The arrival meeting of the ShanghaiiSeremban Rubber Estates, Ltd, was held on March 37 in the "otices of the secretaries and general managers, Messrs. J. A. Wattie & Ca, 16 Canton Road, when Mr. C. J.-L, Stewart presided. 'The directors present, were Messrs. 'A. K. Craddock and' M. Spelman and Six Elly Kadoorie, while Mr. C.
Shackleton represented the secretaries, The number of shaft represented was 88,200, 4
'The Chairman said:—The direetors' report and statement of accounts have been in your hands for the prescribed period, so with you permission I will take them as read.
Taking into consideration the conditions of the rubber market during 1929, I' trust you have found the result of the year's satisfactory. The net proyned amounts to Tls. 55,686.17, which together with the amount Ins. 1,776.67 brought forward from the preceding year and deducting the sum of Tis, 16,250 amount of the interim dividend paid on August 22 last, gives a divisible balance of is, 41,192.84, which the Directors recommend shall be dealt with as stated' in their report and which I shall put in the form of a resolution later on. By writing off the appropriations suggested, the various assets mentioned, with the exception. of property account, will stand in the company's books at the low figure of one tael each, Tt will be noted that the amount Tls. 40,000, which formerly stood at reserve account, has been transferved:—Tls, 12,000 to credit of property account and Tls. 28,000 to development account. The latter account is now completely written off, and after writing off the small sum of Tis, 988.33 as recommended.
the report, property account will 262,000, stand at the round figure of Tis.
With regard to the item "Invest ment account," which has appeared in previous balance sheets, I have to state that the 53 per cent, Loan Bonds held, were redeemed by the Straits Government during last November and proceeds have been remitted to Shanghai, You will have noted from the ne-counts that there is a profit of Tis, 4,022.54 on the realization, which is dye to the favourable exchange at which proceeds were remitted.
If you approve and pass the resolution for the payment of the final dividend and donation to the troops, the company will have started the new year with a surplus of assets over liabilities of Tis, 64,864.80, a very satisfactory position, you will admit.
Mr. Pinching, the company's technical adviser, visited the estate during the latter part of November and has stated that very little change has' fo be reported in the general condition of the trees and throughout the estate the rate of growth and development of the trees continues to be very sat factory. Crown development generally is good, and ample space has deen allowed by judicious thinning out in the past for that development. Occasional root-discase, like in all old estates, is showing, but not to an extent calling for alarm, Bark renewal continued to be very is factory and in every field the trees carry ample reserves tappable bark for future use, Paetory buildings and machines ave in good condition. In August a5 lip. Petter engine and a. battery of four machines were installed together with a pump at a cost of $3,383. This plant was a necessity as the crop was too large to be treated by man-power. A new permanent packing shed "was erected at a cost of $950. All other buildings are in a satisfactory condition, and the water supply is adequate for all purposes.
Text read from the printed page and cleaned; old type leaves the occasional error.