The 17th annual general_meeting of shareholders of the Shanghat Seremban Rubber Estates, Ltd., {took place on Mar. 15 at the offices of the secretaries and general] managers, Messrs. J.A.. Wattic Gon, Lté., 10 Canton Road. Mr. OG. Welch (chairman) " presided, supported by AK.
and M.
Elly, Kadoorie (directors). Mr. Spee i Shackleton (representing the Secretaries) and shareholders, the {Stal number of shares represented "The "chairman's speech, Was The year under review has been, without exception? the most, als. Astrous one in the whole. history the rubber. industry, and. this fact "fe reflected in. the nccounte how before you which show a lost fon the working for" the twelve months of Tie 14,552.22, or the Eruivalent of Tls. 2281 per planted sere, "When. you take into. con-
fet price realised. was ideation the Tact, that the average pence' por pound this result, which, [exprested_In- sterling, represents. 2 Rose of £1418 pet" planted acre, cannot. T venture. to "say, be con: 'SMered umsatisfectory.. "The pro-Spects for the current year sre, Pregret to. say, stil more unt favourable and, Unless, some, form compulsory restriction of outpute introduced, the industry hay find. lise in' a' few months the position where rabber has become practically unsaleable.
Fortunately, this company is in a position to continue the struggle {or some considerable time to come:
on December $1, "1931, oer id" assets exceeded our' cash abilities by some Tis, 54,750, but it is, im my opinion, a tragedy' that reserves, which have been built up out-of past profits, "should now dissipated inva fight for exist-Jence, the ultimate result of which can only be to leave the survivors Gnancially crippled simply because the failure of the powers that be to agree upon some scheme for the regulation of output.
"Turning now to planting matters, there is, as is usual with this estate, very little for me to tell You except to. reiterate that the [gardens are in first class condition, the standard of tapping of the highest order and the reserves of Dark are ample.
Neither Pests nor any trouble worth mentioning tur:
the year and. the supply of Tabour. was Aufficient for all requirements. I'am again glad to be ble to report that. the health of the labour force "was satisfactory All the buildings and. machinery have been given whatever upkeep was necessary and" are reported to be. in frst. class. condition.
Speaking generally, the. estate in spite of the rigid: economy" that has been exercised, jo. in excellent condition and no efforts are. being Spared to reduce, if possible, the monthly expenditure still further.
Tu conclusion, gentlemen, T would like' to express' our best thanks Mr. Gilchrist, our manager,—to Messrs. Kenhedy Burkill & Ca, Lud, our Straits agents, and Mr." Pinching, the visiting agent, for the very" arduous but. success fal work they have put. inaugurating measures of economy {to meet the present acute crisis in the industry.
"Phere being ne questions, the following "reroltions were "That the Directors' Report and Statement of Accounts as presented adopted and. passed, That Sir Elly Kadoorie, Ka, be re-elected a Director of the Com:
PsThat Messrs. Thomson & Ca. be tcl Auditors of the Company.
Text read from the printed page and cleaned; old type leaves the occasional error.