The 13th annual general meeting per of shareholders in the Chempedak Rubber & Gambier Estate, Ld., wag held on Monday at the offices of the secretaries and general managers, Messrs. J. A. Wattie Ca., Ld., 10 Canton Road. Mr, A. J, Welch presided, and was supported by Messrs. R. N. Truman and W. B. O. Middleton (directors), and Mr. C. J. L. Stewart (secretary). The number of shares represented was 2,635.
In the course of his speech, the Chairman said The year's working, as you will see from the profit and loss account, has resulted in a loss of Ts. 13,462.70, of which Tls. 3,735.02 represents interest on advances and Tis, 4,779.91 loss on exchange. This latter item arises from the fact that, although the sum due to the agents in London is practically the same this year as it was last, the sterling hes been converted into taels ati exchange 3/3} as compared with 4/0 exchange last year. This result, covering as it does the worst 12 months of the recent slump in rubber, is not entirely unsatisfactory.
The financial position of the com. pany on October 31, 1922, was thay, the cash liabilities exceeded the liquid assets by Tls. 51,314.48 as compared with a deficit of Tls. 37,635.84 at the end of last year. Since the end of the financial year this deficit has been reduced by the profit on the crops from November onwards, which is being utilized to liquidate the company's indebtedness to the London agents. By this I mean that certain free shipments of rubber have been made to London, the proceeds of which will be retained by the agents, in reduction of their loan and also, as money becomes available in the Straits, funds are being remitted to London, This obsiates any loss in exchange that might arise from first converting gold into silver currency.
As you will have seen from the circular posted to you a few days ago, your directors are inviting you to take wp a pro rata allotment el new shares at the price of Tls. 6.50 per share. If these shares are-all taken up sufficient money should be available to liquidate all the company's indebtedness and to provide working capital for the future. With the addition of this new capital the company will be capitalized at Tls. 342 per planted acre, which is quite a reasonable figure and one which, as soon as the debit of profit and loss account is wiped cut, should allow of good dividends being paid. When this will be it is difficult to say with any certainty. but a profit of 32 Straits cents for pound on the restricted output of 146,000 Ib.,° calculated at ex-
Text read from the printed page and cleaned; old type leaves the occasional error.