The 13th annual general meeting the Anglo-Java Estates, Ld., was held last Friday afternoon at the offices of the secretaries and genera] managers, Messrs. J. A. Wattie Ca. Ld., Mr. A. J. Welch presiding. There were present Messrs, J. H. McMichael, W. W. Cox and W. R. B, McBain (directors), Mr. C. J.
Stewart (secretary) and shareholders representing 51,466 shares, The chairman said The period under review was again one of keen worry and anxiety to all connected with the administration of the estates until November when the advent of restriction completely changed the outlook.
The improvement brought about by this measure is not reflected in the accounts now before you, since the unsold stock of rubber at the end of the year, which amounted to practically 80 per cent. of the November and December outputs, was valued at the cost of production instead of at the market price. The bulk of this stock has now been sold and there will be a surplus of between F. 70,000 and F. 80,000 to swell the 1923 profits. Last year the unsold stocks were also valued at the cost of production, but on realization a loss of F. 14,000 was sustained.
THE RESTRICTION ORDINANCE, You will have seen from the report that your Directors have voluntarily agreed to fall in line with the Straits Restriction of output Ordinance and from some quarters, I am told, they hare been criticized. for so doing. Gentlemen, if your Directors were wrong in king this step, they have erred in good company, since the vast majority of British owned estates in the Dutch Indies and some of the Dutch-owned ones too have also agreed to restrict their outputs, The measure is one designed to benefit the rubber industry as a whole and the more estates that adopt restriction, the quicker will any surplus stocks be disposed of and the equilibrium between supply and demand re-established The effect on the price of rubber of its introduction was immediate and your Directors felt that it was not right or fair for this Company} to take advantage of the improvement without at the same time contributing its quota to the cause that brought it about.
There is another point, gentlemen, that I would like to mention at this juncture as it is one that affects every rubber company and that is bark consumption and bark renewal. The rubber industry is still) practically in its infancy and each yea that passes adds something to our knowledge of the subject. In many cases it has now been found that the period hitherto allowed for the renewal of bark has been too short and that bark was being removed at a faster rate than it would grow again. Restriction has therefore been a blessing m!
Text read from the printed page and cleaned; old type leaves the occasional error.