The fifth annual general meeting of the Shanghai Klebang Rubber Estate, Ld., was held last Friday afternoon at the head office of the Company, No 71 Szechuen Road, Mr. F. J' Burret presiding.
The Chairman said, in part:—Owing to the departure from Shanghai of our Chairman, Mr. Measor, is retiring "from the Fi Iam acting ju his stead and I take this opportunity of expressing the Board's high appreciation of the services rendered by him during his membership of the Board.
With regard to the accounts 1 will first draw your attention to the item Straits $1,665.70 equal to Tls. 691.26 for stamp fees which has been paid for transferring into the name of the Company the title deeds which were in the name of Mr. Stewart the liquidator of the old Compuny. amount of Tls. 691.26 shown at the debit of Profit & Loss Account and which has been written off, covers the cost of transferring the land and all expenses connected therewith.
The result of the past financial year's working has resulted in a nett profit of Tls. 13,922.35 which is an increase of about Tls. 4,000 over that of the previous year. The amount at credit of Profit Loss Account amounts to Tis.
31,087.70, The sum of Tls, 7,645. which it is proposed to carry for. ward to next year's account is fully covered by liquid assets.
The conversion of Straits dollars into taels was more unfavourable than that of the previous year, the rates for the year under review being 41} and 30 as compared with 49 and 443 for 1918.
Turning to the Directors' report which I think you will agree, is very fully detailed, you will find that the total f.0.b. cost compares favourably with that of previous years, but unfortunately exchange was against us, whilst war tax and head office charges also show a substantial increase which has brought the total all-in-cost up to 16.05d. This increase is, as you are aware, entirely beyond our control, exchange being the main factor.
It is proposed to cultivate the producing area this year by means of strip changkolling and digging of silt pits. This in the opinion of the visiting agent, will result in a considerable improvement in growth and yields.
As regards labour there appears to be a general shortage of Tamil coolies in the district and it is difficult to get together a permanent labour force, steps are therefore being taken to recruit labour from India.
Transfer of Secretaryship.—In accordance with China (Companies) Amendment Order in Council 1919, and as notified through the local press, the secretaryship of the Com. pany was transferred on March 1 to Messrs. J. A. Wattie & Ca., The formal resolutions were carried, including the following That the Directors be authorized to pay a dividend of 5 per cent. equal to five candereen# per share on the issued Capital of the Company to shareholders on record on April 23, 1920.
Text read from the printed page and cleaned; old type leaves the occasional error.