The tenth annual general meeting of shareholders of. the Kota Bahroe Rubber Estates (1921). Ltd,, was held at the offices of the Secretaries and General Managers, Messrs, A. R, Burkill & Sons, 2 Canton Road, on October ' 9. Mir. C. R. Burkill presided, and was} supported by Messrs. C. M. Bain and T. E. Trueman (directors), Mr, E. A. Prince represented the Se-cretanes and General Managers, The chairman said:
The report and accounts having been in your hands for some time, will, with your permission, follow the usual course and take them Since the last report, a small area of 21 acres planted last} September, is included in the nonproducing area on Kota Bahroe. This completes the planting programme of 500 acres commenced in 1926, The growth of the trees in the immature area continues to make satisfactory progress and quite a fair proportion of the trees in the earlier plantings are fast} approaching the tappable size, In the mature area the trees have a healthy appearance and carry good crowns of foliage, and the general condition of the whole area calle for no particular comment, The rate of bark renewal in most areas quite satisfactory and generally speaking the trees carry quite good reserves of tappable bark for future use, Compared with the previous year, the result of the year's working is not satisfactory. The profit for the year was Tis, 16,75687 against Tis, 55,858, the poor showing being entirely due to the fall in rubber prices during the year, the average selling price being 24, per 1b, lower, You will notice from the report that while the f.0.b. cost of produetion on Kota Bahroe Estate shows fractional increase over last year's figure, the cost of 4.694. per 1b, may be regarded as satisfactory, but costs on Gunong Rapat_and Canning Estates are higher. Every effort has been made to bring costs on these two properties to a reasonable level, but owing to their small size, mi for higher overhead expenses and to the fact that they are both situated near Ipoh, where labour is more difficult and expensive than the more remote estates, Tam afraid that neither of the properties is capable of showing better results.
With the Government's refusal to intervene in the present crisis, prices have shown a further decline and your directors, after considering the matter, have adopted the only obvious course, and closed down these two estates, and tapping! will cease on October 15. It is proposed to place the estates in charge of a native overseer under the supervision of our Kota Bahroe Estate manager, and expenditure will be confined to the bare mai tenance cost only. The indust passing through a period and by instituting every economy, it is to be hoped that we shall be able to tide over until conditions improve.
That men, and in conclusion I would take this opportunity of expressing the board's appreciation of the good work done by the estate managers and staff, technical adviser and Straits agents for their good care of our properties throughout the year.
Before putting the resolutions to the meeting, I shall be glad to answer to the best of my ability any' questions shareholders may wish to) ask.
'There were no questions, and the following resolutions were' put to {the meeting and carried unanimoss-
That the report and accounts for the year ended June 30, 1930, as presented, be accepted, Proposed by Mr. C. R. Burkill, seconded by Mr. T. E, Trueman, That the following recommendation as to the appropriation of the [balance at credit of Profit and Loss:
Account, as presented, be accepte Proposed by Mr. C. R. Burkill, seconded by Mr. C. M. Bain.
That the appointment of Mr. C.R. Burkill as a director of the company] be confirmed. Proposed by Mr. T. E. Trueman, seconded by Mr. E. A. a director of the company. Proposed by Mr. H, J, Clark, seconded by, Mz. Chung Bing-him, That Messrs. Lowe, Bingham Matthews be re-elected auditors. the company. Proposed by Mr Chung Bing-him, second by Mx H, J, Clark, Zoong Sing Cotton Ca.
The 11th annual general meeting of shareholders of the Zoong Sing Cotton Mills, Ltd, was held on October 9' at the registered offices of the company, 8 Rue do Consular. Mr, B, D, Tata presided, imported by Messrs. E, Nissim and Moise Ezra (directors), the attend= ance xcpresenting 150,574 shares.
The notice convening the meeting having been read, the chairman said:
Before commencing the formal business of the meeting, I must refer with deep sorrow to the untimely, death of Mr. Woo Ling-shu, which occurred only a few days agg after a brief illness. Mr. Woo was a member of the board of directors, this company from its inception up to the time of his death. He always took a very keen interest in our affairs and, with his wide knowledge of business very valuable services. His passing has deprived us of one of our best friends and a trusted adviser, The report and the statement of accounts have been in your hands for some days and I shall, with your approval, take them as read, In spite of the disruption of trade caused by frequent military up" risings in various parts of the country, the year's working shows profits in excess of those of the seeding year which, it is hoped, Il be considered satisfactory by, the shareholders.
The first quarter of the period under review witnessed an active demand for yarns stimulated by the seemingly peaceful conditions pre+ the country, but the sudden outbreak of hostilities, with the Kuominchun in the autumn, which fortunately was of stiort Curation, affected the market adversely. Clearances gradually fell off and by December stocks began to accumulate. Conditions did not improve till March when, notwith= standing' the resumption of fighting in the North, there arose a good comand for yarns from those cone suming centres which were unaffectby the war, increasing the off take which has been well maintained to date, The fluctuations in the prices of yarn and cotton were moderate and the manufacture of yarn was profitable during the major part of the yea Turning to the balance sheet, T should like to explain that, although our stocks of yarns, as shown, are heavier than in the preceding they have all been taken delivery of since the closing of the accounts and at present we carry no stocks at all, T have no intention to predict the future, but with the satisfactory, results of the past year before you, it is easy to imagine what can be uichieved, were the country to enjoy she blessings of peace, As stated in the notice convening the meeting, you would have been, in the ordinary course, asked to elect two gentlemen in place of the retiring directors, one of them being Into Mr. Woo Ling-shu, but you I now have to elect one director only.
Gentlemen, 1 have nothing further to say but, before proposing the adoption of the report and accounts, I shall be pleased to answer to the dest of my ability any questions put to me by any of the shareholders concerning the affairs of the mills.
There being no questions, the following resolutions were put to the meeting and passed unanimously:—That the report of the directors and the audited accounts as standing on June 80, 1930, presented to the shareholders, be adopted and that the allocation of the balance of profit and loss account, as, recom mended by the directors, be passed. Proposed by Mr. B. D, Tata, second= Mr. M. Ezra, That Mr. Moise Ezra be re-elected a director of the company. Proposed by Mr. B, D. Tata, seconded by Mx.
Nissim.
That Mestrs Lowe, Bingham, and matthews be re-elected auditors to the company for the financial year ending June 20, 1931, at a fee of Tls. 750 yearly. Proposed by Mr. BP. Mehte, seconded by Mr. Tung The. proceeding. were brought a close with a vote of thanks to the directors moved by Mr. R. B. Cooper.
Text read from the printed page and cleaned; old type leaves the occasional error.