The 10th annual meeting of the Batu' Anam (Johore) Rubber Estates, Ld., was held at the offices of Messrs. R. N. Truman & Ca., general managers, 10 Canton Road, Jast Friday. Mr. G. Grayrigge presided and was supported by Messrs, R. N. Truman and L. E. Canning (directors). There were 94,526 shares represented.
After the notice convening the meeting and the auditors' report hat been read, the Chairman Said Gentlemen,—Reading through my last' year's speech I cannot help contrasting the change for the better that hag come over the rubber industry with what might have happened hai enforced restriction not been introduced. The effect of restriction has of course been to lower the crop we should otherwise have harvested, but what we lose in-crop we more than make up in the higher selling price. In 1921 and most of 19221 was busy guessing how long our liquid assets would suffice to keep the company out of debt; now instead of debt I sed dividends ahead of us. So much for the beneficial effects of restriction, which, whilst saving our bacon, in no way bears harshly on either manufacturer or consumer.
The advent of better times, however, must not cause ug to forget the virtuous resolves wa made when the rainy days were on us, that if ever we came to prosperity again we would take the lesson of adversity to heart and put something aside whenever possible against the next day. Gentlemen, this' must be our first care and I hope the building up of an adequate reserve will go hand in hand with the payment of divid-ondy for which we have waited so long and patiently.
Text read from the printed page and cleaned; old type leaves the occasional error.