Paris, Feb. 27.
Despite an increase in estate expenditure, including a higher average rate of wages, Sua Manggis Rubber Ca., Ltd, showed a profit of $65,024.84 on the working of the year, Mr. A. J. Welch, chairman, told shareholders at the annual general meeting in the offices of J. A, Wattie & Ca, yesterday afternoon, Mr. Welch was supported by Messrs. H, Kadoorie and G, H. Wright, directors, and Mr. C. F. F. Shackleton representing J. A, Wattie $ Ca,, secretaries and general managers; shares represented at the meeting totalled 28,325 shares.
Mr. Welch said:—
I am very pleased to be able to report that the result of the working for the year is a profit of $65,024.84 as compared with a profit for the previous year of $23,615. This satisfactory result is attributable to the fact that the output of rubber was 41400 1b, larger, whilst the receipts from sales of rubber were 2.91 pence per pound'higher. The sales of rubber during the year realized a total of St.$66,071.56 equivalent to 8.97 pence per pound nett, The estate expenditure for 1937 was St$6,41771 more than in 1936, the main increases being in general charges—St$1,29542; the upkeep of the gardens—$461.49, and rubber production, manufacture, ete.—$3,666.32. Three factors" contributed towards these increases, that is to say that more work was done on putting the estate buildings into a proper state of repair, the average rate of wages was appreciably higher and the output of rubber was 41,400 lb. greater. The Estate is' again reported to be clean and the establishment of green covers continues to have a very beneficial result on the growth and foliage of the trees, The expenditure on capital account was $1,812.69 which were spent on an aluminium coagulating tank, an electric lighting set for the manager's bungalow and on the purchase of two new bullocks. We are not faced with any heavy capital expenditure for either rebuilding or replanting in the immediate future.
Text read from the printed page and cleaned; old type leaves the occasional error.