The ninth annual general meeting of the Batu' Anam (Johore) Rubber Estates, Ld., was held yesterday at the offices of the general managers, 103 Szechuen Road. Mr G. Grayrigge presided, supported by Mr R. XN. Truman (director), Mr. S. E, Levy and Mr. H. F. Chang. The attendance represented §6,591 shares.
The Chairman said in part:—Doubtless you are all well aware of the depression the rubber industry has been passing through the last two years. If the Company's financial position permitted, I would advocate a cessation of tapping, for it is of little benefit producing only to sell at a loss, but we ara forced to continue harvesting in order to help defray our overhead charges. Nevertheless, we are keeping down production to the lowest point consistent with this and by the exercise of the most rigid economy the estate working last year emerges with the loss of only Tls. 2 255.86. This Board intends when finances permit to lay aside a rear sonable sum per annum towards building up a reserve fund for this express purpose. Fortunately the past policy of the Company haa been to carry a goodly sum torwara each year and it is due to this policy that we howe so far been able to weather the present storm fairly comfortably. An analysis of the accounts submitted will show you that the Company, after providing for all monies owing, has liquid assets to the extent of nearly Tls. 23,000, not too big an amount but enough, I hope, to see us through to better times. I am sorry that I cannot report the estate to be in an absolutely first class condition, not that there 1s any need for anxiety on this score, but I gather from the visiting agents' last report that a lot of minor things that might have been done have been left undone, that bark consumption has been slightly over normal and that some damage has been done to the immature area by deer. These little relapses are probably now all rectified. The introduction of - alternate day tapping together with restriction render comparisons of costs a8 hitherto published of no further value, but I think adequate in. formation on all points is given in the report. The cost of production is materially reduced, i.e,, 8.91d. against 14.94d. in 1920. This year I expect to see a further substantial reduction. Turning to the balance sheet, except for the sum of Tls. 6,410.97 spent on the immature area, capital expenditure was altogether avoided. Our assets such as buildings, factory,
Text read from the printed page and cleaned; old type leaves the occasional error.