The annual general meeting of shareholders in the Kroewoek Jo Plantations, Ltd., was held on March 13 in the offices of Messrs. J. A. Wattie & Ca. Mr. A. J. Welch presided and there were also present, Sir Elly Kadoorie, Messrs, W. Wakeford Cox (directors) and C. F. Shackleton (acting secretary), with a total of 100,060 shares represent-
The Chairman said:—
Gentlemen,—The directors' report and statement of accounts having' been in your hands for the prescribe ed period, I will, with your permission, take them as read. The profit shown by the working account the Dutch Company is F.260,508,20 ae, compared with F.140,060.46 last year. This satisfactory increase in profit is due not only to increased output of rubber, but also to the fact that the average nett price realized from rubber seles was approximately 13d. per th, more than in 1928. The coffee rep was somewhat smaller than in the previous year and, moreover, the average price realized was also lower. The capital expenditure on the parent estate was F.4,860.25, meinly for the erection of a new smokehouse and the purchase of a sulphur dusting machine, The expenditure on the extension was P.28,416.67, details of which are shown in the statement of accounts.
'After allowing for Dutch taxation' and the usual transfers to the Shanghai Company, the amount to the credit of the profit and loss, account of the Dutch Company, including the balance brought forward from last year, was F.203- 015.60. Your with this by raising the amortization reserve to F.100,000 and writing down other assets to a nominal figure. Out of the remaining sum, F.140,000 has been declared as a dividend and F.13,015 is carried forward:
After taking credit forthe above dividend andthe usual transfers for agency fees and selling commission, the Shanghai Company's account shows a profit of Tls. 119,780.82. The result would have been considerably better if it had not bern for the necessity of adjusting the tael equivalent of the current account with the Dutch Company to the exchange rate reling at December 31 last. The balance, of this account showed an amount of F.212,593.84 tothe exedit of the Dutch Company, which has arisen mainly by reason of. regular remittances from Java throughout the year, The balance at the close of the preceding. year was F.149,019.51, which was duced by the payment of the dividend of F.110,000 in March, 1929, but the exchange rates for these were 160 and 157, respectively. Tu the early part of the yea rubber prices were considerably higher than those ruling in the last quarter, and consequently a greater' sum was available for remittance. 3 rubber prices fell, likewise, and, as funds available for remittance diminished, full advantage could by taken of these favourable rates of exchange. The amount standing. to the credit of exchange fluctua recount in last year's accounts, viz, Tis, 7,509.52, reduced the loss on this item.
In the balance sheet you will find that your directors have made an alteration and have written off the: two reserve accounts, amounting to Tls. 59,380, from the book value of the shares'in the Dutch Company. They have done this with a view to clarifying the balance sheet, by reducing the number of items and it has no effect on the financial position of the company. The intention is to write down the cost of the Dutch shares in future years to the tael equivalent of the issued Turning now to estate matters, the year 1929 was an exceptionally dry one, and less than half the usual rainfall was experienced. On the Kroewoek Estate, the supply labour was quite satisfactory and the health normal. 'The attack of abnormal leaf-fall was still prevalent, but, thanks to the method of sulphur' dusting, the danger of this becoming chronic is past. The good effect of green covers con-Yinwes, and this is reflected in the Increased output of rubber, notwithstanding the seven months drought. Coffee has been interplanted on 170 acres and these show up well in spite of the unfavourable weather. The whole estate is reported to be in a satisfactory condition, On Bajah Estate, the 176 acres planted in 1928/9 proved to be 187 acres and a further 873 acres were planted in 1929. An area of acres was prepared as an experimental garden, and various tropical products are being tried there. The expense of this is small, and, as there is considerable reserve land, it may be found that other cultures might prove more profitable than rubber or coffee.
In view of the increasing scarcity' of good land, an application has been made to the Government for a further 150 acres and we understand that there is every possibility that this will be granted. The cost will be nominal. Labour was somewhat difficult during the year, on account of lack of housing accommodation, but the position is. gradually improving. The green covers are rapidly establishing. themselves, and the young rubber trees are looking strong and healthy. Work is proceeding satisfactorily with bud-grafting and 105 acres of the 1928/0 gardens have been dealt with already, using only the best proved material, The estimated output of rubber for 1930. is 1,050,000 Ibs., but, as your Board have agreed to fall into Tine with other companies and to cease tapping during May, 1930, the actual output will be' less. regards this action, which is on the suggestion of the combined British and Dutch Rubber Growers Asso-ions, I am of the opinion that will at least temporarily have 'a good effect on the present contion of the rubber commodity market.' It is obviously impossible to state exactly how many tons will be Kept off the present overburdened stocks, but every little helps, and, as there is reported to be a preponderance of opinion in favour of the scheme amongst both British and Dutch companies, I have every hope that the proposal will meet with considerable success, Tu conclusion, I would like to press our best thanks to the two managers, to the visiting agent and to the agents in Java for the great care they have "given to our terests during the past year. That ig all I have to say, but, before putting the formal resolutions, T stall be pleased to answer to the Lest of my ability any questions that you may wish to ask.
No questions were asked and the following resolutions were carried "That the directors' report and statement of accounts for the year ended December 31, 1029," as Presented, be adopted and passed and that. a final dividend of 10 Candareens per share be paid. making 20 Candareens per share for the year."—Proposed by the chairman and seconded by Sir Elly Kadoorie, "That the directors be authorized to donate the sum of Tis, 250 tods the supply of comforts for the foreign troops now in Shanghhai."—Proposed by the chairman and seconded by Mr. H. J. Clark, "That Mr. A. J. Welch be' re-elected a director of the company." Proposed By Mr. C. S. Yang and seconded by Mr. Quin Coy.wu, "That Messrs, Lowe, Bingham Matthews be re-elected auditors to the company."—Proposed by the chairman and seconded by Mr, C.
Yang.
Text read from the printed page and cleaned; old type leaves the occasional error.