Regarding costs, you will remem. ber at our last annual meeting wa estimated producing our crop an f.o.b. Singapore cost of 25.03 fe ents per Ib. 'This has been somewhat improved, the final rest! showing 29.03 cents, just two cents less. The "all-in" cost, which includes the' deduction of adequate depreciation, all Shanghai office expenses, directors' and auditors' fees, totals 7.15 pence per Ib. as compared with 904 pence per Ib. for the previous year.
According to a. preliminary estimate, we are working this year for Somewhat larger crop of 240,000 Ib, which we hope to produce at a slightly lower cost. In the course fof the next two years, when the immature area of 167 acres comes into bearing we hope to begin to reap the full benefit of a full 1,000 acre estate, which unit is gener accepted to be an ideal one.
Though you may perhaps be somewhat satiated by reading similar remarks in each rubber estate chairman's speech, we cannot but associate ourselves with them and reiterate extreme hopefulness in the future prospects for rubber.
scrutiny of reliable statistics far as they are to hand this year feannot but fil one with opt Despite the increase in output, to the abandonment of restriction, world's stocks at the end of Aprit Jast totalled but 170,129 tons, re-Presenting a percentage of only, 256 to the world's consumption, In comparison, the same period of 1928, when output was restricted to 60 per cent, world's stocks totalled 185,738 tons with the larger percentage of 28.5 to world's con sumption, At the beginning of this _yeac usually well informed estimates put the world's shipments down at 692,000 tons and world's requirements at 727,000 tons, a deficit 35,000 tons. These figures appea: likely to be increased considerably on either side of the slate, for shipments for the first three months lof the present year have totalled 225,000 tons, including as they do surplus stocks stored during the six months of restriction, while requirements or amounts retained fon. the other hand, for the same period, have amounted. to 258,00) tons. "If these averages are maintained throughout the year should see a deficit of around 100,000 tons, instead of 35,000 tons previously mentioned, "The ex: pansion in crude rubber has been.
real one and not at the expens> of reclaimed, resultant upon the low price of rubber as one yould expect, and we might mention that the consumption of the latter continues to keep up to the high peak I reached in 1928 of 200,000 to 'The Resolutions I now have pleasure in propowing:—That the directors' report ant. working and profit and loss ae.
s and balance sheet for ths ended March 31, 1929, duly, audited, be and are hereby received, approved and adopted; That the distributable balance of profits as shown in the balance sheet, namely Tis, 17,458.08, be and is hereby appropriated as follows:—
To. pay a dividend of 10 cents. per share' (10. yer 18,000.00, 300.00
3.08
Text read from the printed page and cleaned; old type leaves the occasional error.