The annual meeting of the Cheng Rubber Estates, Ld., took place! last Friday morning at the offices of the Secretaries, Messrs, J. A. Wattie & Ca., Ld., 10 Canton Road. Mr, A. K, "Craddock (chairman) presided and he was supported by Messrs. A, J. Welch and C.J. L. Stewart (directors). Mr. 'W. S. Royston represented the Secretaries and there was an attendance of 43,768. shares.
The chairman, in the course of] his speech, sai Gentlemen—The report and accounts having been in your hands for the prescribed period, I propose, your permission, to follow the usital procedure and to take them as read, 'The report gives you full details of the working for the year under; the more important headings' expenditure which leaves very little for me to say, The profit for the year of Tls. 198,044.18 ig slightly over three times as large as the profit earned last year, The chief factors that contributed to this improvement were an increase of 48,400 Ib, in the output, of rubber due to relaxation in the degree of restriction enforced, and an increase in the net price realized which was just over 114d. per Ib. higher than it was for the previous year. Against this, the F. 0. east of production this year was, for causes explained in the report, 42 of a penny per 1b. higher. The tunseld stock of rubber which was valued at 1/4,845 per Ib, in the accounts, has since been sold at an average price of slightly over 4/1d. per Ib.
Capital expenditure during the year was negligible, a total of some Ts, 766.49 having been spent upon building and live stock, Trees Healthier Since the close of the financial year Field No, 1, 19° acres in has been sold for $700 per acre. situated about 33 miles from the factory and, on account of ity small area, isolated position and the inferior growth of the trees situated thereon, was of little commercial value to the company. In fact, its only value to us was that it carried an export allowance of 5,909 th. however, was which, property, but if) to our standard production in November, as we hope to do, the allowance applicable. to! this small area will be of no further value to us.
The visiting agent, in his last report states that there is an obvious improvement in the health and appearance of the trees, which is probably Inrgely attributable to the silt pitting that has been dont and that, speaking generally, estate is in first class condition. 'The digging of silt pits and the' establishing of cover plants, where they will grow, will be continued daring the current year, According to the Intest advices eeaived, there es ample labour for the needs of the estate, coolies having been coming over from India freely, during the last few months, If you pass. the recommendations for dealing with the undivided proish assets over liabilities of Tls. 29,506.41, to which must be added. the $19,500 since roceivat for Field No. 1, thus making the total surplus of cash assets approximately Tis, 40,000, which is quite 4 satisfactory position for a com-Pany of this size to be in.
Text read from the printed page and cleaned; old type leaves the occasional error.