The nineteenth annual general mooting of the shareholders in the above Company was hold at the Company's office, No. 22, Kiangse Road, at 4 pin. on Monday, 19th December, 1904. There were present: Messrs. W. D. Little (Chairman), F, Anderson, A. 8. P. White Cooper, and J, H. McMichael, Directors Leonard Kerr, Secretary; J. M. Young, 'AE. Jones, R. H. Goro-Booth, and T. Veitch, representing in all 1,345 shares.
'The Secretary hi ing read the notice convening the me Bs 'The Chairman—The report, which has been in ti holders' hands for about a fortnight, deals very fully and in detail with the operations of the Company during the past season. I propose that the report should be taken as read. The results of the year's working have been disappointing, owing mainly to the shortness in the supply of labour. It is some satisfaction to know that, in this important matter of estate equipment, the manager's dificultios have boon overcome. The labour supply is now ample. One effect of insufficient labour during last season is that the new crop is smaller in area than that just completed; it is hoped, however, that the shortage 1m area will be balanced by a higher rate of production per arleng. A favourable feature in the report, to which I draw attention, is the Fo. 1 auger boars to the whole output. rear increase in the proportion which
It may be remembered that only a few years ago the proportion of No. 1 sugar barely exceeded 75 per cent; this year it is practically 95 per cent, and it is hoped that during this present season the proportion will be still further increased, with some prospect of the No. 2 grade being entirely eliminated, The Directors have received a long and interesting report from Sir Charles Dudgeon, who made a very thorough inspection of all departments, and you will be glad to know that he was very well satisfied with all he saw. Referring to the rubber plantation, Sir Charles reports that this now an imposing grove of trees, between 30 to 40 feet high, covering an aren of about 160 "ores. The trees, he says, are looking excellent and the manager hopes to start tapping a few next April; in the following year there should be about 5000 ready for tapping, and in 1907, 15 to 16 thousand. This venture, which may have an important bearing on the future of the Company, is at present in the experiment. stage so far as the Malay Straits are concerned; it has however cost very little. At Klom-pong the area under cine for the new crop is still a long way short of the capacity of the plant; progress in this respect having been retarded by the labour question. I hope that this season considerably larger area may be brought under cane, and with the improved condition of the market for basket sugar, this astute should contribute, as it hi not hitherto done, to the Company' profits. Passing on to the accounts, the Company's assets are practically the same as they were this time Inst year. Mention has been made before, and it may be well to remind you, that owing to careful writing down in the past of t book value of the Gula machinery, thi now stands amongst the Company's assets at little more than one-fourth of its actual value, The Klompong plant comparatively new, having just completed its third year of working, and is reported to be in good condi Working expenditure shows some increase as compared with last y It is ox nected that during the "present scase' economies may be effected, under the heading of repairs and renewals, which include this year the cost of a new boiler to replace one thrown out, and in manufacturing expenses. Regarding the vision of the belanee in Profit xnd Loss account, the Directors regret that they are unable to recommend a larger dividend than 5 per cent.
In conclusion, the Chairman said that before putting the formal resolution to the meeting, that the report and accounts as presented be passed. He was willing to xnawer any questions that any shareholder might wish to ask.
Mr. A. E. Jones asked if any idea could be given of the "mount of rubber that the trees would produce.
The Chairman replied that each tree should produce about half-a-pound of rubber at the first tapping when they "re six years old and from two to three pounds in the fifth or sixth year of tapping.
Mr. Jones asked for some information to the price of rubber.
The Chairman said that robber was at present quoted at about five shillings per pound. The Company had used for this experiment what was simply waste ground snd their only expense was labour and the cost of seed; therefore, if the venture turned out a failure, there would be little loss incurred.
Text read from the printed page and cleaned; old type leaves the occasional error.