The annual meeting of the Ziangbe Rubber Ao. Ld., was libeld on Monday in the offices of Mesire. J.-A. Wattie & Ca., Ld, secretaries and general managers, Mr. A. J, Welch presided, sup-patied by Messrs. E'S. Kedoorie, G. Grayrigge and ©. J. L. Ste. wart and: the attendance repre. sented 42,800 shares. After Ar. Stewart had read the notice 0 vening the meeting, and the audi tors? report, the Chairman sui Gentlemen, 'The report and ae count have' been in your hands for the prescribed period and, with your. permission, I propose to follow the usual course and take them as read.
"The accounts before you demonstrate most clearly the benefit that the rubber industry as. a whole has derived from the en: forcement of restriction of out put in Britislt Colonies, the profit earned being larger than in any year since 1019, 'The severe slump that preceded restriction was. also not without its useful lessons, Since it has enabled the cost production, on many estates, to be Feduced to' a. figure thas. "would! have been, en sidered impossible of accomplishment a few years ago. As an illustration meaning, T'may say that the 1923 harvest of this company. was 385,485, 1b. or 40 per cent. less than the 1919 output, but in spite of the much smaller quantity over which the overhead expenses could]
divided, the average cost production' was only" 6.544. as compared with 8d. per pound four years ago. The unsold stock Tabber at the end of the year has again been valued at the cost. of production and on_realization Should produce a surplus of ap. proximately Gldrs.. 40,000. Last year the stock when sold realized Indies, a4' a necogsary preliminary to which, however, it was oseential "That the directors'.report and to ascertain approximately. what statement, of.ncgounts a6 pro: the area of native rubber in. the sented be adopted and passed" Dutch Indies was. Tt may in-Proposed by Mr. A.J. Welch and terest. you to know that the output seconded by Mr. E. 8, Kadogrie. of rubber from the Dutch Indies "That a dividend of 25 candaduring "1923 was approximately' veens per share be paid" Pro-36,000 tons greater. than in 1982) posed by Mir. A. J. Welch and and of this increase seconded by Mr.-B. 8, Kadoorie.. tous.
"That the appointment of Mr, Soya was responsible for only 2,400 [Sumatra reeponaible for 25,200 E. 8. Kadoorte as a direetoy. of: the company' be. confirmed"—Pro: Borneo and outer posed by Mr. A. KK, Oraddook reeponeitie for 19.00 and scvgnded by Mr, 'O. J.
The above figures include native grown rubber which amounted "hat Mx, G, Grayriggs be to 59,000 tons as compared with elected a, director of the com 25,000 tons in 1992, or in other pany""—Proposed by Mr. 0. J. I words 28,000 tons of the increase Stewart and -seonded by was due to native rubber, From K, Craddock, these figures it is obvious that, the 'Phot Moses. Lowe, Bingham Dutch planter is not the chief Matthews. be 19-<lected auditors sinner and that very little can be to the company"—Proposed be' hoped for unless the Dutch Atv. G. Grayrigge and seconded Government. will by Mr. A. K, Graddock, control the output from Nati holdings and from the very large American plantations in Sumatra.
The final decision on restriction
Text read from the printed page and cleaned; old type leaves the occasional error.