Meeting of Debenture" Holders A meeting of debenture naiders of the Tebong Rubber & Tapioca Estate, Ld., was held on June 24 at the offices of Messrs. J. A. Wattie Ca., secretaries and general managers, Mr. A. J, Welch presiding, At the last meeting held on May 27 I went into the financial position of the company pretty fully and as minutes of that meeting have since appeared in the press 1 will not weary you by going all over the ground again.
I told you then, in reply to certain questions, that every possible economy was being exercised on the estate and that the production cost was showing a steady reduction from month to month. The accounts for April, which are the latest to hand, show a cost of.a trifle over 35 cents per th. and except for the minimum sum necessary for the upkeep of the immature areas, capital expenditure is at_a standstill.
It is a matter for regret that in the interim the price of rubber has shown a further depreciation of somewhat over 10 per cent, which makes the necessity of getting on with the reconstruction scheme and thus putting the company once more on a sound footing all the more urgent.
I will, therefore, not take up your time with a long discourse but will proceed to read the resolutions to you, both of which are proposed by myself and seconded by Mr. J. R. Moodie.
1, That the draft deed of mortgage and trust submitted to this meeting and expressed to be made between the Tebong Rubber Estate, Ld., of the one part and Harry Martin Little and Roderick George MacDonald of the other part be and the same is hereby spproved and that the said Harry Martin Little and Roderick George MacDonald be and they are hereby authorized to execute a deed of mortgage and trust in the terms of the said draft.
2. That the draft agreement submitted to this meeting and expressed to he made between this company and_ its liquidator of the first part, the Tebong Rubber Estate, Ld., of the second part and Harry Martin Little and Roderick George MacDonald as Trustees for the debenture holders of this company of the third part-be and the same is hereby approved and that the said trustees be and they are hereby authorized ta enter into an agreement with this company and its liqut@ator and the said Tebong Rubber Estate, Ld. (when incorporated), in the terms of the said draft and to carry the same into effect with such (if any) modifications as the said trustees think expedient.
Text read from the printed page and cleaned; old type leaves the occasional error.