In his address, Mr. Soyka said that) in the circular letter to Shareholders of the Chemor and Shanghai Klebang Rubber Companies, dated June 21 last year, which set out the terms of the proposed amalgamation, since effected, it was stated that this step had been suggested "for reasons of economy", and it was predicted that, "in Shanghai, it will be possible to effect savings in the amounts payable to directors, secretaries and managers". The Chemor Board, however, had now voted themselves!
$2,597, oF an increase of $450, while the secretaries' fees had been raised Mr. Soyka contended that' the directors and secretaries had done no extra work to justify these increases of fees. He declared that it was high time that some economies were effected in directors' and sccrearies' fees, mentioning that during period when shareholders had not received a copper cash in dividends, the directors had received $10,474 and the secretaries. $27,953.
Mtr. Soyka asked on what grounds the directors justified the alleged heavy fees charged by Messrs, Kennedy, Burkill & Ca. as agency expenses in Penang, amounting to St$5,300. About two years ago, he stated, he drew the attention of Messrs. Wattle & Ca. to the fact that an agency firm of the highest standing were prepared to offer their services for a fee of St$150 per acre, while their scale of commissions compared very favourably with those charged by Kennedy, Burkill & Ca, "T'demand that steps are taken, without "further delay, that this shameful. milking of our company shall cease by insisting on Kennedy, Burkill & Ca. reducing their fees to competitive, basis", declared "Mr. Soyka, stating that this state of fairs was contrary to the principle of British business ethics. Mr. Soyka stated that the sum of Sh$90,000 would be saved by dispensing with the services of Messrs, Kennedy, Burkill & Ca. With rubber below] 64, per Ib, and a release for the second half' of this year of 60 per cent. of standard "production, this, said Mr. Soyka, was no time to pay "fancy fees" and increase directors' and secretaries' fees.
Text read from the printed page and cleaned; old type leaves the occasional error.