It will probably be found possible {in practice to produce for some time to come the full export allowance }from Repah Estate and to close down See Kee, so that shareholders in that company will receive a quid pro quo in the shape of the much cheaper production cost on Repah. These considerations were all taken into account when arriving at the Easie of the proposed exchange ct 'There are many other ways in which economies will be possible, such for instance as a reduction of the amounts paid for directors', auditors' and secretarial fees and in administration generally.
Finally, by amalgamation and the subsequent issue of a limited amount} of fresh capital, we shall be able to extinguish our debt and the profits for the current year—whic present prices, iderable—will be tribution in the shape of dividen:
To put the position in a nutshell without amalgamation neither company can pay a dividend for prob ably two years to come, whilst, if it takes place, the combination will be on a dividend paying basis at once.
That concludes my remarks, gentlemen, but before formally proposing the adoption of the report snd accounts, I shall be pleased to answer to the best of my ability any questions you may wish to ask.
The Resolutions There were no questions and the following resolutions were formally put to the meeting, seconded and carried unanimously:—
'That the directors' report and statement of account presented, adopted and passed.—Proposed by Mr. B. A. Clarke, and seconded by Mr A. J. Welch.
That the appointment of Mr.
J. L. Steware as a director of the company, be confirmed,—Proposed by Mr. A. Hillaly, and seconded by Mr. A. K. Craddock, That Mr. E. 8. Kadoorie be re-lected a director of the company Proposed by Mr A. J. Welch, and seconded by Mr. A. K, Craddock, That Messrs, Lowe, Bingham and Matthews be elected auditors to the company. for the ensuing year—Proposed by Mr. H. E, Rigge, and seconded by Mr. A. Hillaly.*
This concluded the business of the meeting.
The Fusion Scheme As outlined at a meeting of the! Repah Rubber Estates on Wednes-a proposal has been to amalgamate this company with the See Keo Rubber Estates, Ld. Circulars have been issued to the shareholders of both companies in practically identical terms, the Principal parts of which are' given Ukely to pay any di possibly two years, whereas the yuited companies, "amalgamate under the scheme which is set out vantages not possessed by the other, end it is hoped that not only can these advantages be utilized for the benefit of the combined companies but that great economies can be effected in running expenses and administration. As Repah is the larger company it is proposed that See Kee should be absorbed by the Repah Company which can increase its capital in order that sufficient shares in Repah may become available for the shareholders of See Kee whose assets will be purchased by shares la the Repah Company.
These assets cepsist, of course, principally of the estate of See Kee [comprising two properties, six or seven miles apart, with a total area
Text read from the printed page and cleaned; old type leaves the occasional error.