The annual general meeting of the "Shanghai Klebang Rubber Estate, Ltd,, was held on March 11 at 10 Canton Road with Mr. C.J.L. Stewart, chairman, presiding, sup-Ported by Messrs. A. K. Craddock and A. J. Welch, the latter representing Messrs. J. A. Wattie Ca, Shaves represented were 52,590.
Im his speech the chairman said:—
Gentlemen,—The report and accounts have been in your hands for some time, so with your permission we will take them as read.
The balance sheet before you shows a satisfactory financial position, and calls for little comment, The profit for the year amounts to Tls. 35,017.27 which together with the balance Tls. 672.76 brought forward from last year makes a total of Tls. 95,600.08. After deducting the amount Tls. 15,680.65, of the interim dividend" paid on August 22, 1929, there remains a divisible balance' of Tls. 20,000.38 which your directors recommend shall be dealt with as shown in the report and which T shall put in the form of a resolution later on.
You will have noted that the amount of general reserve account Tls. 40,000.—has been written off property account, this has been done for the purpose of reducing the items of the balance sheet.
Investment account now stands at Ts, 13,209.25, a reduction of Tls. 5,003.03. as compared with the amount shown in the previous year's account. This is due to the redemption by the Straits Govern. ment of $6,000—5a per cent. Conversion Loan Bonds during Novenlast, proceeds of which have been remitted to Shanghai.
After payment of the final will Tls. 15,680.65, the dividend as recommended, which
Company will have started the new plus of liquid assets of Tls. 49,834.39, which T am sure you will class as satisfactory.
'Turning now to estate matters, the new clearings, 34 acres which I informed you in my speech last year, had been cleaned and planted, reported as being in good con-ition, the young trees continue to make' excellent progress and are carrying healthy foliage.
The 10 acres replanted in 1927 axe also showing well.
Very little has to be reported regarding the mature area; root disease continues to slowly spread amongst the trees, this, however, is to be said of nearly all old estates in the F.M.S. Your directors have under consideration the replanting of vacant patches caused by the taking out of diseased trees. Other than in those root disease patches the growth and condition of the trees'continue to be generally satisfactory.
The rate of bark renewal is good and most trees carry sufficient reserves for the continuation of the present tapping system.
Pests and diseases other than root diseases gave little trouble.
'A crop of 242450. Ibs. was harvested against the estimated crop
Text read from the printed page and cleaned; old type leaves the occasional error.