The 23rd affnual general mecting of the Samagaga Rubber Ca., Eid, was held in the offices of messrs.
A.) Tuesda proceeding with "the formal business of the meeting, T would like to give expression to the deep regret felt by his colleagues on the board at the loss sustained by them through the death of Mr. A. IE. Craddock, who Passed away last week.
Mr. Craddock had been a director lof this company for over twelve years and had always shown rear, interest in "its affairs. Dur-the period of his service the industry has gone through many vicissitudes and his experience and help in troublesome times wil be greatly missed, will, wish, ives with the! of sincere sympathy Which has already been conveyed his widow and family.
To revert now to the business for which you have been called together, the report and accounts having been in your hands for some time, I" propose, with your permission, to take' them as read.
The result of the working of the estate for the year unfortunately again shows a loss, although this was some Tls. 1,860 less than that for the previous year. The actual receipts were somewhat higher, al though the crop was nearly 60,006 ths. lower, The price of the commodity has shown a very satisfactory improvement during the year, avering 2.320 per Ib. against 1.89d. last year, whilst the average price for the period after the closing of the accounts will be reflected in the current year's accounts. A reduction in expenditure was effect.
in all headings except upkeep of gardens and manufacture. extra expenditure on culti Was foreshadowed in my speech last year, and it is hoped that a large proportion of it will rot be recurrent. The purchase of three new coagulating tanks to replace those worn out, was the cause of the higher expenditure under the heading of manufacture In Shanghai the expenditure has again been reduced, as your general managers continued to draw a reduced fee. The reconstruction of the capital of the company last year enabled your board to repay the Jamounts borrowed and during the he [ear under review interest showed a credit of Tls. 755.62. [September 30, the liquid resources of the company showed an excess of Tls. 10,614.86 over liabilities, and this should be more than ample complete the cleaning up pro-Jzramme in view of the much better: Drices now ruling for raw rubber.
The factory, buildings and machinery all required a thorough Joverhaul and these works have and Jare being attended to in an ecbnomical but efficient manner. The Jdrainage systems in the lower!
fons of the estate are functioning well, but abnormal climatic falling off in the output. The Yabour position, whilst not' easy, does not at present give any cause for anxiety, whilst health, apart from the mid-year months, was normal, prosperity 'The the planting lustry is still dependent on the general condition of the world's markets, but a satisfactory method of correa! ing the supply of raw rubber to the demand, will, I hope, be arrived at in the course of' the conversations now taking place in Java and elsewhere, Your estate manager and Straits Jagents have continued to supervise the estate in an efficient manner Jat a very much reduced remuneration and I only hope that results will enable us shortly to show our appreciation in a more tangible manner than by the usual vote of thanks.
The following resolutions were! directors' report and statement' of accounts for the year ended Drsctied be and seconded by MP
Messrs. Thornton & Company elected auditors of she company for the ensuing year-—Proposed by Air. BR, Metiain, and seconded by Mr. A. J. Weles.
Text read from the printed page and cleaned; old type leaves the occasional error.