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storage capacity. I am informed that we have no reason to dread a water famine, but the Water Authority is justified by the rainfall record in taking early steps to prevent waste. To the end of October the year's rainfall amounted to 68-29 inches, while the average for the same period, taking the figures for the last 20 years, has been 82:08 inches.
COMPANIES.
BANYAN.
THE DAIRY FARM CO., LTD.
The ninth ordinary yearly meeting of share. holders in the Dairy Farm Co., Ltd, was held at the company's town office on the 23rd Nov. Dr. J. W. Noble (Chairman of the beard of directors) presided, and there were also present: Messrs. E. Osborne (director). J. Walker (manager), A. Seth (secretary), J. E. Ringham, E. W. Rutter, A. Forb. s, H Underwood and A. Stevenson.
The Secretary having read the notice calling the meeting,
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THE HONGKONG WEEKLY PRESS AND
THE CHAIRMAN said-Gentlemen, Following | the usual custom, I will, with your permission take as read the report and accounts as presented, | they having been in your hands for some days It is with much pleasure that we are able to meet you again after another good year. During the period under review we have added largely, and yet economically, to our head of cattle. We have made our purchases in America, Australia and Scotland, our endeavonir being to raise the standard of our hord by introducing only well-bred, good milk-producing animals. The actual valu- of the herd has now become so large that we recommend
you to transfer from the year's profits to, a Cattle Reserve Fund, the sum of 825,000. This fund we intend to keep in a liquid form so that it can at short notice be applied to the purchase of stock should that, for any reason, become necessary. You will, I know, be disappointed to hear that the frozen food business has not been as profitable us we anticipated. The public. I am sorry to say, have not given us the support which we hoped and expected to receive, and which one would suppose they would have given if they had cou sidered their own interests, especially as we appeared in the field at a time when it seemed as though the people of Hongkong were to be completely at the mercy of the meat guilds and prices were continually rising without any good or adequate reason. Our appearance immedi- ately checked this rise in price and later was the cause of lower prices being demanded by the Chinese. You perhaps do not realise that there is really not the difference between our rates and those ruling for Chinese meat as would at first sight appear. You can at least depend on getting full weight, besides which, it is now well recognised by those best able to judge, that one pound of our meat is equal, if not superior, in nourishment to one and a quarter pounds of the local article, this being the propor tion at which the Military authorities now serve the Garrison rations.
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The CHAIRMAN (on being supplied with the, figures)--The total herd in August, 1904, was 307 bead. The total herd this year is 357 | head. That is date to date.
Mr. UNDERWOOD-Yes. I should like to know how many farm lots you have?
The CHAIRMAN --Wo hava a good many lots in one way and another. Do you mean how
many we own?
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Vr. UNDERWOon-Yes. Have you any more than you had last your.
The CHAIRMAN-We have not purchased any since last year.
Mr. UNDERWOOD-You have some on lease.· The CHAIRMAN -~~-~-
Yes.
Mr. UNDERWOOD-1 should like to know how many.
The CHAIRMAN—The number of lots we have is four. Some are divided up. I mean by that one lat would comprise several lots.
Those of you who are particular about your ment supply I should come here yourselves and make your own selections, and this we hope you will do, If your wants are not fully and well satisfied, complain about it in writing, and we will endeavour to make such changes as will enable you to get exactly what you require, but please bear in mind that if you and your friends do not in the future support us more heartily. Hongkong will lose what we consider to he a very important branch of the Company's business, i.e. frozen food. Before proposing the adoption of the report and accounts, if there are any questions you would like to ask I will! be pleased to answer them.
Mr. UNDERWOOD-I should like to ask a question with regard to the cattle. How many head is represented by $61,174 and how does it compare with last year?
The CHAIRMAN-Of course you must re member, Mr. Underwood, that the cattle are purchased from day to day, from week to week
Mr. UNDERWOOD-Yes.
The CHAIRMAN-We are always losing cattle and we are always replacing, so that the cattle account is a fluctuating one what we tell you to-day won't apply to-morrow. Mr. UNDERWOOD-True.
Mr. UNDERWOOD-In last year's report you named the different lots the company owned, That has not been done this year.
The CHAIRMAN – Well, that holds good this year. We have not made any increase this year. Mr. UNDERWOOD. How many on lease, please?
The CHAIRMAX-I was absent from the colony last year. About half-a-dozen.
Mr. Usperwood-Can I have an explana- tion as to what stock in hand includes.
The CHAIRMAN As mentioned in the pre- sent report ?
-Yox.
Mr. UNDERWOOD- The CHAIRMAN-They inclu le all stocks which we carry for sale.
Mr. UNDE Woon-Does it include capon and chicken?
The CHAIRMAN It includes everything we have.
Mr. UNDERWoop-And then as regards the launch. The sum you have written off is an enormous amount of money. Surely the launch does not depreciate to such an enormous extent as that?
The CHAIRMAN-It is for you to recommend otherwise if you think so.
Mr. UNDERWOOD-It seems to me a case of the company doing anything to give us a smaller dividend.
The CHAIRMAN--There you are wrong, Mr.
Underwood.
