The seventh annual general meeting of shareholders of the Pengkalan Durian Estate (1921), Ld., was held the offices of Messrs. J.P, Bisset Ca,, secretaries and generall managers, 12 'The Bund on Thurs day, Mr.G. M.W, Hummel, cheir-man, presided, supported by 'Mr. G. H, Wright and Mr. G. A. Candlin, directors, The total' number of shares represented was 77,809. Mr. H, V. Hummel (secretary) read the notice convening the meeting and auditors' report.
'The chairman said:—The direetors' report and statements of ac-Jcounts for the year ended March 31, 1927, have been in your hands for [the prescribed period and with your per iasion, T will take them.as rea months and have reached a very] high figure, although the increased! restriction I have mentioned has just bout halted the increase in the Stocks and we have had a few drops. anticipate, nevertheless, that the 60 per cent. export allowance will continue for the next two quarters fat least and very probably for the ext three quarters. Unexpired ex-ort coupons brought forward at the commencement of the financial year 1927-28 amount to 14,629 Ib. You will appreciate, therefore, that, if the present restriction and prices continue for the remainder of our current financial year, our profits for 1927-28 will be considerably below the 1926-27 level. Tt is obvious that all companies will be affected similarly. Now, we recommend that provision should be made against {any Jarge reduction in dividends in the current year, and for this pur-we recommend that, out of pro-Sts for 1926-27, a substantial sum, Ts, 18,000, should be set aside in an equalization of dividends account, With this appropriation in_ reserve we can then look forward with some confidence to maintaining our dividends for 1927-28 at a steady rate, 'You will be asked shortly to sanction this appropriation, together with the others recommended im the directors' report.
Firstly, I will touch on our latest acquisition, namely, an area of Jungle land adjoining Sangei Langsat Estate and in future to be considered as a part of it. Mention of this was made in the directors' report and in my remarks to you Inst year. This is an area obtained on rant from the FINS. Government of about 172 acres. Complete title deeds have not yet been issued and, therefore, the exact area is not yet available. This acquisition rounds of our Sungei Langsat Estate into 4 compact block. Felling was completed some weeks ago but unfavour. able weather has hitherto delayed burning off which we are now informed will be completed this month Our visiting agent saw the land after the jungle was thrown down and reports that in configuration it is a continuation of the small hill land which is already growing such excellent rubber at "Sungel Langsat, although about 10 acres of it may prove rather steep. Planting will be carried out as soon as. possible after the burn, with stumps. from lected seeds.
I think you will agree that the year's working again shows satisfactory result. On wor I have now pleasure in profes: count, the gross profit shows an in-ing:—ereaie of Tls. 20,673.28 over the previous year's figure, and on profit and Joss account the net profit is.inwed by TIs. 25,987.62, Of course, the average acreage in tapping as compared with 1925-26 was incre hewn in the balance thee ed during the year under review by aps1847, be-and te here! '388 acres, which increase is accounted for by the 280 acres of our estate, Sungei Langsat, and by larger area of the older Pengkalan Durian Estate being brought into tapping ground. It is worthy of notice that our annual yields yer} tree, per acre, and per coolie em-onus to, the a ployed, have improved considerably over the figures for the previous lee' te aysaliation of year. Also the total cost per Ib. (f0.b. Singapore) as compared with expect of 1926-26 is reduced in the year under Percent. (Tis, review by 2.94 cents in spite of in-Share) on 1504 22,500.00 crease in the cost of tapping labour Todonate to the and superintendence, whilst the net 100.00 all in cost per Ib. is reduced by 6. cents. The crop, moreover, exceeded 267198 our expectations by 3,000 Ib. Our average selling price for all grades (S$0.8260—1/11.14d) however, was The resolution having been second-lower during the year by 25 cents as ed by Mr. G. HI. Wright, and these compared with 1925-26. The higher being no discussion or " questions, prices for rubber ruling during the was put to the meting and carried first half year of 1926 account for unanimously. the high export allowances during The following resolutions were ur financial year. We had allow. ances for seven months at 100 lap moved and carried unanimossfant, for there "months at 80 per That Mr. G. H. Wright be and cent., and for two months at 70 per is hereby re-elected a director of cent. Altogether it has been a good the company. year with these comparatively high That the remuneration - of each export allowances and our average! director. for his service be and is selling price 2.144. above the pivotal hereby fixed at Tls. 600 per annum price under the restriction scheme for the ensuing year. which, as you know, is 1/9d.
That Messrs, Lowe, Bingham would now like you to look for-Matthews, chartered" accountants, ward with me into one current be and are hereby re-elected auditors financial year 1927-28. We estimate! of the compar, for the ensuing year, that with conservative tapping of a remuneration of Tls. 200. our estates we can harvest a crop 240,00 1b. in 1927-28. But since May 1, 1927, restriction has been Own to the fact that shipping further increased, export allowances has ceased above Ichang, says the in the current quarter being only 60 Chinese press, the price of rice hae Per cent. of our standard production. -Fisen to more than $50 per picul, MONEY & EXCHANGE, _yESTERpAy's RATES.
Text read from the printed page and cleaned; old type leaves the occasional error.