Mr. A. W. Burkill presided at the annual meeting of the Padang Rubber Ca., Ld., held yesterday at 2 Canton Road, and there were 5, 735 shares represented.
The Chairman said: The report and accounts having been in your hands for some time, I will. with your permission, follow the usual Course and take them as The report, as on former occasions, gives all the: necessary details regarding the working of the estate and I have very little to comment upon. 'The output for the year was 178,129 Ib., which was harvested at an "all-in" cost inclu ding Shanghai expenses of 11.10d. per Ib, against 164,328 Ib. ut a ost of 18014. per Ib, for "the previous year. The estimates for' the year ending April 90, 1926, wore conservatively based on an output of 172.470,: r 60 pr cent. of our standard production. The rise in ruv'y.s since this es:'mrts was made justifies 's in anticipala higo: outrt, and -7:\out ming undo 7 optimistic, we ought fet at ler't 227,00 th, this next Ginancial year, consequently we can Took to a reduction in the cost of Production, As you will see from the report, our standard produc tion for the third restriction year thas been increased 14,200 Ib, over the previous. yes The estate by Mr. J. W, Kennedy, ports indicate a very' satisfactory} state of affairs particularly with regard to the development of the younger areas, The estate was maintained in good order throughout the year and T would like to take this opportunity of expressing the Board's appreciation of the work done by the manager and staff, also the visiting agent and local agents in Penang.
Turning to the accounts, the profit for the year amounted to TIs.24- '954,62, which, added to the balance of Tls.17,037.64 brought forward from the previous year, makes total of Tis.Al, t credit of profit and loss account, Inter propose a resolution to pay a. dividend of 50 cents per share, ab-
The average selling price for! the year was 14.8.8d,, and the com pany did not benefit' very much by: the high prices that have been ruling during the past few months, Dut the current year's accounts should show a very substantial return to shareholders The following forward sales have been made:—2 1-8 tons per month for the whole of 1925 at a price of 54 1-4 cents per Ib. andi 1-2 tons per month for the whole of 1936 at 65 cents per 1b.
The following resolutions then were carried unanimously:
Proposed by the Chairman and seconded by Mr. E. T. Byrne:—"That the report and accounts for the year ended April 30, 1925, as Position of the company the directors have decided thet it is only: right to pay a dividend and this resolution will come before you La of the increase in the rice of labour we can look forward to a bigger output during the next financial year, with a reduction in the cost of production, and with better prices ruling, results will show an appreciable improvement over the account now before you. the same time there is no doubt that a small estate like ours, with no reserve land to plant up, is not in w very strong position, and for some time past the future of this company has had the serious atten tion of your directors, and negotiations are in progress with a neigh-douring estate for the acquisition lof this company. Whilst it may be 1 few days yet before we can cir-colorize the shareholders, the directors consider it necessary to inform you that an offer has been made.
T would take this opportuni however, of warning shareholders that this offer, which is partly la shares in the purchasing company and partly in cash will not be the equivalent of the par value of their shares, viz., Tls.10, but is approximately the' present market quotation. A full statement will be ued to the settled.
Before concluding, 1 would like to make reference to' the very good work that our manager, Mr. J. A Castle, has done our appreciation of the rendered by Mr. J. W. Kennedy, our visiting agent.
The following resolutions then were corried unanimous Proposed by the, Chairman at ended by Mr. E. E. Parsons:
hat the report and accounts for the year ended March 31, 1925, as presented be accepted."
Proposed by the Chairman and seconded by Mr. E. E. Parsons:
hat the following recommend: tion as to appropriation of balance lat credit of profit and lose account prevented be aceeptedsPay a diz vided of Tls.0.50 per share (5 per Jcent.) Tls.12,500.00; carry forward Proposed by Mr. E. E. Parsons and seconded by Mr. C. R. Burkill "That Mr. Chung Bing-him be elected a director of the company.'
Proposed by Mr. W. A. Ogden and seconded by Mr. C. J. Smitt "That Messrs. Thomson & Ca. re-elected auditors to the company."
Text read from the printed page and cleaned; old type leaves the occasional error.