The annual general meeting of the Padang Rubber Ca., Ld., was held on Tuesday at the offices of the secretaries and genera! managers, 2 Canton Road, under the chairmanship of Mr. C. W. Burkill. There was an attendance representing 7,160 shares.
The notice convening the meeting having been read, the Chairman said:
Gentlemen, The report and accounts having been in your hands for some time, I will, with your permission. follow the usual course and take them as read.
In accordance with the decision arrived at at the last annual genera] meeting of the company, tapping was suspended as from the besinniog of June, 1922, and the estate given a much needed rest. At the time, it was problematical as to how long the estate would require to be rested, but in any event we were prepared to act nyon the advice of our visiting agent and rest the trees for as long a period as was considered necessary. Tapping has now been resumed on a moderate scale and I am glad to say that the resting has had a most beneficial effect generally -and recent reports from the Straits indicate that the benefits from the cessation of tapping are most marked. A conservative system has been' inaugurated—a half-cut alternate day on the old areas and a "V" cut alternate day on a portion of the young fields, the cuts on the latter being so arranged as to allow of an eight years' bark renewal.
For many years, attempts have been made to establish a settled Tamil force on the estate, to replace the Chinese, but, chiefly owing to the configuration of the property, efforts in this direction have met with little success. We have now been advised that our manager, Mr. Ractliffe, has con~ trived to procure a Tamil force sufficient for present requirements and, if this labour can be retained, a distinct improvement im tapping costs should be forthcoming. Thinning-out was gradually proceeded with during the year and will be continued as labour is available. The position' as regards disease is normal and the health of the force has been' fairly satisfactory.
The accounts call for little comment, and, in view of myi previous remarks, think we may consider-ourselves fortunate in being able to show a small profit on the year's working. Ween restriction was introduced, it was permissible for companies not producing to dispose of their export allowance and arrangements were made with a neigh-~ bouring estate to take over the company's licence for the first and second quarters' licences at a remunerative figure, but estates are no longer allowed to enjoy this privilege, as the amended! restriction rules now prohibit the transfer of export licences. In! addition to the profit on the said of the licences, we were fortunate in being able to cover the balance of the forward sale made last year by purchasing the required! amount in the open market at a smal] profit to the company.
The profit for the year amounted to Tls. 5,232.98, which, added! 1a the amount of Tis, 10,403.07" brought forward from the previous year, makes a total of Tls. 15,636.05 standing at credit of profit and loss account. The directors recommend, after writing off a-sum of T's. 226.34, carrying forward the balance of Tls. 15,409.71 to next year's accounts. The financial positi.on of the company, og you will see from the accounts, is very sound and with the estate now on a producing basis the question of the payment of an interim dividend in thd near future will have the board's consideration. Before concluding, I would like to take thi opportunity of recording the board's appreciation of the good! work done by Mr. Ractliffe and the estate staff throughout thd year.
That is all I have to say, gentlemen, but if any shareholders_have any questions to ask, I shall be pleased to answer to the best of my ability.
There were no questions, and the following resolutions were carried unanimously Proposed by Mr. C. R. Burkill, seconded by Mr. E. T. Byrne, That~the report and accounts for the year ended April 30, 1923, together with the recommendation as to appropriation of balance at credit of profit and loss account as presented be accepted.
Proposed by Mr. W. A. Ogden, seconded by Mr. Chung Bing-him. That Mr. E. T. Byrne be re-elected a director 6f the company. seconded by" Mr. W. A: Ogden'
Proposed by Mr. E. T. Byrn
That Messrs. G. H. & N. Thomson be re-elected auditors to the company.
This concluded the business of the meeting.
Text read from the printed page and cleaned; old type leaves the occasional error.