A profit of $103,485.07 was reported by the Chairman, Mr. A. J. Welch, at the sixteenth annual" general meeting of shareholders of the bong Rubber Estate, Lid, held in the offices of the secretaries and general managers, Messrs.
Wattle & Ca, Ltd, 93 Canton Road, on Friday. "The " Chairman was supported by Messrs. H. Kadoorie and R. N. Swann, directors, Mr. C. F. Shackleton, representing Messrs. J. A. Walle & Ca, Lid. and shareholders representing 2,160,950 shares.
"The meeting was not without its amusing side. Mr. L, Soyka, who at many previous rubber company meetings has had numerous questions to ask, turned up only to find that he no longer held shares in the company and therefore could. not fake part in any discussion.
The chairman said:—The working for the year under review "has resulted in a profit of {$103,485.07 as compared with a profit Fast year of $195,010.25, This tory result was achieved despite the fact that the output was some 200,000 Ibs, smaller and the average price realized for our product was only 5.16 pence per pound as compared with '548 pence per pound Inst year.
The Standard Production for 1936 allotted to the estate is 1,698,210 Ibs. being an increase of 48,440 Ibs. over hat for 1935.
There are two items on the liabi. Ity side of the balance sheet that perhaps "I should enlarge upon Firstly, sundry creditors at $40,063.- 01 appears at first glance to be a very large amount but it is capable of very simple explanation, Of this sum $80,303.94 represents the usual Tinbiities on the estate at the end of any given month, Including the proportion of the Quit Rent for the eleven months February to December 1020 amounting to $10,598. The only other large item included under this heading is the estate manager's commission amounting to $7457.87.
The second item that requires jexplandtion is the heading "Rubber Sales Suspense Account" As you fare no doubt aware export licences fare issued quarterly and not monthly but the ancial year of this com-Jpany does not close at the end of a Quarter but at the end of the first month of the quarter, The entry just referred to represents the prov vere sold in January Dut which were excess. of the proportionate allowance' for that month and. con-Sequently came out of the export quota for February, and March and therefore apply to the current fnanfai year and not to the last Strong Financially strong position and on sonuary Financially. the company is in a
431, 1609 the liquid assets exceeded he cath Habilies by S'hal $25,090.
"As regards planting matters. there was" no change in the planted area during" the "year" which remains at $1820 eres, of which 3,709 acres are tapping' snd' S1 acres are sti Immature having been planted from 1927" onwards, "An average area of 2,350 acres was topped daily throughout the year from which' a. yield of. 494 Tbs, per ere "was obtained. The tapping fyatem in vogue continues on a Tolationalbasly whereby "two-thirds fof the area is always' in' topping Whilst the other one-third is resting This system. has resulted "ina steadily increasing yield per acre. and great strengthening of the bark Tenewal_'and reserves not {9 man: cost of tapping.
jon a, reduction per pound in' the
"Beyond. the usual amount of root disease amongst the' old. rubber feather pests nor diseases gave any facial trouble during the year and any sporadic cases that "occurred treatment, were promptly given the necessary
Speaking generally the gardens are free from noxious growths and are In excellent order so that the estate has retained its "pre slump" condi tion in spite of the drastic econom! that have been enforced for several years past, The supply of labour was ample for all requirements and 1 am glad fo say that, thanks to the" antly malarial "measures that were continued, the health of the force was excellent, All buildings and ma= chinery were given the necessary upkeep and are reported to be in first class order, Star Thanked gomeusion, Gentlemen, 1 would convey our very best thanks fo the manager, the acting manager and the staff, to the visiting agent fand to the agents in the Straits for the whole hearted and successful way in which they have collaborated In the inauguration of economies and for the cheerful manner in which they have accepted In the past heavy fents in their emoluments in the endeavour to enable the company to survive the crisis, which is, now, 1 hope, a thing of the past, In this connection £ must tell you that Mr, MeKenzie, who has managed Tebong so efficiently for the past 21 years, is retiring at the end of this month and I take this opportunity of thanking him publicly for his loyal services in good times, and in bad ones and of wishing him long life, good health and every happiness in, his. retirement, There being no questions asked the following resolutions were put fo the meeting and passed unanlmously:—"That the directors report and state: ment of aceounis for the year ended presented be adopt-
Goltar cents per share be pald: Proposed by Mr, A, Sweleh, seconded by Mr. R. N. 84 that. dtr. 2. N. Swann' be Feu 2 directo the company: Proposed by seconded by Mr. Ya mews be re-elected pany? Propoted by Mr M, KO, seconded by Mr. C. 8, an
Text read from the printed page and cleaned; old type leaves the occasional error.