The annual meeting of the Shanghai Kelantan Rubber Estates (1925) Ltd. was held on April 15 in the offices of Messrs. Seth, Mancell & MeLure, the secretaries and general managers. Mr. W. Burkill presided, and was supported by the Rev. J. Gerey, Mr. A, MeLure and) Mr. A. J. Welch, directors, Mr. W. Ht. Sturrock representing the secrétaries and general managers, and shareholders representing in all 86,925 share he notice convening the meeting and the auditors' report having been read the Chairman said:—
Gentlemen, the directors' report and accounts having been in your hands for some time, I propose, with your permission, to adopt the usual procedure and take them as read, The annual accounts show a profit on the year's working of Tls. 11,801.98. While this is not too satisfactory, we can at least con-/gratulate ourselves that we managed to pay our way, The average price realized for our rubber was 8.84d, as compared with 9d. in the previous year, Owing to our capital expenditure we had to remit money to the estate and thus lost the benefit of the favourable exchange ruling for companies who had surplus funds to remit to Shanghai, The crop for the year was 232,000 Jb, and was just a little short of the "estimate of 240,000 1b. For 1930 the estimated production is 240,000 1b, During the first three months of 1930 the crop has been 00,700 Ib. as against 541,900 Ib. in the previous year.
For 1930 our tal expenditure fon development estimated at Sing, $16,532, of rubber pre to make further remittances to the estate. We can only hope that we be saved doing this by an increas in the price of the raw material due to the proposed restric tion by producers, or other causes.
At any rate, gentlemen, a policy of strict economy is necessary for the next two years, and after that date we will be helped by the fact that part of our new plantings will then come into bearing.
During the year a survey of the estate'was made, This showed th our planted area had been overestimated by throe acres and the exact figures are those as shown in your directors' annual report, As I informed you last year, we made a change in owe estate management, owing to the fact that your directors were not entirely tified with the reports received visiting agent with regard jon of the estate. 1 am. now pleased to be able to inform you that Mr, Pinching, our visiting agent, considers that slow but decided progress has been made under the direction of our new manager, Mr, Watson, towards the clearing up of the estate. He also reports that the tapping, which was bad and the consumption of bark heav: as shown a distinct improvement.
The health of our labour force was decidedly good and the statisties for 1929 showed a considerable improvement over 1928. We favourable reports from the health officer, There wai considerable shifting around of labour, which seems to be general in the State of Kelantan,. The ing the year.
The percentage oh No.
1 grade rubber "manufactured showed improvement, being 87 per cent. against 84 per cent, the previous 'AS I informed you last-year your general managers have not drawn their remuneration for.1920, and this has been placed to their credit in the books. Your directors have also done the same with regard to their fess, and the Penang agents have only drawn a proportionate amount of their remuneration. This policy will be continued until such time as the company has safely weathered the dificult times it is passing through, Our thanks are due. to Mr.
Pinching, our technical adviser, and to our Penang agents for the' care they cave devoted to our interests during the past year.
In recommending that Tls, 10,000 should be written off development account your Directors are actuated by the fact that part of our newly planted aren (about 98 acres) ws
Text read from the printed page and cleaned; old type leaves the occasional error.