The annual meeting of shareliolders in the Maatschappij tot Mijn-Bosch-en Landbouw Exploitatie in Langkat was held on Wednesday at the offices of the agents, 1 The Bund. Mr. J. Prentice presided, and was supported by Mr. W. R. McBain.
The notice convening the meeting having been read, the Chairman said:
I regret that the accounts for the year under review show a somewhat disappointing result, but, as you will probably have noticed, the cash position is quite satisfactory. Tf we are able to dispose of the balance of our oilfields, material, ete., at a reasonable price, we can draw further on our reserve against sundry assets, and I think we might congratulate ourselves on having passed successfully through a very trying time. At any rate compared with the same date last year our position. is very much improved..
We cannot expect to make a very large profit on oil, but now that our expenditure is reduced to minimum we should derive a small yearly income from it. The Administrator of the Bataafsche Petroleum Maatschappij reports that they are obtaining from Darat at present about 22 tons daily, but they are cleaning some of the wells and this should have the effect of increasing the production shortly. They are not doing much work on our other concessions as the present system of taxation on oil Sumatra is such that they have been obliged to reduce their own staff to 2 considerable extent~- however, a strong protest has been made to the Government and some change may be made before long.
A PROFIT OF RUBBER, 1 do not propose to trouble you with a lot of details with regard to our rubber estates, but I thiok that everything is in good order and that our manager is to be congratulated on making a profit during the year ended on October 31 last, as that was one of the worst periods experienced in the rubber industry. The production per acre is good, and if he can keep down to his estimated cost of 53d. per lb. we should be very satisfied.
Our timber depariment was not very successful during ihe year, but still made a small profit of Glds. 14,798.39. We have been approach: ed with regard to the sale of our sawmill and part of our timber and planting rights. If the prospective buyers will pay a fair price your directors will probably decide to sell, of course with your approval. Mr. Elmore is leaving shortly for Sumatra to attend to these negotiations and other matters connected with the company's affairs.
Work on our concessions at Martapoera has been abandoned as the results did not justify further expenditure. his directorship of the company as from October 30, 1922, owing to the date of his return to Shanghai being indefinite. Mr.
McBain was appointed by the directors to fill the vacancy and this appointment requires your confirmation.
There were no questions, and the formal resolutions were adopte: l unanimously.
Text read from the printed page and cleaned; old type leaves the occasional error.