The 12th annual general meeting of the Padang Rubber Ca. Ld. was Told on Tuesday afternoon of the offices of the general managers, Messrs, A. R. Burkill & Sons. Mr.
Burkill presided, supported by Mr. Chun Bing-him, director, and there was an attendance representing 6,735 shares.
In his speech the Chairman svid:—The report, as on former occasions, contains the usual crop atutistics, from which you will note a general all round improvement in the output and costs over the previous year's figures, but the improvement in costs is considerably more than offset by the reduced price obtained for our output, which reduction amounts to no less than 10d. per At the last annual meeting, you were informed that the Directors were contemplating a cessation of tapping until an improvement in the price of rubber took place. As you are aware, there was a temporary improvement and tapping was continued throughout the whole year. Since the end of the year, however, the Directors decided to discontinue tapping, as the annual estimates showed that, with rubber at about its present price, the loss on working with no tapping would be practically the same as if this were continued. The company has sold forward two tons monthly January and December, 1922, at 43 cents f.o.b. Singapore, but arrangements have been made to buy in against any portion of this that we are unable to deliver.
Text read from the printed page and cleaned; old type leaves the occasional error.