The annual meeting of the Cheng Rubber Estates, Ltd, was held at. noon on Sept. 26 in the offices of the secretaries and general managers, Messrs, J. A. Wattie & Ca., Ltd. there being an attendance represen! ing 33,542 shares.
Mr. A. K. Craddock presided and he was supported by Messrs. Hugo Reiss and C.F. Shackleton (directors) and Mr. A, J. Welch, who represented the secretaries and general managers.
The chairman, in his speech, said:
Gentlemen—The report and accounts having been in your hands for the prescribed period I will, with your permission, follow the usual procedure and take them as reads The working for the year has resulted in the modest profit of Tis, 1,106.09 which, however, I think you will agree is satisfactory in View of the fact that, owing to the Sas placed upon the output, the top Was only' 149,000 ib, paved with 214,500 Ib. last sear, oF a decrease over 80 per cent.; as a consequence of the smaller output the cost of production rose by 1d. per Ib. and at the same time the average price received for our product was over 58d. per Ib. lower.
In this connection I may tell you that the estimated output for the current year is 270,000 Ib, which it is hoped to-procure at an inclusive cost of somewhat under 7d. per Ib.
Text read from the printed page and cleaned; old type leaves the occasional error.