The 20th annual general meeting of the Padang Rubber Ca., Ltd., was held on July 11 in the offices of the general managers, Messrs A. R. Burkill & Sons, Mr.
Burkill presided and he was support ed by Messrs, Chun Bing-him and A. K. Craddock (directors) and Mr. E. A. Prince (secretary). The number of shares represented was 5i 200.
The chairman said:—Before commencing with the usual business of the meeting, T would like to express the Board's [sincere regret at the loss sustained by the company through the death of Mr, E, T. Byrne which took place last May. Mr, Byrne had been associated with the company sinto 1918 and his sound advice and experience were always of great assistance to the Board and his ess will be very greatly felt.
The report and accounts having been in your hands for some time I will, with your permission, follow the usual course and take them as read, report gives full details regarding the output, yields and costs, and it is pleasing to report that-the cost, although high compared with other estates, is the lowest the history of the company. I think you are all aware of the fact that Wellington, owing to its extremely} hilly nature, will never be a cheap producing estate, and the fact that we have got our costs down to 711d. per Ib. which is 1.22d, per Ib. lower than last year's figure, will indicate the efforts that are being by the management to bring down to a minimum.
In spite of the higher output and lower cost of production, it is re-grottable that the accounts before you do not make a better showing. This is entirely due to the lower priced realized from the sale of our crop, which averaged only 916d. per Ib. as against 1s. 884. per Ib. the Previous year. The result of the year's working, therefore, does not. justify the payment of & dividend and with the low prices now prevailing and no immediate prospect of better prices, the directors do not even recommend transferring a sum from equalization of dividend account for this purpose, and I feel
views, ure that you will agree with thee T might point out that this company did not support the Rubber Growers' Association's scheme to suspend tapping in May. Although the directors were originally favour of supporting it, it was found that all other estates employing Chinese contract tappers were not stopping tapping in May and we therefore could not run the risk of losing our tapping force. I might) say that our manager received definite information that if we stopped, the Chinese contractor would be obliged to take up work on one of the neighbouring estates.
While on the subject of the tapping holiday, one cannot say, judging by the present increas stocks, that very much good has or will result from the scheme, In my opinion, there are other methods which could be adopted for} reducing outputs which could be more easily applied, which would not interfere with the labour organization, and which would give more effective results. The stoppage of tapping on Sundays and holidays would give a bigger reduction in outputs without upsetting the: tapping labour and I can only hope that the Anglo-Dutch Committee will introduce some such scheme which will tend to reduce the ever increasing stocks and thus help to stabilize prices, Our manager, Mr. Ractliffe, left the Estate to take up a position on a larger estate, and Mr, Gowland who has been connected with the estate as assistant for a number fof years, has been appointed in his, place. To both these gentlemen and to the estate staff, visiting agent and Penang agents, I would like to express the Board's appreciation for the good care of the property' [throughout the year.
Before putting the resolutions to the meeting, I will answer to the best of my ability any questions' Shareholders may wish to ask.
There-were no questions, and the] following resolutions were put to seconded by Mr. Chun Bing-his That the report and accounts for the year ended April 30, 1930, for gether with the recommendation to the appropriation of the balance at credit of Profit and Loss Account 3 presented be accepted.
Proposed by Mr. A. K, Craddock, seconded by Mr, C. J. Smith—Thag the appointment of Bf, ©. R. Burk as a director of the company confirmed. Meigen seconded by Mr. H. J. Clark—Thi the appointment of Mr, A. K, Grads Proposed by Mr. oad dock as a director of the company, confirmed, Proposed by Mr, H. J. Clark, segs ended by Miss G..M, Allan—Thay Messrs. Thomson & Ca, be elected auditors to the company.
Text read from the printed page and cleaned; old type leaves the occasional error.