Sua Manggis Rubber Company 'The 20th annual general meeting lof the Sua Manggis Rubber Ca. Ltd. iwas held on April 8 at the offices of the secretaries and general managers, Messrs. Scott, Harding Ca., Lid., 85 Peking' Road.- The directors present were Messrs. L. E. Cainning, (Chairman), A. K. Crad-Jdock and G. H. Wright, with Mr. D. M. Butt representing the secretaries and general managers, and the total attendance represented 53, 175 shares, After the secretary had read the notice convening the meeting and the statement of the auditors, the Chairman addressed those present follows:—The report and accounts have been jin your hands for the past week and. with your permission I will follow the usual practice and take them as read.
The report itself is a fairly detailled one, and as there was only routine Jwork undertaken during the year, will confine my remarks to the tual results of the year's working as they effect the financial position.
The output for the year was 202,- 300 Ib. an increase of about 10 per cent. on the previous year, and this is attributed to the extensive cultivation which has been carried out in recent years. Better results have also been obtained by the reduction of the number of trees tapped per Jeoolie, the aim of which is to complete the excision of all trees during the best yielding hours. Owing toa shortage of tappers this reorganization was interfered with but was expected to be completed early this year.
The benefit from the increased output was in some measure offset by the lower average nett price for all grades which was 6.46 cents per result "ar in working acbut the nett
count shows an increase in profit of 9,654.60 as Tls. 7,678.62. ast " year. The nett profit in profit and loss ly Tis, 12,384.20 as against Tis, 7,057.75, an increase of Tls. 589645. "The greater increase in this account as compared with the working account is attributable to the effect of the Straits dollar ex-
Jchange on the valuation of the comppany's assets, These in the accounts fare shown in Shanghai taels, and it! has therefore not been necessary to make such a Inrge allowance for Jdepreciation in that currency as has been necessary in previous years. All fixed assets are, however, well written down, To view of the increased profit for the year under review 1928, Tam afraid it} be a disappointment to some shareholders that, although a divid-jond was paid for 1928, the Board hax decided not to recommend payment of one for 1929. It must not bbe overlooked, however, that it was only possible to pay a' dividend for 1028 on account of the large carry forward from 1927 combined with the general outlook at this time Inst, sear, which, although not then very bright was, T think, generally considered to be better than the present outlook.
The total standing to the credit of profit and lors account is Tis, 28, 397.67, only just over 10 per cent.
the' paid up capital, a proportion which, with existing market conditions, is no more than a safe margin. 1 can assure you, however, that should conditions improve we shall cive full consideration to the payment of an interim dividend, You are all probably familiar with. the proposed scheme of the combined British and Dutch interests for the cessation of tapping during the month of May, the aim of which is to reduce the world's stock of rubber, which, it is hoped will have some effect on the price of the commodity. The Board has agreed to support the scheme, and in. doing it is anticipated that any loss in revenue will be more than offset, not only by a possible slightly enhanced price in rubber but by the benefit which will be the natural result of resting the trees. Last but not least, the employment.of the tapping force during that month on jeultivation and other work will all be of direct benefit to the estate.
That is all I have to say, Ger.|men, but before formally proposing the adoption of the Report and accounts, 1 shall be pleased to ans- hi wer any questions to the best of my ability.
There being no questions, the following resolutions were put to the presented be, and are hereby, age cepted and passed, and the balance fof Tls. 28,397.67 in profit and lesd account be carried forward to th 1980 account. Proposed by Mr. E, Canning, and Seconded by Mry ALK. Craddock, "That Mx. L. E, Canning be, and ig hereby, re-elected a Director of the Company. Proposed by Mr, E. Fy Harris and seconded by Sir Elly Kadoorie.
Text read from the printed page and cleaned; old type leaves the occasional error.