The fourth annual general meet ing of shareholders in the See Kee Rubber Estates (1918), Ld., was held on Tuesday at 10 Canton Road, Mr. C. H. Rutherford presiding, supported by Mr, R. N. Sivan and Mi. &. N. Truman (directors).
There was an attendance repres-outing 24,263 shares,
said fis speech, the Chairman The past year under review has been a very gloomy one for those interested in the rubber industry, but I am glad to say that, owing to the proposal, with the approval of the Colonial Office, to bring in restriction in Ceylon, the F.M.S. and Straits Settlements, the position is much more hopeful and is already reflected in the price of the raw material, which has risen from 25} cents on. September 25 to 414 cents on October 18. The full details of the scheme have not yet been received, but presumably +t is on the lines of Scheme 2 recommended by the Stevenson Conmittee, which provides for a_ restriction of 40 per cent. on the output for the period November, 1919, to October, 1920, the restriction being enforced by a low duty being charged on the amount exported within the permissible percentage, and higher duties being charged on the total amount exported should the percentage be. exceeded. The segre of duty ranges from 1d. per lb..cn an output not exceeding 60 per cent, of the standard production up to 1/2d. per Ib. for a full 100 per cent. output. It is proposed that the figure of 60 per cent. production should not be altered until the price of standard sheet has been maintained continuously at or about 1/3d. per lb. for at least three months, but should tha situation improve above thas figure to justify an increased export the permissible percentage of export at the minimum rate of duty will be automatically raised, but if, on the other hand, the price is not maintained, the standard of pro duction will be reduced.
Under this. scheme our estate will be able to produce and export for the year commencing November Lnext about 83,481: Ib. of rubber at the minimum rate of duty, as compared with a possible full output of 180,000 lb. This de: crease in output must consider ally increase our costs per Ib.. hi: it is hoped that the increased cost of production will be more than compensated for by the enhanced selling price. Estates which can show that their output was abnormally low during the period taken for assessing standard production may be allowed some concession as regards restriction and the importance of securing for your estate the largest possible allowance is fully realized and will have complete consideration when the rules are made under which 2
Text read from the printed page and cleaned; old type leaves the occasional error.