Tribute at Annual Meeting to the Late Mr. Grayrigge The 12th annual general meeting of the Batu Anam—(Sohore) Rubber Estates, Ld, tok place on Wednesday at the "offices of the general managers, Messrs, Wattie & Ca., Ld., 10 Canton Road, Mr. A. J. Welch presiding, support:
by Mr. M. Swann (director) and Mr. C. J. L. Stewart. (seeretary). The total number of shares, represented was 100,715.
The secretary having read the {notice convening the meeting, the chairman Gentlemen,—Before proceeding with the formal business of the fut aside for special repaies for a) meeting, I think it is fitting that thorough overhaul of the company's should sive expression to the properties on North Chekiang, North deep regret felt by the board at Szechuen and Burkill Roads. The rethe loss of their chairman, Mr. G. pairs were heavier than anticipated, Grayrizge, who died on February necessitating an expenditure of Tis.
17,089.50 and the amount over spent, fr. Grayrigege had been chairman vist Ths. 2,939.50, as you will see of this company since its inception from the accounts, has been debited in 1913 and the benefit of his ex-to profit and loss account. The perience and advice will be sorely money, T might say, has been well missed by the remaining members spent for, not only are the proof the board. I feel sure that you Iperties in sound state of repair will wish to associate yourselves but higher rentals are now being the board in conveying their. obtained as a result of the extra reineerest_xympathy to Mrs. Gray-airs effected: Yigge and her family.
To revert now to the business of The Accounts the meeting, the report and. ac-As regards the accounts, these I counts have been in your hands think call for little comment. They. for some days and, with your per-Jare presented in a slightly different mission, I propose to. follow the manner than hitherto, more on the usual course and take them as Hines of those adopted. by other read.
Shanghai companies and I trust you will approve of the change. Property account shows an increase of Tls. 172,880.97, while mor remain the same at Ts. 315,000. (Our loan account, which represents money borrowed at favourable rates and repayable at call, stands in our Looks at Tls. 121,000, being a re-Jduetion at Tls. 52,500 on the previous year's account-
The company's debenture issue new stands at Tls. 740,500 representing Tls. 300,000 of the 1911 issue and Tls. 440,500 of the Tls. 800,000 1924 issue, "leaving us with an unissued balance: of Tls. 359,500 which will be sold when further funds are required.
The profit onthe working account shows a considerable increase over 4923-1924 with the result that the final dividend has ben raised to 5 per cent., making 8 per cent. for the year. The result of the year's working may appear to justify the payment of a larger dividend, but -|the Direczors consider it wiser to adopt a more conservative policy in this respect in the hopes of placing the company's future dividend on a 9 per cent. basis, and, if the present. sutisfaetory prospec's are maintajnct, the Directors have every hope of Reasons for No Di lend You, mo doubt, felt a certain degree of disappointment when you heard that your directors did not feel justified in recommending the payment of a dividend for the year under review, but I feel sure that those of you who have studied the accounts will agree that we were right in making this decision, although at first glance it would appear that, with undivided profits amounting to Tls. 34,848.77, dividend of five candareens "per share might well have been declared. If you look more carefully, however, you will see that these undivided profits are: made up of two portions, one the: profit earned for 1924, Tls. 12,071.78, jand the other the amount brought erward from last year, Tls. 22,779. 89. The company having no working capital, the capital expenditure during 1924, amounting to Tis, 10,172.57, had to be met out of profits, "practically absorbing the profit' for the year, that financially the "company:
148 the result of the year's working, eas wary ite "better 4 and we sare 1995. with a surpla of liquid assets' ove? Hdbilities "of
Text read from the printed page and cleaned; old type leaves the occasional error.