At the Fifth Annual Meeting of the Kota Bahroe Rubber Estates, xo- Ld, (Messrs, A. R. Burkill & Sons, secretaries and general managers) Mr. C. R, Burkill presided, supported by Messrs. N. G, Maitland and T. E. Trueman, directors. There were 70,445 shares represented.
The Chairman said:—The report and accounts having been in your hands for some time I will, with your permission, follow the usual course and take them as read.
Before dealing with the accounts and estate matters, I would briefly refer to the sale of Sikamat Estate which, as you were advised by circular some time ago, was sold for the sum of $120,000. " Owing to the mallness of this property and to the fact that it was situated some considerable distance from the main group of the company's estates, it]
een the desire of the directors as well as of the shareholders to dispose of the property and to use! the proceeds to develop the Kota Bahroe reserve land. Several efforts were made to dispose of the property but owing to the slump in the industry no offers were received and it-was not until prices began to improve that your directors received an offer of $120,000 which was accepted, and when it is considered that there is very little demand for sma properties, I think you will agree that the price very reasonable one.
'A Credit Balance For the frst time since 1921 when all tapping was suspended on our estates, which resulted in a heavy] revenue loss, I am glad to report that the accounts for the year under review show a credit st profit and loss account. The company started the year with a debit balance of Tls. 24,821.74 and with the better prices prevailing during the year, we were enabled to wipe out the deficit snd finish the year with a" credit Tls. 14,641.28. Considering that the export allowances for the! year averaged only §9.9 per cent. of standard production which' resulted in 'a Jower output ° being obtained, I think you will agree that the year's working may be regarded The finaaclal: position, as you: wil! sce from the, accounts, shows " very healthy, state of aff Our liquid assets, atthe end of. the year! emqunted to Tls. 124,688.78 and_to
Text read from the printed page and cleaned; old type leaves the occasional error.