_, The 21st annual general meeting [of the Cheng Rubber Estates. Ltd, was held on September i4 in the premises of Messrs, J. A. Wattie & Ca, Ltd," at' 10 Canton Road. "The shares represented were 92,718. Mr-Elly Kadoorie and Mr GF.
reddock presided, supported by Sir
Shackleton, directors, and Mr. A. J. Welch, secretary.
In "his speech the Chairman'
The report and accounts, having been in your hands for some time, with your permission, take them as read.
It is to the great regret of-your directors that on this, your coming of age meeting, they are unable place before you a more favourable report_and accounts. I do not, however, think that the result will come as any surprise to you, in view of the utter collapse of the price of raw rubber, and an even greater loss might well have been expected, That this did not occur is due to the drastic economies that have been carried out for the past year, and which are still taking place, and since June a considerable farther eaving has been effected.
In order to show the extent of the xeduetions, I may mention that, although the crop was 263,000 Ibs. og compared with 255,000 'Ib the previous year, the expendi in the Straits was only $39,812.1 against $59,378.89 for the' previ Owing, however, to the of exchange, the tae) equivalent was Tls. 64,893.73 as compared with Tis, 65,761.57 last Notwithstanding "this, the estate has been maintained in good order. As, however, the daily pay of the coolies. has now been reduced to an absolute do not think expenditure can be further reduced without leaving undone work, which is essential for the preservation of the property. 'Your manager has voluntarily a iderable redue-ind in working handed. Your past year have voluntarily been drawing only part of their fees, whilst no directors' fees have been paid, although these have been charged in the Accounts and included as creditors.
ince the close of the book year, the price of rubber has fallen away Sill more, and although as I have expenditure has been farther truned, there is still a hiatus be-Tween this and proceeds. For the feurrent year the deficiency is expected to be approximately $15,285 Tis, 29,041 at the present rate of exchange, Whilst on June 30. the surplus of Tiquid assets was, Tls. 16,880.00, The expected. deficiency for the year is based on the present rice of rubber, so unless there is improvement in the next fow months, it will be necessary consider the question of finance, Tt may be asked. why produce rubber at a loss, and the reply is that to close down the estate does not mean thet expenditure ceases.
the estate is to be preserved as a rubber estate, the monthly exjenditare with no tapping woald not fe materially less thaw the es-ESnaie foos no being neared ors have decided that for the time i things considered. your diect-
Being no advantage can accrue from cessation of tapping, Dut this will done selectively, that is to say, only the gardens giving a high yield will be tapped. a tothe future, one can Zone between the British and Dutch governments to evolve some scheme
Text read from the printed page and cleaned; old type leaves the occasional error.