The annual general meeting of the shareholders in the Tebong Rubber & Tapioca Estates, Ld., was held on the 3rd instant at the offices of the general secretaries and managers, Messrs. J. Wattie & Ca., Ld, when Mr. R.
With reference fo the accounts, the Chairman said—I will deal with the working account first. This has been debited with 90 per cent, of the general "expenditure and with the whole of the Shanghai office expenses, The unsold stock of rubber was valued for the purpose of the accounts at 1/9 per pound but, since-the accounts were made up, we have received advice of the sale of a further 169,320 Ib. which have realised 2/34 per pound net, 30 that, in spite of the recent decline in the price of rubber, the proceeds of the stock, when it has all been sold should' more than cover the valuation.
The balance transferred to profit and loss account is Tls. 147,009.0i as against Tls. 76,033.28 last year. To illustrate how the accounts have been adversely affected by the higo rate of exchange ruling, "I may state that the equivalents of these two sums in Straits currency ave $400,107 and $155,170 respectively.
Profit and loss account has been debited with the debenture interest, the usual fees and with the Straits Settlements war tax. Owing to the small profit made last year, this latter item, being calculated on percentage basis, is much smaller than that paid during the previous y"The entries in the balance sheet year.
are, I think, quite straight-forward capital expenditure has been fully explained in the report.
The overdraft in Shanghai has been paid off since the end of the year and the money that, was then ju London, has been brought ous, at rates of exchange that have enabled us to receive Tls. 9,080.0) more, than the equivalent shown'in the accounts.
The financial position of the company at the end of the year was that the liquid assets exceeded tne liquid liabilities by Tls. 129,205. If you approve of the appropriations suggested by your directors, it will be necessary to deduct the amount of the dividend and the manager's bonus from this sum, which will leave a net surplus of Tls, 54,835, represented either by cash or stocks of rubber. The unappropriated profits amount to Tls. 34,473 that the company will have in hand the sum of Tls. 20,362 with which to meet the capital expenditure for the current year.
There were no questions and the formal recolations were passed, including that for the payment of a dividend of one tael near share, Tux new Minister to Peking from Brazil, Signor Alves, presented his credentials to President Hsu on Monday afternoon.
Text read from the printed page and cleaned; old type leaves the occasional error.