The 14th annual general meeting of the Kapayang Rubber Estates Ca., Ld., wae held on Wednesday in the offices of the secretaries, Messrs. Beck & Swann, 23 Peking Road. Mr. E. T. Byrne presided and was supported by Mr. E. L. Hunter and Dr. R. J. Marshall and there were 4,200 shares represented. After the secretary had read the notice convening the meeting, the Chairman said:—Last year, as we all know, has been a very poor one for most rubber companies and we therefore have every reason to congratulate ourselves on the Kapayang accounts, which show a profit of 32,662.13 for the year. Our f.o.b. cost for 1922 was estimated as well as Messrs. Harrisons, Barker & Ca., our agents, for the care they have taken to bring about this result. Our f.o.b. cost for 1923 is estimated at 26.09 cents, but, judging by the results of January and February, I think am safe in promising a reduction on this figure. So, with a fixed quantity of rubber to work on, and allowing for small variations in both exchange and the price of rubber, it is not difficult to calculate our net profit this year as being around Tls. 29,000, and as this gives a very satisfactory return, we shall take advantage of any favourable movement in rubber or exchange to safe guard this anticipation.
Speaking of rubber. in general, stocks in London are said to have been reduced by about 25,000 tons during the past three months, but they are still quite enough to prevent us from realizing the ful! effects of restriction, I think, however, that it will be very bad for the trade if we have undus inflation. Whilst we may be thankful that the effects of—restriction have put prices on a paying level for practically all companies, we must not forget, that, as far as british grown rubber is concerned, the incentive for expansion has largely disappeared, whilst the Dutch grower has every reason to increase production. The situation, in fact, reminds one of the fable of the monkey and the chestnuts, where we are playing the role of the cat. However, I have no doubt all this has the close attention of the government and means will be adopted to safeguard British interests.
There is one item in the accounts that needs explanation and which comes under the heading of sundry receipts. This sum of Ts. 2,054.54 is what has boom paid us for treating outside rubber. In proposing to pay a dividend, of five per cent., you may think your directors premature, but the estate has such a low cost of production that I do not think we need fear for the future, besides which we are placing Tls. 2,500 to a reserve fund *hich will be invested in debentures and I hope we shall be able to make a much larger addition to this fund next year and at same time pay you a better dividend. The estate is in perfect order and well reported on by the visiting agent.
There was no discussion, and the formal resolutions were adopted uni ly.
At the annual meeting of the ratepayers in the Russian Municipal Council, Tientsin, last week Mr. Hollington K. Tong acted as Chairman. Messrs Kipps, Bandinel, Harr, Jones, Leckie and McFeat were elected Councillors for the ensuing year, Mr. Sandrie de Joury auditor, Messrs. McClure Anderson and Young assessors, and Dr. Pertzel reelected as medical officer.
Text read from the printed page and cleaned; old type leaves the occasional error.