Mr. Brodie A. Clarke presided at the ninth annual general meeting of the Repah Rubber and Tapioca Estates, Ld., held last Friday after-roon at the offices of Messrs. Hopkins, Dunn & Ca., secretaries and general managers. The other directors present were Messrs. G. Gray. rigge and P. ©. Inglis, and the attendance represented 54,725 shares.
The notice convening the meeting having been read the Chairman seid in part:—
At the last annual general meeting I informed you that tapping had been suspended at the end of January, owing to the low value of rubber. In October last, when the prices appeared to be recovering, it was decided to resume production, but unfortunately there was no strength in the market, and we are now faced with conditions similar to those obtaining at the beginning of last year.
Turning to the accounts, it was decided when making them up to discontinue revenue and _development proportions, and debit all charges to working account. I think you will agree that this is a better and clearer method of showing the exact financial standing of the Company.
The debit balance at profit and loss account stands at Tls. 39,401.02, being. the debtor balance of revenue account from 1920, Tls. 4,444.- 02 transferred to profit and loss account, and the loss on the year under review of Tls. 34,957.
The average cost of keeping up the estate during the non-producing period was approximately $3,000 Straits currency per month, The directors reduced their fees by Tls. 1,200, and the secretaries and general managers theirs by Tls. 1,200.
The item of interest, Tls. 3,662.36, represents 8 per cent. annum on the overdraft with the Hongkong Shanghai Banking Corporation, secured by Mr. E. 8. Kadoorie's guarantee, and 5 per cent. on the amount owing to Messrs. Hopkins, Dunn Ca., Ld. As security for the advanees made by the latter, the board have given them debenture mortgages on the estate property, totalling Tls. 60,000, which amount is at date fully advanced.
These debentures expired on March 31, and April 13, 1922, and have been renewed for a further six months pending the return of Mr. E. S. Kadoorie to Shanghai; in the meantime this gentleman is advancing sufficient funds to meet the monthly shortage, and on his return some scheme must be formulated to raise the funds which I fear will still be necessary to carry on the estate.
Text read from the printed page and cleaned; old type leaves the occasional error.