The annual general meeting of the Shanghai Seremban Rubber Estates. Lid, was held on Thursday at the registered offices of the company, 10 Canton Road.
Mr. C. J. L, Stewart presided and wes supported by Messrs. A. K. Craddock, M. Speelman, (directors) and W. 'S. "Royston, representing, Messrs. J. A. Wattle & Ca, Ltd. secretaries and general managers There were present shareholders re. presenting 86,600 shares.
The Chairman said:
'The profit earned during the year Jas Tls. 32,781.75 as compared with Tis, 91,481.26 last year. Several fociers' contributed towards this diminution of profit. Firstly, the average net price realized for our product was less by 2.61 pence: sce-endly, owing to the greater degree of restriction that was enforced throughout the year, the output was 42,620 Ib. or just '20 per cent. smaller; thirdly, as a consequence lof this the cost of production was just one penny per pound higher; and lastly, since a large percentage of the unsold stock represents rubber produced in excess of our export allowance, this quantity has been valued for the purpose of the accounts at the bare cost of tap. ping and manufacture.
Turning to the balance sheet, you will notice that the sum of' Tls, 6,161.02 was expended upon build: ings. This covers the cost of a new bungalow for the clerk and a permanent coolie line of 20 rooms.
Under the heading of rubber face tory, the expenditure of Ts. 4,380.75 represents the cost of a new smoke house which is reported to be a great improvement over the old one and produces excellent sheet in 8 days.
The only other capital expenditure was Tls. 840.75 spent upon the purchase of a new tank for supply-Ing the factory and coolie lines with water.
As regards the financial position of the company, I may say that if you paso the appropriations of pro. fit now recommended, the company will have, after paying the dividend, a surplus of liquid assets amounting to Tls. 62,174.90, which T think is suicient to' see us safely Dealing now estate matters, our standard production for the sixth year of restriction has assessed at 205,129 Ibs. There a reduction of 28,334 Ibs. as compared with the previous figure and represents just over 921 Ibs. per acre. This is far below the' real producing capacity of the estate and the manager states that with full tapping he could safely average at least 600 Ib. per acre.
The quality of the tapping remains at a high standard and the bark consumption averages 9 inches {per annum, Labour is plentiful, contented and healthy, and the estate generally is reported to be in first class condition with little or no disease in evidence.
In conclusion, gentlemen, 1 wish to take this opportunity of pressing our appreciation and thanks to Mr, Gilchrist, our manager, to Mr, Pinching, our tochnical adviser, and to Messrs. Kennedy, Burkill & Ca, Ltd., our Straits agents, for the very efficient manner in which they have adminis tered the affairs of the estate.
That is all T have to say, gentle men, but before putting the reso lutions to the meeting, I shall be pleased to answer to the best of my ability any questions you may wish to ask.
There being no questions, the following resolutions were put to the meeting and carried unanimously.
That the Directors' Report and Statement of Accounts for the yenr ended December 81, 1927, as pre" sented and the appropriations as commended be adopted and pai That a dividend of 8 candareens per share be paid to shareholders fon Register at this date.
That Mr. C. J. L. Stewart be ro-elected a director of the company.
That Messrs. Thomson & Ca. be re-elected auditors to the company fat Shanghai for the ensuing year.
Text read from the printed page and cleaned; old type leaves the occasional error.