The third annual! general meeting of shareholders in. the Peng-kalon Clu Estate (1921), Ld., eld Taat Friday at the faces of Messrs, J.P. Bisset & Ca, Scoretaries and general mane' gers, Mey GIN. W Hummel, Chairman of Directors, presiding, supported "by Mr. B.C. Gill, 'The total number of shares ro-rented was. S01, "and" Aharaolders were present personally. Mr. H. V, Hummel, aca, represented the' secretaries "and general managore, "and after read the notice convening the meeting and the auditors' report, the Obnirman said:
Before paming to matters aris. ing out oF the directors' report and "accounts, 1 "propose with your permission to' review very briotiy"the general "position our industry. To seems to me, in-
of the first year of restriction, Uerating to" do thi at the close creasing their production. Last year the total export from the Dutch Indies was some 109,000] tons, This year it is to be oxpectthat it will be not less than 190,000, This circumstance is the' more disappointing. when one remembers that practically all British controlled companies in Sumatra, aa well as in Java, are ig just os in Malaya, means that at the present time they are only producing 60 per cent, of what they ware in 191941020. "Yoi Dutch' planters are converts, to the efficiency of ition. They see our point lof view, and agree that it ix not fair that they should profit from our self-denial, themsoivos mak ing no sacrifice. 'They protest, however, that they would be. faced with insurmountabllp dificulties in an attempt to enforce restriction' on the ive produc-and the numerous small islands adjacent' thereto. Tt. is, by. the way, only to much native holdings that' they attribute the actual increase in production. The inst il brings information that the Jquestion was to be re-opened at a Conference to be held at an carly year that. will ive lon in thod and for. the good of the en. memories of all interested in rubtive' industry it is earnest tier, Witnessing as it has done the hoped that, the Dutch will de-vent tha most. companies, after ide the join Malaya. and Cayton.
disconcestingly tong interval Tt is, tow expected. that. ship-italo ance more earned dividends ments from producing. countries for their shareholders, which I for the year will total. 290,000 ton.
ofa regular yearly series.
believe will be the first This figure is higher than originally estimated, due to the extra wus in the autumn of last year that the British Colonial Office indium persuaded that, it. could Tonge remain indifferent.
rubber of Malaya and Gegton, per crat. of the world's total production of' the Dutch Indies and 2,000 tons from Malaya and Ceylon, by which Intter amount oral" shipments exceeded authorized restriction quotas in the first five monilts of the year. portant than all these is, it seems to. me, that America—which using 70 per cent, of the world' Present Output, and of that 0
annum, for the tyres of her Por aint, or 906,000 Joos 12,500,000 motor propelled vehicles—has any 6 per cent. of the population of the world and oe cubies only 6 per coat, of its toto area, Of such vehicles the rest of the world has only. 3,000,000. 'There are many reasons for this discrepancy, and none of tis will ive to see the world with the same number. of cars per square milo of territory or por thousand inhabitants ae America fas 10- day. Given, however, the same' opportunities to acquire, and jcasurably or profitably to use em, as Ammerion has enjoyed daring the past nine years, it seams reasonable to expect a' tendency towards levelling that will require cars and trucks with tons Of millions of wheels and there. fore tyres.
So much for the immediate at, present and future of the industry. I will turn now to the affairs of our company in par-
The following changes in the! directorate during the year have taken place. Mr. L, E. Cam ug Yesigned from the board on. the Paunry T and Me EC. Gill took his place, and 1 will ak to confirm his appointment Bee tow minutes, "ie, BW. Noel, l regret to say, on Novem: ber 14 ao resigned oe leaving for home after a period of severe Iinces'T'amm sure you will Join {he boord in hoping that ho may '8000 1 caplote "return of food health Te is. recommended thatthe board "of directors shall in the meantitoe comprise not more than two. directory, in order. that Bhanghai expenses may. be te: luced: somewhat, and. resolutions and Mr. J. A. Owen, late-assiét-ant sr of the Chemor United Rubber Ca., Ld., has been in joe that time, "Since it is now apparent thab it will. not. be possible to sell export permits for a further period, mance in tha boned be doolied to, come ing preparations ingly.
You. will notice from the direotors' report that the whole of, the estate, exclusive of building sites, swamps and waste lands, nov bears mature rubber, the last 94 acres under cultivation having deen brought into the tapping round during the year prior, closing down the estate. Tapping will open, however, on, 980 acres only, has been decided to give the remaining area a further Fest in the coming year. A production of 8,500 Ib per month will be aimed at in the meantime. It]
estimated that this oan achieved from the 350 acres only.
conservative and. uniform aystem of tapping hag been decided upon, which, together with the ohoy of continuing to rest. large aros, is hoped will build up the future productivity of the estate. curtailed an stop Bince volling protection vox after restriction came into operation, statistics of production costs which can fairly be compared with those of wie previous year are not available, thou that every effort was made during the period of production to Jower conta and there are satis factory. indications. in return from the local agents that econo: my wae achieved in various directions.
T think you will fod enough detail hay been given in the wor ing and profit and Ions accounts, and in the directors) report, 10 explain the profit of Tis 4,008.14 fon Working account, and the pro-for EC. Gill, by the Chairman, Mfr. fmmel, seconded By Hr, "Phot Messrs. Lowe, Bingham Matthews, Chartered." Accountants, be and hereby rolected. audi tors company for the yerrs at's remuneration for thei services of Tls. 300.":
Proposed By the Chairman, Me.
Me"Wutthmels seconded by REE 'V. Hammel, The hi ess, of the meeting then terminated.
Text read from the printed page and cleaned; old type leaves the occasional error.