $5,733.26 and this sum has been Has been before us for months to think about. written off profit and loss account. I am sorry So far as I see, it is a fatal scheme. I do not that a sum of $7,296.15 will also have to como suppose shareholders could object if the direc-out of next account inaking the large total of tors communicated with the Government and luid another feasible, favourable scheme before the shareholders. But so far this is a fatal scheme. The present proposition is quite fatal.
Mr. LEWIS -You must remember, Michael, that the dock will cost the same amount of money in any case.
Mr.
Mr. MICHAEL-But you could give uz an- other scheme that wou'd be a good paying concern and an advantage to the Company.
Mr. 8. J. MICHAEL-I think uuder the circumstances the best thing would be to drop the scheme altogether, because I believe most of the shareholders will not have anything to 20 with this scheme. (Applauso.)
The CHAIRMAN-1 do not know that there is anything for us to do, then, but to take the votę. Those in favour of the acquisition of the land on the terms set forth in our circulars and going ahead with the proposed extension of docking facilities at Kowloon will denote so by holding up their hands.
Ten hands were held up in favour of the scheme. All the others present voted against.
The CHAIRMAN, amid applause, aunouuc.d that the scheme was defeated.
The meeting then disper: e 1.
THE DAIRY FARM CO., LD.
ANNUAL MEETING,
The sixth ordinary yearly meeting of share. holders in the above Company was held on the 8th inst. in the Company's depôt, Wyndham Street. Mr. F. Maitland, chairman, presided, and there were also present Messrs. E. H. Hinds (irector), W. Tintton Potts, J. M. E. Machado, Al Ying, S. A. Seth (secretary), and J. Walker (manager).
The notice calling the meeting having beon read,
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The CHAIRMAN sid-Gontle en, the report and accounts having been in your possession for some time, I wili with your permis ion adopt the usual course and take them as real. Daring the period under r. view we have had to battl against a rather lad attack of rinderpest, tho worst since 1896, but we again git over it without very serious loss to the Company. Still further precautions are now being taken to keep the dre del disease from our farms, We have often thought that the post was con- tracted through imported fodder, and as this is now cooked we hope it will have the effect of freзing us from the diseas). Cur receipts havo increas d to a considerable extent bat: 0 have our exp inses, and du ing the year ended 31st July last we spent more than we earned in building four fine new cow sheds and a dairy house at Pokfulum, including cost of a Pasteuriser aud a steriliser from home, repairs and alterations to manager's house and new cattle. Doubtless we shal feel the benefit of this expenditure in the futurs but it is a question whether or no we have been extending on a little too large a scale for our small capital. But for the loss of cattle through tinderpest our death-rate has been small and at present our bead is in splendid health. I would mention that during the past three years the following increases have taken place in cost of maintenance and cattle: Food stuffs, 60 par cent.; wages, 3) per cent.; coolie-hire (cartage), 59 per cent.; cattl, 65 cant.; but for the much larger turnover the Company could not well have been ruu except at a loss and the question of a rise in the price of milk is now under the consideration of your directors. There appears to be little chance of the cost of maintenance and cattle eren being re luced to the normal prices of a few years ago, and it appsus to your directors that we a ust meet the increase by charging more for our milk. I Lave the pleasure to inform you that all our milk is now Pasteurised. Our manager tells me that he is of opinion that the change has
per
$11,031.41 misappropriated funds. can only sy that he was thoroughly trusted by your directors and that ho has doceired them. Immediately I discovered his disappearance I swore au affidavit for his arrest but unfor- tunately he had left Shanghai; he has howevor been arrested in America and the Government bave takin up the case as a criminal offence and have applied to the United Stales authorities for his extradition. There is, I fear, no chance of geting any of the money back for he started to misappropriate the Company's cash eight months ago Should any shareholder desire further particulars of his defalcations I lave thom before me and can either give them to the meeting or he can wait and inspect them aft r this meeting. We have engaged Mr. S A. Sotli as socretary, in place of Mr. Moffitt. Your directors desire to record that they have been very pleased with Mr. James Walker, our manager, for the zeal and attention he has shown to the Company's interests. In view of the great increase in the business of the Company, we engaged at home a Mr. Allan Stevenson to act as sub-manager and from the testimonials sent out wo have every reason to believe that he is very well up in all dairy and farming matters. He is expected to arrive here early next year. Your directors trust that the division of tho profits will meet with your approval and are sorry that the dividend has had to be reduced owing to Mr. Moffitt's defalcations. The policy of writing down our cattle and buildings and adding to reserve is a sound one aud it must not be over- looked that our reserve is all in buildings, cattle, and stock. Before moving the a loption of the report and accounts I shall be glad to answer any questions to the best of my ability.
There being no questious,
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[December 15, 1902.