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Mr. UNDERWOOD-The company has had a successful year, and you actually pay less than the last time a dividend was puid.
The CHAIRMAN Oh.
Mr. UNDERWOOD ---I don't refer to last year but to the previous year. Last year the divi- dend was not paid in money.
The CHAIRMAN—You mean in 1933. Mr. Underwood -- I do,
The CHAIRMAN What do you make out we paid in 1903.
Mr. UNDERWOOD -$1.25, The CHAIRMAN →→→ Yes. Mr. UNDERWoop-I think as the year was a better one we should have a better dividend,
The CHAIP MAN -What percentage is that? Mr. UNDERWoon - It was $ti paid up.
The ('HAIRMAN-You must remember we have capitahsed a certain amout of our stock reserves which is bearing a dividend on the present year.
Mr. UNDERWOOD – Yes,
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The CHAIRMAN-So that last year, 1904, to pay a dividend of $125 required $12,50), where this year we have given $20,000,
[November 27, 1905.
perhaps, we have studied it more carefully than anybody not familiar with the business. The directors devote more time to the affairs of the Company than they are remunerated for, but we are not complaining about that. Our object is to safeguard in every way we can the interests of the shareholders. If you are not satisfied with our management you can turn us out.
Mr. UNDERWOOD-No, I didn't come here to ask for a bigger dividend, but when the Com- pany does well it is only fair that the share- holders should receive the benefit.
The CHAIRMAN-I am very pleased to hear you say so. The directors are largely interested in the Company, and they themselves suffer more than anybody else in taking a small dividend, but perhaps you don't realise that that i- a 50 per cent dividend. We are obliged to set aside $25,000 as a special reserve fund to meet any emergency that may arise at a moment's notice. Our cattle may be wiped out at any moment. I may have to tell you to-morrow that the whole farm is shut up. It is only by being careful and looking at the dollars as they come to us that we are able to present you with a report at all. I have been in an official capacity with the Company for many years and I have seen many ups and downs. If it bud not been for two members of the staff who are present in this room you would have had no dairy farm at all. I don't mention doy names, but they are present at this table. It is only by being careful that wo are able to answer jou at all. Anything you don't understand we shall be pleased to explain to the best of our ability.
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Mr. UNDERWoop-That was my object in asking these questions.
The CHAIRMAN-I propose the adoption of the report.
Mr. BINGHAM seconded and the proposition was carried unanimously.
Ou the motion of Mr. UNDERWOOD, seconded by Mr. RUTTER, Messrs. Maitland and Hind were re-electe l directors, and on the proposition of Mr. FORBES, seconded by Mr. STEVENSON, Mr. W. H. Potts was re-appointed auditor.
The CHAIRMAN-We are obliged to you for your attendance, Dividend warrants will be ready for you to-morrow,
Mr. FORRES proposed a vote of thanks to the Chairman of Directors and Staff.
The CHAIRMAN→We have in the past devoted a great deal of our time, for which we don't get a great deal of remuneration, and we don't ask it, to the interests of the Company. We hope in the future to devote as much time as in the past to those interests, and in doing so we shall be safeguarding the interests of the shareholders (applause). We shall continue to work to the best of our abilities
The meeting then terminated.
HONGKONG STEAM WATER- BOAT COMPANY.
The fifth annual general meeting of the shareholders in the Steam Water-Boat Com. pany was held at the Company's office yester. day. Mr. G. C. Moxon presided and the others present wore:-Messrs. E. O. Murphy, Duncan Clark. Captain Clark, F. R. Fox, J. M.' Cubbin, hiu Chung How, Kwan Chu Ngau, J. W. Kow (manager), Chan Sui Ki and Francisco
Tsze Yat.
The SECRETARY having read the notice
Mr. UNDERWOOD-Granted. The CHAIRMAN In addition to that we have ! calling the meeting, not asked you for one panny of capital.
you
Mr. UNDERWOOD-That is because have had a very good year, and we should get a larger dividend now.
The CHAIRMAN-I am sorry you look at it in that way.
If you were one of the old share. holders you would congratulate yourself on the fue than you have a much larger dividend, from the percentage point of view, than you
have ever hal before.
Mr. UNDERWOOD-Granted. It is only fair you should pay a decent dividend.
The CHAIRMAN-It is for you to propose a resolution if you are dissatisfied with the dividend and for the meeting to carry it. That is what we are here for to-day;
Mr. UNDERWOOD-Yes.
The CHAIRMAN-The directors have con. sidered the matter very carefully and I think,
The CHAIRMAN said,Gentlemen, the report and accounts for the year ended August 31, having been in your hands for some days I will, with your permission, adopt the usual custom and take them as read. The past year has not been a particularly good one as regards weight of shipping in the harbour and our business hus consequently suffered to a certain extent. The hostilities between Russia and Japan, now happily at an end, have caused the absence of the Japanese flag from these waters for some time, but it is to be hoped, that
a
general improvement in trade, and consequently in shipping, will be apparent next year. A change in the method of our supply of water from the Govern- ment, whilst ensuring us exoelleut quality, has considerably enhanced the cost to us, and as any increase in our rates is much resented by our
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