The 10th annual meeting of the Semambu Rubber Estates, Ld., was held on Thursday in the offices of the general managers, Messrs. R. Truman & Ca., at 10 Canton Road. Mr. G. Grayrigge presided and was supported by Dr. E. L. Marsh and Mr. R. N. Truman (directors). There were represented 96,410 shares, After the reading of the notice convening the meeting and the report of the auditors, the Chairman said:
We meet to-day under happier conditions than on the same occasion last year, the improvement being solely and entirely due to the introduction of enforced restriction, which has proved the salvation of a great industry that has endured more perilous and arduous times than those whose money was at stake care to think of. This company, however, having plenty of funds behind it, never experienced the grinding anxiety other coni-panies Jess fortunately situated must have done. Gentlemen, the industry as a whole has to thank those who initiated and at last, after much opposition, carried through this scheme of enforced restriction, the effect of which has been to restore to us a small measure of prosperity, though not near as much as the industry deserves, and, after a long, patient waiting, enables us to pay out a modest sum in dividends. Despite better times, the lessons of the past are not being forgotten and economy is still the watchword-economy with efficiency, and that we have both these I saw myself when visiting the property last summer. Semambu is a fine estate the young areas carried the heat looking trees I saw in the whole of my tour. The one drawback we have is shortage of labour. For some reason, Tamils do not thrive on the eastern side of the Malayan Peninsula and we have to import Javanese labour, which, whilst perhaps more efficient than Tamils, is at the same time more expensive to recruit and maintain, We harvested 164,105 Ib. of rubber for the year at a°reduction in cost of over'3/4d. per Ib. compared with 19%. The smaller crop under restriction may enhance the figure of cost a trifle, though it is too soon yet to speak with certainty on this point. We have made one forward sale of two tons per month, February/December, 1923, at the relatively good rate of 67} cents per lb. Reports from the estate all point to it being in good condition. The old policy so long favoured of planters, viz., clean weeding, has been. superseded and the estate allowed to go into fine grass with the object of saving the top soil. At the same time, silt pits are being dug and yield control is being instituted, the latter to facilitate _thinning-out of unremunerative trees. I have pleasure, gentlemen, in thanking the manager, Mr. Baker, and our Straits agents, Messrs. Harrisons, Barker Ca., Ld., for the work they have put _in during the past year and, coming nearer home, I also wish to thank Mr. Truman for the capable way he has looked after the company's affairs, not only last year, but ever since his firm was appointed general managers. In a few weeks, Mr, Truman will be retire-~ ing from the East and I want him to go away knowing that his work has been thoroughly appreciated. We wish him good health, long life and happiness in his retirement...
The accounts, gentlemen, - make comfortable reading. The estate, despite some items of extraordinary expenditure, managed to pay its way, as you may see by the working account, whilst interest on fixed deposits and profit on exchange more than covered Shanghai expenses, and left a balance of profit on the year of Tls. 4.683.299. Our liquid assets, mostly cash, after providing for all known liabilities, amount to Tls. 119,094. The undivided profits, including the balance brought forward from last year, amount to T'ls. 40,974.98, which sum the directors recommend be dealt with as follows:—
Tis, To write off buildings 100.00 cent.,000.00 pay a divided of 10 per
Pay a bonus to administrative- 450.0) carry forward 10,424.93
"Tis, 40,974.98
When labour conditions permit, it is in the mind of the board to develop a portion of the reserve land. New ideas, new systems of grafting and budding are coming to the fore and it behoves us to keep up to date with the times. We have the money to do this and can do it without interfering with the distribution. of profits, There was no discussion, and the formal resolutions were adopted.
Text read from the printed page and cleaned; old type leaves the occasional error.