The annual meeting of the Se lembu Rubber Estates, held on March 19 offices of the-secretaries and generjal_managers, Messrs. J.A. Wattle.
10 Canton Road, when Mr. A. J.'Weleh presided, supported by Dr. B, L, Marsh and Mr. A. W. Burkill (directors) and Mr. C. F. Shackleton (secretary). There Iwas an attendance representing Gentlemen, 'The report and ae counts having been in your hands for the prescribed period I propose, with your permission, to follow the usual custom and to' take them as The workitig for the year unde review has resulted in a small profi Jof Tls. 11,642.80, but 1 must point. four that this profit would have been considerably less had it not been for folie fact that the 1928 stock of rub bor when sold realized a surplus of Tls. 3,177.80 over the valuation. placed upon it in last year's ac-
'Your directors regret exceedingly' that in view of the present depress fed state of the rubber industry they Ido not consider it expedient to recommend the payment of a dividend, even though it was a very small tone, but rather do they' deem it to be better policy to conserve as much, 'a8 possible the financial resources Jof the company, and if you pass the recommendations now made, the Jeompany will have a surplus of Tiguid assets amounting to some-]what over Tls. 45,000, in addition to) which there is a surplus of some Tls. 10,000 over the book cost, in the proceeds of the sale of the £2,600]
per cent. Loan.
Capital expenditure was not heavy during the year. Tls. 4,072.70) were spent on the upkeep of the! immature area and Tis, 599.62 on buildings.
Turning now to planting matters, no additions were made to the plant-actual output will no doubt, be less but what the difference will be it is impossible to foretell with any certainty."
The young areas are reported to be coming along very nicely and promise to be good yielders wh the trees reach maturity, and general appearance and condition of the property at the end of the year is said to be satisfactory.
In conclusion, Gentlemen, I would to express our best thanks to Mx. Horswill our manager, to. Mr. Pinching our visiting agent and Messrs, Kennedy Burkill & Ca. Ltd, our Straits agents for the eft cient manner in which they, have administered the affairs of the estate during a difficult period.
That concludes my remarks, Gentlemen, but before: I formally [propose the adoption of the report and accounts I shall be pleased to answer to the best of my ability any questions that you may wish to ask.
As no questions were asked, the following resolutions were put to ithe meeting after having been pro~ posed and seconded and were carrl-
'That the directors' report and [statement of accounts for the year lended December $1, 1929, as presented, be adopted' and passed Proposed by Mx. A. J. Welch and seconded by Dr. E. 1. Marsh.
That the directors be authorized to donate the sum of Tis, 160 towards the supply of comforts for the foreign troops now in Shangfhai—Proposed by Mr. A. J. Welch jand seconded by Mr. A. W. Burkill.
That Mr. H. Kadoorie be lclected a director of the company.—Proposed by Mr. C. J. L. Stewart land seconded by Mr. Quin-coy Wu.
That Messrs. Lowe, Bingham Matthews be re-elect the company.—Proposed by Sir Elly Kadvorle and seconded by, Mr. Io. J. L. Stewart,
Text read from the printed page and cleaned; old type leaves the occasional error.