The eighth annual general mecting of the Taiping Rubber Estates, Ld., was held on Wednesday afternoon at the offices of the agents, Messrs. Hopkins, Dunn & Ca., Ld., No. 17 Avenue Edward VIL.) Mr. Brodie A, Clark presiding.
In his speech the Chairman The output of rubber was some 13,000 Ib. less than for 1919—a, number of trees, on the recommendation of the visiting agent, having been given a rest.
The all-in cost of production is shown at 1/3d. per Ib. as against 2/- per lb. for the previous year. This reduction was entirely due to the exchange factor. In the 1919 accounts we had a debit to exchange of Tls. 9,728.00 while in the present) account you will find a credit to exchange of Tls. 11,233.78.
Sales: The average price received for all grades was 1/5}d. per Ib. as against 1/93d. for the previous year.
With reference to the accounts there is little to be said—they show a balance at profit and loss of lls. 3,587.07. Deducting from this the amount brought forward from 1919 account, Tls. 1,703.49, we have a profit on the year's working of Tls. 1,883.58 which through very small is better than a loss.
In view of the present low price of rubber your directors decided to stop tapping from February 1; during the non-producing period the running expenses of the estate will be approximately 8.$1,300.00 per month, and represents a considerably less Joss than would be entailed by producing and selling rubber at the present price. In regard to this, I may tell you that 19,000 Ib. sold during January at the Singapore auctions realized an average price of only 26 cents—Straits currency—cqual to less than 7d. per Ib. To continue produeing rubber for this price is, I am sure you will agree, sheer folly.
With all expenses out to the very Jowest point your estate is in a position to keep afloat for a year, if necessary, without further income and T can only voice the hepa that conditions may change for the better before the year is out.
There were no questions, and the formal resolutions were adopted.
Text read from the printed page and cleaned; old type leaves the occasional error.