The annual general meeting of the Padang Rubber Ca, Ld., wes} Feld in the offices of the Shanghai agents, Messrs. A. R. Burkill & Son: on Wednesday, Mr. C. R. Burkill was in the Chair and was supported by Mr. Chun Bing-him, director, and] Mr. E. A. Prince, secretary The Chairman said:—
The report and been in your hands for some time, I will, with your Permission, follow the usual course and ask you to take them as read.
Our meeting this year is being] held at a somewhat later date than the delay being caused by!
nnual_ accounts having gone!
tray in the port while in transit from the Straits, making it neces ate copies.
Since the last annual the company, a slight of text of the' share capital account has been made. In deference to the wishes of a number of shareholders who considered, that the Ti shares were somewhat which tended to restrict 1 market-ability, it was decided at an extraordinary' meeting held on February 11, 1927, and pasted at'
confirmatory meeting on February. 25, "That each of the Tis, 10 shares of' the company be divided into 10 shares of Tis, 1 cad The report as on former occasions ives all the necessary details. re~ ding the working, of the estate wrod with other Shang-nies, our cost of pro-is very high, but ax con ditions on Wellington'are x0 exceptional, no useful purpose can be served by comparison, The estate, owing to its extremely, hilly nature is not a popular one' with Tamil labour and we are therefore obliged to resort to the more expemive form of Chinese Inbour. As yeu are aware, several attempts have been made in former years to build up a Tamil Inbour force but so far all efforts have met with little or no success. The Tamils simply cannot stand the; strain and hard work on the hills, and our manager reports that Chinese are undoubtedly the m tis factory type of Inbour for Wellington.
The output for the year was 208,867 Ib. which was harvested at fan all-in cost including Shanghai expenses of 11.87d, per Ib, against 217,695 Ib, at a cost of 1s, 0.020 per Ib, for the previous year. The profit for the year amounted to Tls. 162,226.44 which udded to the balance Tis, 20,563.43 brought forward from previous year, makes a total of Tis, 82,789.87 at credit of profit propose a dividend of ten ts (20 per cent. absorbing Ts. 50,000,, place to equalization of dividend fund Tis, 10,000, bringing this ae-count up' to Tls. 60,000, write Tis, 8,824.02 off various assets, and carry forward the balance of Tle, 14,465.25, The standard production for the fifth restriction year has been assessed at 374,088 Ib. an increase of 72,107 Th, on the previous assessment. On the basis of a 60 por cent. production, the output for the current year will be 224,992. Iby which is 73,785 Ib. below the actual crop harvested during the year under review.
The estate was visited quarterly by Mr. J. W. Kennedy whose. reports, in spite of the Inbour problem. Just referred to, indicate a very Satisfactory state of affairs and would like to take this opportunity of expressing the Board's appreciation of the good work done by our manager, Mx, Ractliffe, and his assistant, Mr, Cowland, for the good care of our property.
Before putting the resolutions to the meeting, I shall be glad to answer to the best of my ability any questions shareholders may wish to ask, The following resolutions were then put to the neeting and unanimously passed Resolution No. 1:—Proposed by Mr, C. R, Burkill and seconded by Mr. Chun Bing-him—That the report and accounts for the year fended April 20, 1027 as presented be accepted Resolution No, 2:—Proposed by Mr, C. R, Burkill and seconded by Mr. Chun Bing-him—That the fol= lowing recommendation as to the appropriation of the balance at credit of profit and loss account as presented be accepted:
Dividend of Write off five Stocb 513.30
Text read from the printed page and cleaned; old type leaves the occasional error.