ing of the Sua Manggis Rubber The eighth annual general meet-
Ca., Ld., was held on Saturday morning at the offices of the Secretaries and General Managers (Messrs. Scott, Harding & Ca.) Mr.
In his spoach the Chairman J. Cubitt preening: said The accounts for the year ended December 31, 1920, would under normal conditions have justified the recommendation of a 5 per cent. dividend, but as matters stand I need hardly say it behoves us_ to husband our resources to the last cent in the endeavour to carry the Company through the unprecedented difficulties with which the rubber producing industry is surrounded.
During 1920 we had both higher and lower prices than in 1919, but the average nett return per Ib. for the whole year for all grades showed a difference of one cent per Ib. in favour of the 1920 crop, while' the all-in-east was reduced by one cent, brought about by various fluctuations in details which are clearly shown in the report.
In viewing the results as shown in taels, it is important to give due weight to the factor of exchange. The 1920 accounts are converted at 49.8 against 38.3 and the cash items at 56 against 30 ip 1919. One of the results of the higher rate is seen in the all-in-cost under the items of "Shanghai Charges" and "Depreciation."'- In the case of the former the expenditure was practically the same in both years, but upon conversion into Straits currency a reduction of.013 is shown. Similarly though to a smaller extent, on account of the lower amount written off, all-in-cost benefits under ''Depreciation." It is only fair to draw attention to this fact as without this exchange benefit, the. all-in-cost would not have shown the reduction just mentioned but would have been slightly above the figure of 1919.
Unfortunately the rise in the Shanghai' value.of the Straits dollar comes at a time when by reason of the low price of rubber it means nothing to the investor as all the proceeds are required for current expenses on the estate, leaving no surplus for remittances, moreover, should it be necessary to supplement the Funds in Straits by a
Text read from the printed page and cleaned; old type leaves the occasional error.