The annual general meeting of the Consolidated Rubber Estates (1914), Ltd, was held on April 17 in the offices of the secretaries, Messrs, A.R. Burkill & Sons, 2 Canton Road, when Mr. E, T. Byrne presided over shareholders representing 58,100 shares. The directors present were Messrs, A. W. Burkill, G. Hummel, 4. R, Moodie and Hugo Reiss and Mr. C. J. Smith acted as secretary, In his speech, the chairman said gentlemen:—The report accounts having been in your hands for some time, I will, with your Permission, follow the usual course and take them as read, During the year, " shareholders: Jwere advised of the purchase of block of approximately 600 acres of young rubber situated within 10 miles of our Sitiawan property and that there was also a possibility of acquiring a further area of young rubber adjoining: the land already, purchased.
'AS the result of negotiations, we were fortunate in obtaining further area of 168 acres of land planted with rubber averaging from to 2 years old, This land adjoins the navth east boundary: of the 600 acre block, and is particularly desir able in that it vans dawn to a creek which flows directly into the Dindings River, thereby ensuring an easy, inexpensive and direct water, communication with Lumut town from which estate produce from the whole of the 770 acres will be shipp= ed. The acquisition of these new areas, which, in future, will known ax the Lumut division, will entail no extra supervision, and, as soon ax the bungalow and cool lines are completed, Me, Leach will be transferred from Sungei Nibong: Estute to act og superintendent on this division. "Until the results of the mtrvey of the new properties are to hand, the acreage of 770 acres. fas shown in the report must, be taken only as approximate, The total cost of the new land, as you will "ce from the accounts was Tle, 204,782.80 and the purchase, Tam glad to say was met. from sh in hand, In our circular to shareholders dated October 14, 1929, wae stated that the first purchase of 600 acres could probably Aeveloped without resorting tow fresh issue of capital, In view, how= Jover, of the further acres which cost. approximately. Ths.
37,000, and the contemplated ment of _a final dividend absor= bing Tle. 75,000, our cash position will have been brought to a very. ove level and this, combined with the very small margin of profit at present being obtained from the sale of our crop, it may now be necessary. to consider the question of issuing further capital to provide funds for the necessary new buildings and to bring the new area into bearing. 16 estimated that approximately Tls. 100,000 will be required for this. purpose, of which Tls. 40,000. will bbe spent this year, and the directors consider: the "best interests of the company will be served to disnore of, la the ope market from tine to time as funis are required, a Sai) unt number of shares to cover the "xnenditare, The owipiat of 1.197.103 Tos, is some $95,000 ths. more than that harvested the "all-in" cost sows a reduction of Id. compared with the previous year, The average nett price yadized was 214d. per Th, fagains{ Sid. per Ili. the previous year, The profit for the year, whick to Tle, 17145048 is ale (Continued on Page 144.)
Text read from the printed page and cleaned; old type leaves the occasional error.