The 12th annual general meeting of the Shanghai-Malay Estates, Ld., was held on Monday at the otices of the secretaries, No. Peking Road, Mr. G. Grayrigge presiding, supported by Mr. E. 8. Kadoorie and Mr. R. N. Truman (directors) and Mr. R. N. Swann (secretary). The attendance represented 19,658 shares. The Chairman said in part:—Despite these difficult times, it is with some pleasure that I study the company's accounts for 1921 and present to you what this board considers, in the circumstances, a satisfactory review of the year's working. For whereas our cost of production in 1920 for the two estates was approximately 12.90d., the average for the year reviewed is only 6.70d. Gentlemen, I am convinced this result has not been easily achieved and that we owe a vote of appreciation to the estate managers, Straits agents, and our secretaries. It is also pleasing to tell you that the estates, generally speaking, are in good order.
the planted area of the estates was reduced by 14 acres of inferior rubber abandoned in February 1921 on the visiting agents' recommendation, otherwise there was no change, and the company now has 1,309 acres planted, of which 988 are producing. We still have approximately 147 acres of plantable land but no further extensions are contemplated, Centrosema was planted in the immature areas of both divisions and is acting as a soil conserver apart from its other beneficial properties, Labour was ample but prospects are not so geod for the ensuing year. The health of Europeans and natives was reported satisfactory, and no serious epidemic of tree pests or tree disease was met with.
Text read from the printed page and cleaned; old type leaves the occasional error.