'The twentieth annual general meeting of the Semambu Rubber Estates, Ltd., was held in the offices of Messrs. J. A. Wattle & Ca., Ltd, 10 Canton "Road, at 11.45 on April 7, Mr. A. J. Welch, chairman, was' supported by Sir Elly Kadoorie, Br. A. W. Burkill, direetors, and Mr. G. F. Shackleton, secretary, Shares represented were 644,210.
After the secretary having read the notice convening the meeting, thg chairmen said:
ie report and accounts having been in your hands for the prescribed period, 1 will, with your' permission, follow the usual custom and take them as read.
The result of the working for!
car was a loss of 8. $15,613.43 notwithstanding the reduction of all Jexpenses to the minimum. In July last tapping was stopped and ths Jestate was placed on a care and maintenance basis as otherwise the loss would have been considerably greater. The crop up to that date 'Was 235,646 Ibs., which however, only. realised an average net price of 1.474. per pound as compared with 2.38d. per pound for the previous year, The' repot labour force, wi mainly Javanese, entailed a heavy outlay but the monthly outgoings now are very considerably reduced. The total loss for the year was Tls. 22,945.40 of which "Tis, 15,451.84 was incurred prior to the reorgan-{sation of the company's capital, Jand this sum has been written off under that arrangement, leaving debit balance to profit and loss account of Tls. 7,494.06 to be carried forward. As will be seen the board have waived their fees for the year, 1980 and 1931 as indicated at the last annual meeting and since the Accounts were made up they have decided to waive their fees for 1932 also. Your secretaries are not only now drawing a reduced fee, but} have waived Tls. 700 of outstanding Jof interest Tls. 2,405.31 was incur-fees for the semis period. The item red on loans prior, to reconstruction, and as loans have now been repaid I trust this item in future will be on the credit side. The only lea pital expenditure for the year was Tis, 1,460.62 on upkeep of the immature area, During the year a reorganisation the capital took place and the [share capital was. drastically written down by Tls. 270,000 by' reducing the par valve of the shares. to 10" candareens. each.
600,000 new shares of 10 leach were offered pro [shareholders and the issue was fully subscribed. At that time the further fall in the price of rubber and the expenses incurred in order place the estate on a care and maintenance basis could not be foreseen and T regret to say that the present financial position is none too strong, but should suffice for several months to come. The question of restarting has. been considered but there is no advantage to be gained by doing so. unless the price of rubber rises to considerably above its present. level.
Turning to estate matters, no alteration took pince inthe planted area. The whole estate is kept free {from Jallang and this together with lashing of fern and other. rough growths is practically all the upkeep given. The Estate however is reported to be in a satisfactory condition. There is no more than the normal amount of disease and this year there has been a freedom from heavy. windstorms and food: ing, which have done so much damage in the past. The health of the Coolies was normal and as the In-
are" more ical ex.
mare' hardy the Medical "ex penditure was much reduced. The buildings are all being maintained good order. After the decision to stop tapping was made, the mane-[ger left our employ and' the estate visits by the manager of the veigh pow, supervised by periodical bouring estate. Our thanks are duc to him and to the Straits Agents for their ce-operation in reducing expenditure to a minimum.
'That is all T have to say, gentlemen, but before I formally propose the adoption of the report and accounts, I shall be pleased to anryer "o, the best of my abu any questions that you may' wis any "at you may <1) That the directors' report and statement of accounts as presented be adopted and passed—Proposed by Mr. A. J. Welch, and seconded by Mr. A' W. Burkill, That Me. A; W. Burkill, 0.0, be reflected 's diretior of the com pany—Proposed by Mr, Quincey Wa, and seconded by Br. C.F. Shackleton.
That Messrs. Lowe, Bingham and Matthews be re-elected auditors to the company.—Proposed by Mr, D. E. Levy, and seconded by Mr. Quin-coy Wu, capitalised' fand be applied.
paying up fe full any" unianue
Text read from the printed page and cleaned; old type leaves the occasional error.