Tobacco Estate Disposed of The first annual general meeting of shareholders in the Shanghai Sumatra Rubber Estates, Ltd, took place on March 25 at the office of the company, No. 1 The Bund. Mr. W. R. MeBain presided and was supported by Messrs. A. W. Burki A, J. Welch, and L. Kadoorie, directors. The attendance represented 13,505 shares.
After the notice convening the meeting and the auditors' report had been read, the Chairman sai Our tobacco estate having been Aisposéd of, this company is now interested entirely in the production of rubber, and the name of the com-any was consequently-altered since our lust general meeting from the Shanghai-Sumatra Tobueco Ca., Ltd. to the Shanghai-Sumatra Rubber Estates, Ltd, on the recommenda tion of our solicitors.
The balance transferred from our rubber estate working account for the past financial year amounts to Ths, 42,991.77 compared with is. 128,131.15 for the previous year.
This difference is accounted for! entirely by the fall in the price of rubber during the past year.
Gosts at the estate have been Kept down to the utmost, every economy being exercised as' far as could safely be done without endangering the future wellbeing of the estate, This is shown in our accounts according {0 which 704,819 Ib. were produced during the year under Teviow at a cost of candareens 24.3 fat an exchange of 2/872 per Ib.
the estate including depreciation, eonmissions, forwarding, insurance and all Shanghai expenses, The average price realized on last year's crop was approximately 9d. per Ib. fon the quanitiy sold, the unsold portion being taken into the accounts sat Gd, per Ib, and exchange of 2/8:
During the past year experiments, were made in-manuring with such gratifying results that your direc tors felt justified in continuing same more extensive scale, with the "to. inevensing the output of fife Estate and incidentally reducing {the east of production per 1b, It haw also been noticeable that the effects of "wintering" have been Tess severe in the parts of th fields which came under the manu al teats.
Our estates were inspected by our visiting agent at the and of last month and in his report My, Stevens expresses himself as being well satisfied with the estate generally, the condition of the Mature Rubber and the growth of the younger tations—some of which will be into the tapping rounds before long.
These extensions have been plant.
the most up-to-date and e—During the past year AT acres have been added to 0 mature vubbey and 53 to on This is accounted for feveloped.saistacinly owing to roving "beom "ven test atten on with the fest that wie fT ener of same were fenlerel appa i as decided to Sno ti rensining 89 Seen thay woul at rope the expense roses for ie potent Sear ily oot and etimatd wre wil he ae erotic 6800 Test approsatty 8 nee a at the bate including all expenses, li ley ile ie coe fidently expected that the prices alec fess produce el be ona otter sun those Tin {hing the ast eae ould ike gr express our Heat thanks tthe Stanagee™ and Soe the sene manner which they have conducted affairs on the estate during a difficult "This, gentlemen, concludes my: yo marks, but before patting the resolutions to the meeting. T shall to answer to the best of ity, any questions you may There being no questions, the fol-towing resolutions were passed animously: the report and accounts, 33 rented, be passed. and seconded by Mr. A. J. Welch.
That the balance at credit of Profit and Loss Account be dealt. with as follows:— nay dividend o M60 Carry forwent to next ac-
Proposed by Mr. W. R. Mel and seconded by Mr. A. W. Burkill, That Mr. A. J. Welch be re-elected a Director of the Company.
Proposed by Mr. J. Elmore and seconded by Mr. Ellis Mayim.
Text read from the printed page and cleaned; old type leaves the occasional error.