The annual general meeting of the shareholders in the Senawang Rubber Estates Ca., Ld., was held on the 9th instant ab the head office, No. 71 Szechuen Road, when Mr. G. Grayrigge presided.
In the course of his speech, the Chairman said Gentlemen, Since I last addressed vou the Board of Directors has undergone some changes. I have to record with deen sorrow the death of Mr. C. W. Wrightson, who had served on this Board. since 1915. The vacancy has been filled by Mr. A. K. Craddock, whose appointment I shall later on asi vou to confirm. Mr. R. H. Parker, I regret to say, resigned his seat last March owing to pressure' of business. We have decided. for the present, to continue with four Directors.
The report and statement of accounts have been in your hands some days and no doubt you are all well acquainted with the facts therein submitted. 2 The average selling price of our tubber was much better than last, year, but owing to the incidence of disease which reduced our. crop from an estimate of 425,000 Ib. to 266,361 Ib.—a. loss of 158,639 1b. or about 37} per cent.—the Company's year closed with a small adverse balance.
We carried forward from last year Tls. 26,254.72 and after deducting from this the loss on this year, viz: Tls. 425.05, the Directors recommend disposing of the balance Tls. 25,829.67 as follows Write off Plant and Machinery Account Tls. 945.14 To write off Development Account And carry forward to next year's Account, 25,829.67 The amounts written off are not represented by cash or liquid assets, They are sums that have been necessarily spent on the Estate and will never become available for dividend. The amount carried forward represents the actual amount of liquid assets at the close of the past fiscal year.
The balance sheet is made up in the usual manner and shows that the amounts written off since the inception of the Company including these recommended to-day total Tls. 414,892.31, a figure exceeding our capital.
To comply with the New Order in Council the General Managership and Secretaryship of the Company were transferred to Messrs. J. A. Wattie & Ca., Ld.
There were no questions, and the fo: mal resolutions were adopted.
Ox the occasion of his Knighthood, the Shanghai branch. of the China Association last Friday sent the following telegram to Sir Beilby Alston: "Best. congratulations from China Association."
Text read from the printed page and cleaned; old type leaves the occasional error.