The sev teenth annual general meeting of the shareholders in the Sua Manggis Rubber Ca, Lia, was held on Wednesday at the head office of the Company, nghai, Mr. L, E. Cant sided and there were also present Messrs, A. K. Craddock and G. Wright (Directors) and D. M. Butt. (for the Secretaries) and other shareholders, the attendance Presenting 41,550 shares, The notice convening the meeting. and the auditors' report having been read: the Chairman sai The Report and Accounts have been in your hands for the past week and with your permis+ sion I will take them as read,
it was observed that they showed the most satisfactory results since the formation of the Company. Those now before you show even better results brought about by three factors—a slightly larger output, fan increased average price received for all grades, of 95.2 cents per Ib. as against $0.4 cents the previous year, and thirdly a higher average Tate of exchange between the Straits and Shanghai, Prospects for 1927
Unfortunately the prospects of the industry 'a whole compare unfavourably with those of a year ago. As far as this Company feoncerned two only of the three factors which contributed to the better results of 1926, are likely to be more favourable during "1927; they are an increased output and a higher average exchange for remittanees to Shanghai, With regard to the third factor, that of price, We cannot hope to obtain as high an average as last year but the introduction of restriction on the should market and whilst we cannot oxpect prices higher than those ruling to-day we need not anticipate lower ones, As far as the first factor (that of output) is concerned—for the current year sufficient production is aimed at to cover export allowance and this will in any ease exceed the Production of 1926, The latter was disappointing, though larger than for 1925, mainly owing to shortage during the earlier months jot the year and to excessive rain during the latter months, A higher figure was not aimed at as the rest programme was still in force, the 1917 block of rubber which, was brought into tapping for the first time during the year was not fully tapped.
Turning to the accounts it will be that although the Working Profit for the year and also the nett profit in Profit & Loss Account show fan increase on the fixures for 1925, yet the actual profit available for iatribution is only Tls, 69,297.40 ay against Tls. 76,080.40 This is owing. to the balance brought forward from 1925 being Tis, 9,983.84 loss than the balance brought forward from 1924. Out of the Tis, 69,33740 a 7 por cent, Dividend absorbing Tis, 18,900 has already been paid, leav= ing Tis, 50,137.46 for allocation at this meeting.
'Your Directors' recommendations fas ty this are embodied in resolte tions which T shall shortly propose which provide for the payment final dividend of 14 per cent, making, 21 per cent, for the year, a trans-for of Tls. 8,000 to General Reserve and a entry forward of Tis, 4,037.40 to the 1927 account, Our thanks are duo to the 4 and the Straits sr8, Harrisons Barker Lal, for the efficient manner in which they have carried out their The Resolutions were no questions and the following resolutions were put to jecting and carried unani-
That the Report and Accounts for the year ended Decombey 31, 1926 as presented be, ard are hereby, ace cepted and passed, Proposed by 1, E, Canning; seconded by A, K, Craddock, 'That a final d dend at the rate lof 14 per (14 candareens per' share) making 21 per cent, for the year on the paid up capital of the is hereby, declared 1 ended December 31, 1926 payable on March 28, 1927, shareholders on the register at that date, Proposed by L, E, Cannings seconded by A. K, Craddock, That the sum of Tis, 8,000 be placed to general reserve, and Tls. 4,637.46 carried forward, ' Proposed by L, E. Canning; seconded by Hi, Wright, That Mr. L, E, Canning be, and is hereby, re-locied a Director of the company. Proposed by F. G. Harrison; seconded by G. H, Wright.
'That Messrs. Mortimer Reid Slee be, and Are hereby, ro-elected auditors to the company for the euro rent financial year at a remuncration of Tls. 150, Proposed by Harrison; seconded by G. H. Wright, That the directors be authorized' to donate the sum of Tis, 100 (Taels One Hundred) towards the supply of comforts to the foreign troops now in Shanghai. Proposed by L. Craddock, Canning; - seconded by A.
Text read from the printed page and cleaned; old type leaves the occasional error.