Reduced Output and Increased Wages Affect Net Earnings, 'The annual meeting of the Kapa yang Rubber Estates Ca, Lid, was held' at 93 Canton Road on March 21. Mr. A. J. Welch presided, supported by Messrs. L. B. Canning and Kadoorie, directors and Mr. W. A. Welch representing J. A. Wallie Ca. Lid, Secretaries and General Managers. Holders of 4145 shares were "represented at the meeting. The chairman in his speech sald:—The working for the past year resulted ina profit of SL$28,057.65 as compared with St$94,907.64 In the previous year, This "comparatively oer result is largely attributable 10 the fact that the output was 1,270 Ibs, smaller than it was last year whilst the expenditure on Revenue Accounts iwas 1.08 pence per pound higher, This latter increase, however, is. off set by the fact that the price realized for our product was 124 pence per pound greater.
'The "increase in expenditure is entirely accounted' for by the. in= ferease in wages which rose from ah average of 3731 cents 10 46.95 cents er day. This is an expenditure over which neither your manager nor your Girectors have any' control, whats soever.
Some of you were, no doubt, hoping for a larger final dividend than that now suggested by" your Directors, but there are very good Feasons for this recommendation despite the fact that the profit earned, if taken alone, would have justified more generous distribution,
Text read from the printed page and cleaned; old type leaves the occasional error.