A
recomm nd the remainder the directors divi lend at the rate of ten per cent., together with two per cent. as special dividend, thus making twelve per cent, per annum, which will absorb 1,320,000,50). The balance, 703,184.828 yen will be carried forward to the next account,
REMPEI KONDO,
Chairman.
Head Office. Tokyo, 25th November, 1902.
SUPREME COURT.
Friday, 12th December.
IN ORIGINAL JURISDICTION.
BEFORE HIS HONOUR SIR WILIAM M. GOODMAN (CHIEF JUSTICE).
LI PING V. CHUN TONG. The plaintiff in this case claimed $16,0`0 damages on account of the defondant having, it was alleged, taken away stones from the plaintiff's quarry at Mataukok. Mr. E. H. Sharp, K.C., barrister-at-law (instructed by Mr. F. B. Deacon, sɔlicitor), appeared for the plaintiff and Mr. M. W. Slade, barrister-at-law (instruct d by Mr. E. J. Grist, solicitor, for the defendant.
Mr. Sharp, K.C., in opening the caso, said the plaintiff was a building contractor; so also was the defendant. Plaintiff was grantee from the Crown of the exclusive right to quarry granite upon the Crown lands at Mataukok. During the months of January, February and to the 20th of March, 191, the defendant committed a breach of this exclusivo right of the plaintiff to quarry granite there. D:fendant denied that hie had quarried stone in the area leased by the plaintiff. The evidence would show that for a period of about 20 years in fact, he thought more than double tha period-the right of quarrying granite, as it was expressed in the Crown lease, had been leased yearly to an individual or individuals called the quarry farmer. This right comprised the small incidental right to granite which had been already quarried during the year of the lease for one month succeeding that year, after the next farmer want in on his leass. That was to say, during the January of The CHAIRMAN formally moved the adoptionth succeeding year the old farmor was per- of the report and acconuts
mitted to remove from the farm any granita already gurried up to 31st December. That right existed for one month. In the year 1900 and ap,arently for a few yours before that year the defondant was the quarry farmer. For the year 19 the plaiutiff was the quarry faimer and during that year had the exclusive right to quarry granite. There could be no question, ho took it, what the right to quarry granite meant.
Mr. MACHADO secunded, and the motion was agreed to.
Mr. MACHADO moved the re-election of Dr. Noble and Mr. Ulinds as directors.
Mr. Au Y NG sec nded, and the motion was agreed to.
The CHAIRMAN proposed the election of Mr. W. Hutten Potts as auditor.
Mr. MACHADO sacoaded, au 1 the motion was agreed to
The CHAIRMAN-That conclu'es the busi- ness, gentleman. Thank you for your at
Dividend warrants will be ready tendane›.
to-morrow.
NIPPON YUSEN, KAISHA.
The following is the twenty-fifth report of the Nippon Yusen Kaisha (Japan Mail Steam- ship Company, Limited), presented to the shareholders at the half-yearly ordinary general meeting, held at Tokyo on the 25th November, 1912-
The gross profits of the Company for the past half year amount to 3,512,413,063 yen, out of which there has been paid:
Depreciation of the Company's
fleet and property
Ius trancs fund Ships structural repair fand
yen.
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རྩྭ
remove
any
H's Lordship-The less e has one month-to the end of January-to remova material which has been quarried during the year?
mean
The
Mr. Sharp replie in the affirmative. The right to quarry grazite he took to blasting, excavating, or working it in any way within the farmed area or to take it away after it had been so worked. The plaintiff, he thought, was entitled to damages for the infringement by anybody in this case by the defendant-of bis exclusive right. Of this title to damages the defondant should be peculiarly aware as he had brought au action of a very similar nature against another poucher in 1897, which was de ided ul imately by the Full Court. system of working the farm appeared to be this: any purchaser, any builder, wauting granite went there and saw the quarry farmer or his foraman and the quarry farmer employed men 661,35 1.80 himself to actually do the quarrying; also there 154,9 13.090 were a number of so-called quarry masters who 395,164.860 | had apparently a customary right, which however the quarry farmer was not absolutely 1,210,448.780 | under obligation to respect, to work in the different quarries within the farm. At the option of the farmer, he worked tho granite himself and supplied the purchaser or allowed the latter to-go to ou; of those quarry masters, giving him a licence to obtain so much granite on payment of a royalty to hims if by the master. The late farmer, he thought, during the later part of 1900 employed something like 300 or 400 man of his own to do actual quarrying! work to supply stone under certain contracts between him and Messrs. Punchard, Lowther
leaving a balance of 3,011,141.148 yen, includ- ing 679,176.865 yea brought forward from the last accouut,
The directors now propos that 116,378.210 yen be added to thy roserve funl. raising it to 1,672,923 696 yan; 800,00.000 yen to the fund for the extension of services and improve- ment of the fleet, bringing that amount to 2030,0,0,000 yen; and that 71,358.110 jen be allowed as directors' aul auditors' fees From
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