Mr. A. J. Welch presided over the annual, general meeting, of the Semambu Rubber Estates, Ltd., held lon June 13 in the offices of the secretaries and general managers, Messrs.
'A. Wattie & Ca., Ltd., 16 Canton jad, The chairman was supported Sir Elly Kadoorie (director) and fr. C. F. Shackleton (secretary), and the number of shares represent" jed_was 107,905.
The chairman said:—You will have seen from the port that the working for the year has resulted in a loss of Tls. 43,805.76. This unfortunate result, however, is not to be wondered at since the average net price realised for our product was only 2.98 pence per pound. The losses incurred through the slump that has prevail-fed for the last two years or more have so depleted our, financial rejsourees that your board have decided voet the capital of the ind a scheme will be put forward at an extraordinary meeting which will follow immediately after this on The circular that was sen? to you on May 31 dealt with the financial position of the compa hot enlarge upon the to say that, although fees ate provided for in the accounts now before you, they have not been drawn and your board have now decided that' in_ order to. help the company. through the crisis, they will forego their fees for the last fof Tls. 4,600 odd will appear to the two years and consequently a. sum
credit of the profit and loss account for the current your. I-may also point "out. that, since, November, $990, your secretaries have voluntsarily. Feduced their fee by 20 per to, planting matters, there was no change in the planted 1 estate during the year, Duta small area of seven acres where the rubber trees were making progress was abandoned, The whole planted area is under a cover of fine grass or nitrogenous plants and is reported to solutely: free from lallang except for five acres of very poor rubber.
The trees in the immature area are reported to be developing very satisfactorily and many of the trees fare already of a tappable size, though in the existing circumstances (Continued on page 425.)
Text read from the printed page and cleaned; old type leaves the occasional error.