Samagaga Rubber Ca.
'The 20th annual meeting of shareholders of the Samagaga Rubber Ca, Ltd, was held December 12 at' the offices of the' general managers, Messrs. J. A. Wattie & Ca,, Ltd., when there was an attendance representing 107,000. shares. Mr. C. F. Shackleton (chairman) presided and he was support ed by Sir Elly Kadoorie, x.8.8, id Mr, A. K, Craddock (directors), and Mr. A. J. Welch, who represented the secretaries.
In his speech, the chairman said:
During the year under review, the general managership of the company was transferred, by mutual Jconsent and with approval of the board of directors, Scott, Harding & Ca, Ltd. Messrs. J. A. Wattle & Ca, Ltd, land the statement of accounts, now before you, has been drawn up more or less on the lines of other rubber companies under their 0 managership.
T should like to express the! thanks of the company for the excellent manner in which the late agents supervised its affairs for so many years.
As you were informed by the! airman at the last annual "mect~ ing, a programme for the cleaning tup of the estate bad been decided upon, together with the necessary drainage work on the lower areas, These, programmes are being carried out, and, at the end of September, a considerable portion of the mature and the immature rubber had been completely cleared of lallang. The results from the cleanup areas are -excellent, and yields already show an increase of 50 per cent. whilst the trees now, jerry a healthy and strong foliage. The cost of this work is necessarily expensive, but I'can assure you that it is money well spent, a1
Mr. Lockyear, your manager, learrying out the work in a most} [satisfactory and economical manner, The whole cost of the work on the mature area has been charged. to' revenue, whilst the cost on the immature arca, Tls. 7,544.18, hed been debited to development aes count. In November last year small area of five acres of mature rubber was purchased at a cost. of. Tis, 8,087.16, With a view to rounds ing off the Boundaries, The result of the year's working disappointing, as it shows a los of Tis, 14,696.69, but, - considering the low price ruling for rubber, and, the heavy expenditure on cleaning up, the result is by no means-une satisfactory. might mention that the figure of loss was approximates the amount expended on the eradication of lallang, so that, apart. from this, the accounts would: have broken about square, In the aes counts for the previous year there was an amount of Tls. 45,000, standing to the credit of reserva account, but, as this was not res presented by tangible assets, vouli board decided to apply this to write {ng down assets, as is shown in thd balance sheet, After deducting the loss for the year from the credit balance brought forward, there is a balaned of profit amounting to Tis, 19,456. 40, and after applying Tis, 2,678.06 of this to writing down the' book value of various assets to @ nominal sum, it is proposed to carry fore ward the balance of Tls. 16,777.00, At the end of September, the sure plus of Tiguid assets amounted Tis, 27,077.00, whilst the crop for the current year is expected to bq 375,000 Ib, at a total revenue exe penditure of Jess than the proceeds of sales, if present prices ai@ maintained. J, therefore, have every hope that the funds at our disposal will suffice to enable the whole estate to be brought into perfect condition, "It may interest you know that the visiting agent, Pinching, considers that Samagaga, in time will bear comparison with, any estate in the Kuan district, fand, given a reasonable price for the erode ruber, the orosoct arg The rubber market, as you aod aware, has been at alow ebb fox some time, and all expenditure hag been reduced to a minimum come Fi patible with proper upkeep. Whilst the present conditions Inst, it ig imperative to conserve liquid funds, and your general managers ara voluntarily drawing reduced feed here is an improvement, Tha jon of difetors' fees has also, been considered, and the board hav agreed not to draw any foes in cash until the financial position ime Furthermore, the board that the amount fixed by, a previous meeting of shareholders for division between the directorg is higher than the size of the come pany' warrants, and, although the full sum of Tls. 2,500 fs charged through accounts, they have volume tavily agreed to reduced this to is, 1,500 for the year just past, The difference of Tls. 1,000 will appear to the credit of profit and loss account in the next accounts, There being no questions, the following resolutions were formally, proposed and seconded after which they were put to the meeting and carried unanimously:—i 'That the directors' report and slatement of accounts for the year ended September 30, 1980, as prox sented, be adopted and passod—Proposed by Mr. C. F, Shackletort and seconded by Sir Elly Kadoorie, That the app: Elly Kadoorie, K.se, ax a director be Canning and Seconded by Mr. A Craddock, That the appointment of Mr. C, Fy Shackleton as a director be cons firmed—Proposed by Mr. DI. Ey Canning and seconded by Mr, Hy Kadoorie, That Mr, A. K. Craddock be re" elected a director of the company—Proposed by Mr. H. Kadoorie and seconded by Mr. L, E. Canning.
That Mr. L. E. Canning, 0.B.by be appointed a director of the come pany.—Proposed by Mr.
iackleton and seconded by Si kadoorie, That the remuneration "of the directors be reduced from Tls. 2,500 to Tls. 1,500 per annum for divie sion as they may decide—Proposed by Mr. C. F, Shackleton and seconds ed by Mr, A. K, Craddock.
That Messrs. Thomson & Come [pany be re-elected auditors of the company—Propored. by Mr. Hy Kadoorie and reconded, by Mr. L. Ey
Text read from the printed page and cleaned; old type leaves the occasional error.