"the Met annual -general meeting] of the Shanghai Malay Rubber Estates Ltd, was held on March 26 at the offices of the Secretaries and General Managers, Mesirs. J. A. Wattle & Ca,, Ltd, 10 Canton Road. Mr. A. J. Welch, the chairman, pre-Sided, and the attendance represent ed_35,087 shares.
The chairman's speech was as follows:
'The working for the year result ed in a prof of Tls. 16,946.46. as, compared with a profit' of Tls. 110,002.41 for the previous year. "This is a very material decrease but on the other hand it is satisfactory to have been able to show any profit at all when one takes into consideration the facts that the output of rubber was 43,182 Ibs. smaller, mainly due to the cessation of tapping during the whole month of May, and that the average net} price realized for our rubber was} only 4.72 pence per pound as com-paved with 9.50 pence last yea During the last six months of the year the most rigid economy] was enforced under every heading! but it is not likely thai the present low rate of expenditure can be continued indefinitely without risk of! eventual damage to the plantations.
Turning now to the balance sheet the capital expenditure during the year amounted to Tls. 45,591.17 of which Tls. 38,713.60 were spent on clearing, planting and upkeeping. of 238 acre Tis, 2,083.54 were spent on bull ngs and the balance on machinery the water supply, The espenditure during one quarter of the aforementioned amount.
In order to clarify the "balance_ i sheet your directors propose transfer the sum of "Tls. 10,000 now standing to the credit of re-torve account and to write same off development, account.
As regards the financial position of the Company the surplus of
was. Tls. 21,806.07, which whilst liquid assets at the end of the year of so strong a position as I should Tike to. see, is, T venture to hop sufficient to see us safely throug! the present crisis, Tt'is unfortunate that the pro-'At was not sufficient nor did finances permit the payment of the dividend fon the preference shares, but as this dividend "is cumulative any arrears will form a, first charge against any profits that may be earned when more prosperous times! return to the industry.
Turning to planting matters. the! old rubber ona small area of 23 feeres on Chengai Estate was cut! out and the plot was planted with badgratts from well-known clones. This area will in time form a source of supply of planting material for fany future extensions or alterna ively the budwood can be sold at vemuinevative prices.
The whole of the mature area on this estate is under fine grass and! fern, whilst im the immature area! green legumes have been established_and contour drains dug.
Except for a few fields where the bark renewal is rather thin and hard, the conditions in this respect and the standard of tapping and bark renewal are up to the average.
Neither pests nor diseases gave! any serious trouble during the year but there are a fair number of diseased or useless trees now await. ing removal from the gardens, and this work is being taken in hand Labour can be spared from more important work, Latex. tanks were installed and water Laid on the factory which proved arrangements have i proving the quali four product that If now almost variably altaine the award—for standard sheet in the Singapore market, The supply of labour was ample! for all requirements despite a some~ what drastic reduction in the standard rate of wage during the year|be and health conditions were satisfactory.
With reference to Goodheart_ an area, estimated to be approximately 80 acres, of the new land was} felled, cleared and planted. This! area has been terraced where ne-assary and is under a cover of green" legumes which effectually, Prevent te loss of the top soil from Wash and also add humus and] nitrogen to the soil.
The mature area is under. fi grass and the whole of it was tapping during the year. The rate! of tark renewal is moderately sati factory and the consumption of bark normal.
Any labour that was required was readily forthcoming during the year and health conditions were Speaking generally both estates are la good condition and every effort is being made to cove with is through which the indus try is, passing at present.
In conclusion, gentlemen, T would like fo give expression to our appreciation and thanks to the managers, visiting agents and'
Text read from the printed page and cleaned; old type leaves the occasional error.