The 10th annual general meeting of the Taiping Rubber Estates, Ld., was held last Friday in the offices of Messrs. Hopkins, Dunn Ca., Ld., 2 Kiangse Road. Mr. Brodie A. Clarke presided, sup: ported by Messrs. P. C. Inglis and G. Grayrigge (directors), and 29,416 shares were represented. After the notice convening of the meeting had been read, the chairman said Gentlemen, the report and accounts were posted to you on the "sth ultimo, and I will, with your permission take them as read.
The great event of the past year, from our point of view, was the inauguration by the Government of the restriction scheme, which has again placed the rubber industry on a sound footing, and it would appear that although strong influences have been working: against it, the authorities are determined that the rubber growers are to have a fair and remunerative price for their produce.
The scheme came' into operation too late to make any material difference in the past years showing, but I think there is little doubt bnt that we shall reap the benefit during the current year, Our estate manager, Mr. Lessler, reports the estate to be in very fair condition, and this is endorsed by the visiting agent, Mr. Perey Maccipated.
The output allowed us for the current year under restriction is 99,900 Ib. and with a selling price averaging 50 Straits cents and an all in cost of 30 cents per lb. we should be well on the right side by the end of this year.
A substantial remittance is the way from the estate and further monthly remittances are anti-cipoed.
As with many other.companics, low rubber values caused us to get somewhat in debt. Your agents Messrs. Hopkins Dunn & Ca., Ld. attended to the finances, and the amount of Tls. 19,962.91 standing in the account in their favour represents the entire debt of the company.
You will see in profit and loss account an item of Tls. 1,550: this represents the voluntary reduction by 50 per cent. of unpaid fees duc to your directors at December 31, 1921. For the year 1922 they also agreed to accept half of their fees, which saved us another Tls. 1,200. The local agents also reduced their fees for the past two years by Tls. 3,600, a total saving of Tls. 6,350 ao I think you will agree that those in charge of your interests have done everything possible to help the company tide over a bad time.
T am pleased to say that-with our entire expenditure charged up' to profit and loss account there remains on the year's working a profit of Tls. 728.53.
The formal resolutions were passed unanimously."
Text read from the printed page and cleaned; old type leaves the occasional error.