Mr. C. H. Rutherford presided over the second annual meeting of the See Kee Rubber Estates (1918), Ld., held on October 29.
In the course of his speech the Chairman said During the year under review 37 additional acres were brought into the tapping round, making the producing area 343' acres, and the non-producing area 197 acres. A further 161 acres will be brought into the tapping rounds this year making a total of 504 acres in bear. ing.
The production during the year was 141,666 Ib. against the estimate of 150.000 Ib. This year the manager estimates an output of 180,000.
The cost of production was 1/3.- 812 per Ib. ex godown Singapore against 1/2.487 last year. This includes duty and 80 per cent. general charges. The increased cost. is mainly due to loss on rice which the estate supplies to the coolies below cost in accordance with the practice of most of the estates in the F.4 I understand the situation is now a little better. The controlled price of rice has heyn reduced by about 1/5th, which will diminished the expenditure under this heading.
The average net price realized on our rubber was 1/8.674. per lb.
During the year we received an offer of Straits $115,000 for the factory block, which contains about 100 acres of old rubber. The directors immediately accepted this offer but unfortunately the mana-sey did not obtain the offer in writing and in the meantime owing to financial stress the purchaser was unable to make the necessary financial arrangements and sueceeded in keeping out of the manager's way until the option had expired.
With our small capital of only Tls. 75.000 the sale of this block would have put us in a very strong position and would have enabled the manager to supervise the re-
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