Shai-Sumatra Rubber Estates The fifth ordinary general meet~ ing "of the Shanghai-Sumatra Rubber Estates, Ltd., was held in the office of Messrs. George MeBain, general agents, No. 1 The Bund, at A145 a.m, on May 16, Mr.
'McBain, chairman, was supported by Mr. A.'3. Welch, Mr. H. Kedoorie, directors, and Mr. W. A. Turnball, Secretary. 'The number' of shares Fepresented was 32,209.
The secretary having read the notice convening the meeting, the chairman said:
Referring to the accounts, you will observe that the loss for the year carried from the rubber working account to. profit. and loss account amounts to Tls. 43,705.28, which sum added to' the' debit balance of Tls. 36,917.47 brought forward from last year makes a total balance of Tls. 80,622.75 at debit of this account. This unsatis factory result in entirely due to the low price of rubber. The prices realised for our last year's crop averaging only 7.16 guilder cents per" Ib, compared with 18.64 guilder cents) per Ib. for the crop of the previous year. The entire crop was old in Sumatra.
Ample depreciation has been provided for in the working "account before you both in the guider value of our fixed assets and in the tael equivalent of same. Economies in working were continually introduced at the estate throughout the year, and as a result a crop of 705,000 Ibs, was. produced ata cost" of milder cents 11.25 per Ib, or, at parity of exchange approximately the value of the land to us. Therefore in these times when every economy must be considered T recommended to my ce-directors the Surrender of this area. They have agreed, and steps are being taken fo fafiow this land" to revert to. the Government.
With regard to the labour force on the estate, the situation has imrovel during the year. As a Matter of fact at my. visit" Mr. Palmer reported the return of quite 'a number of coolies as free wor who had previously left at the ex-Piration of their contracts, T regret to have to. inform you that Mr. Ford, our senior assistant, who acted as' maz during the sen obliged to from the company and re-' turn home. I, should like to record the directors' appreciation of the Tong and loyal services he has jfendered. 1 should also like to take this opportunity of expressing the directors' appreciation of the ser-viees rendered by Messrs. McAuliffe, Davis & "Hope, our agents, Sumatra, Mr. Pinching, our visiting Mr. Palmer, our manager staff. Again they have Produced a crop of rubber considerably under the estimated cost, and i must be borne mind. that! Sumatra, owing to various Government restric the question of exchange, is at 2 disadvantage as compared with other rubber pro-[ducing countries. During my vi Twas assured by Mr. Palmer that when and where possible to further reduce costs during the current year 80 as to meet as far as possible the pet against an estimate of P resent troublous times in the 700;000'toer) of wuilder cents 10,
Text read from the printed page and cleaned; old type leaves the occasional error.