The 12th annual general meeting shareholders of the New Ambers: Rubber Estate, Ltd, was held fon June 28 at 10 Canton Road, Mr. C. J. L. Stewart presid ing. He Was "supported by the following directors, Messrs, R. N. Swann, A. J. Welch and"
Kadoorie and the secretary. Mr. D. Levy. Shares represented amount to 11,849, The Chairman's speech was as follows:
Gentiemen,—Phe report and counts having been in your hands for the prescribed period I will, with your permission, follow the vunual" custom and take them read.
Your directors very, much regret having to present, to you what, on the face of it, appears to be. such an unsatisfactory report, but, it you, will bear with me for a little While, I hope to show whilst. the company. is precarious position financially, the heavy loss on the year's working is due, entirely to factors outside the control of the: board.
If you will now look at the profit and. loss account you will see that the debit balance is Ts. 50,459.51, of which is. 9,869.87 represents the ive loss on the year's working, and this loss would" have been still further reduced to Tis, 1,726.39 hi your board made up the accounts the same manner as was done Lai year and charged 25 per cent. of the general expenditure to development, They decided, however, th ay the company had sno working capital, it was desirable to charge the whole of the general expenditure. against revenue. The two ther. items that bring the loss up to Tls. 60,459.51 are debenture and other interest, 'TIs, 83,848.69, and Jogal expenses Tls. 7,241.45, which Twill.explain later and which will not recur,
Text read from the printed page and cleaned; old type leaves the occasional error.