In the course of his speech the Chairman said The result of the year's working may be regarded as most satisfactory, it is of course largely due to the forward sale of 15 tons monthly at 8% cents, which price was, for a large portion of the year, considerably over the market figure.
The f.0.b. cost is 2d. per Ib. higher than for the previous year, the chief cause of this increase being the loss on rice supplied to the labour force which amounted to over §.$40,000, or nearly 14d. per lb. I am glad to say that for the current year there will be a reduction in this loss, the price of rice having recently declined.
Repuction iN Ourevt.
The output was some 42,000 Ib. less than the estimate. Restricted tapping was instituted during the Jatter part of the year_and owing to the prevalence of Brown Bast on the Sitiawan property, a large number of trees were taken out of the tapping- round. This resting and a treatment of the trees by light seraping and disinfection has been quite successful and the inevidence of the disease has diminished to a remarkable extent. No other disease has given any cause for anxiety.
Health has been good: and labour plentiful.
The estimated output for the current year is 595,000 Ib. on restriction of 25 per cent. though it is possible that a further restriction may be found necessary. The estimated cost for the current year is 31.32 cents on Sitiawan and 33.61 cents on the Teluk Anson Estates and these figures will probably be improved upon. The capital expenditure estimated for both estates is under §.$20,000 so that with rubber around its present price throughout the year, the estates should be nearly self-supporting and our surplus funds will suffer but little diminution, No forward contracts have been entered into, but the desirability of so doing has been demonstrated in past year and should remunerative prices again become obtainable, the directors consider that a forward sale of a portion of the crop is advisable.
Text read from the printed page and cleaned; old type leaves the occasional error.