The annual meeting of the Cheng Rubber Estates, Ltd., took place fon September 18 in the offices. of the secretaries, Messrs. J. A. Watt Ca, Ltd, there being an atten ance representing 80,478 shares. Mr. 'A. K. Craddock presided and he was, supported by Messrs. H. Kadoorie, Hugo Reiss and C. R. Shackleton, directors, and Mr. C. J. L. Stewart, As regards buildings, the mari-Jager's bungalow is very old and, though i is still habitable, it will have to be replaced before many years are passed, new coolie line of 24 rooms to be built this year as is also new office.
In conclusion, gentlemen, I would like to express our best thanks to Mr. Harland, our manager, for the efficient manner in which' he has who represented the secretaries.
In his speech, the chairman said:
Gentlemen—The report and accounts having been in your hands for several days I will, with your permission, follow the usual custom fand take them as read.
The working for the year has resulted in a profit of Tls. 32,687.76 as compared with a profit of Tls. 1,706.09 last year. The main factor that contributed towards this satisfactory result was an output larger by 138,000 Ib, and, although the average price realized for our product was 4.06 pence per Ib. lower than for the previous year, this was more than offset by a very gratifying reduction in the cost of production.
Capital expenditure during the year was negligible, and, if you pass the recommendations set forth the report now before you, the company will have. started' the current year with a surplus of Viquid assets amounting to Tls. 39,728.05, which should be sufficient to see us through any emergency that may arise.
Turning now to planting matters, the output of rubber was 287,000 Ib., which is a record for Cheng, and was obtained in spite of a conservative rotational tapping system over one third of the circumference of the trees. The estimated output for the current year is 280,000 Ib., which I have no doubt will be obtained. The cost of production is, now at a figure that does not admit of further reduction.
The gardens are reported to be in good -condition and free from harmful weeds. Green cover crops are being established gradually where possible, The reserve of bark steadily improving and is now ample.
Generally speaking, the trees are free from pests or diseases and any leases that do occur are dealt with promptly. administered the affairs of the estate and for the very satisfactory reduction that he has been able to effect in the production cost, and, in this connection, I would like to associate the names of Mr. Pinching, four technical adviser, and Messrs. Kennedy, Burkill & Ca, Ltd, our Straits agents, who have also' contributed thir quota. towards the success of the working for the year.
That is all T have to say, gentlemen, but if any of you have any questions you wish to ask, I shall be pleased to answer same to the best of my ability before I formally propose the adoption of tha report and accounts, No questions were asked so the following resolutions, having formally been proposed and seconded, were put to the meeting and carried unanimously 'That the directors' report and statement of accounts, as presented, be adopted and the appropriation of the balance of profit and loss account, as recommended, be Epproved—Proposed by My. 'A. Craddock, seconded by Mr, Hugo That the appointment of Mr. Hy Kadoorie as a director of the company be confirmed—Proposed by Mr. C. J, L. Stewart, seconded by Mr. Feng Kwoh-tung.
That My. C.F, Shackleton be re-elected " director of the company.—Proposed by Mz. H. Kadoorie, seconded by Mr. Woo Chi-ming, That Messrs. Lowe, Bingham Matthews be elected auditors to the company for the ensuing yoar—Proposed by Mr, Woo Chi-ming, seconded by Mr. C. F. Shnekleton.
That the sum of Tis, 150 be donated to British Forces Recreation Centres Fund.—Proposed by Mr, A. K. Craddock, seconded by Mr.
Text read from the printed page and cleaned; old type leaves the occasional error.