Hospital expenses were greater by St$699.29 due to the greater amount antinmalarial work that was done and this larger expenditure has justified itself by the improvement in the health of the labour force.
The upkeep of the gardens cost 'S{$1,19523 more, owing to the higher rate of wages that had to be paid, the average daily rate of pay during the year being 4648 cents as compared with 39.16 cents last year.
The cost of tapping and manu facture showed a material increase owing to the higher wages and the larger output of rubber; and the duty payable was up by Si$1.09547 due also fo the larger output and the higher rate per pound at which it Capital Expenditure Capital expenditure amounted to {otal of $12,043.50, of which $3,654.49 were spent on the upkeep of the im= mature coconut and rubber areas and felling 140 acres of the reserve jungle preparatory to replanting; $6,406.49 on new buildings, which sum covered the cost of a new coolie line for the Chinese tappers; and $2,882.52 on the completion of the installation of pipe-line, pump and engine to carry Bute Plantations Ltd.
Shanghai, Apr. 12.
The annual meeting of the Bute Plantations Ltd, was held at 20 Canton Road yesterday. Mr. W. Mellor presided, supported by Messr }M, Martin Little and XK, G, Stephen: son, directors. Holders of 09,186 shares were represented at the meet ing. The chairman in his speech sai 'The profit for the year at $219,009.84 is some $93,000 in' excess of" that made for the previous year and represents over 44 per cent, of the paid "up capital of the company, Out of this prof, if the directors! recommendations as to the appropria~ ions are passed, we shall have dis tributed in dividends since June of Jast year what amounts to a litre lover 32 per gent, of the par value of the shares. This larger profit is due to the increases in the assessment andi Jexportable quotas, combined with higher average selling' prices, the nett price realized being Straits [cents 30,69 for 1937 as compared with Straits cents 26.57 for 1936, Increased Costs In the directors' report you will note an increase in the cost of pro-[duction as compared with the previ-fous year, This is explained by Increases due to packing rubber for export against forward. sales, infereases in cost of labour in common with all other estates, and jerease in the duty which is a factor beyond our control, For vie current year it appears that costs must be higher since the Jassessment has been reduced from 816,163 Ibs, to 736,300 Ibs, and the Jexportable quota for the first half-year has been fixed by the authori les at an average of 05. per cent, The original assessment for the cur Tent year was 700,000 Ibs: we appealed against this and it has been Increased to the figure given above Jand "although our agents in the Straits are trying to obtain a ture ther increase, they are doubtful as water from the new source of supply in field 11, On December 31, 1937 the financial position of the company showed that the liquid assets exceeded the cash liabilities by $64,884.91 which will be Feduced to Chinese $21,021.07 if the dividend now recommended is approved of.
'AS regards estate affairs there change in the planted area during the year. The company still owns 871 acres of reserve jungle which is suit~ fable for planting with rubber, and of this area 140. acres were felled @uring September and October and will be planted during the current The general standard of tapping is! reported to have been maintained at satisfactory level and the rate of bark consumption and of renewal ix normal.
"Liquid Latex"
'The estate continues 0 sell its whole output of rubber in the form of liquid latex to Messrs. Dunlop, one of whose estate adjoins Batu Anam, and consequently the necessity' of having a factory of our own is obviated for the time being. The standard production assessment for fo whether i will be granted, impossible to say what the quota Will be for the quarter ending [September 30 of this year but unless prices show some improvement' in. the near future it does not appear likely that any' increases will be made, Estate Report reporting on the estate our Visiting Agent divides it into two scetions—1926/28 extensions and the fold mature areas, the "former the report is entirely satisfactory, the trees. showing a very healthy ap= pearance and a good rate of bark renewal. Further, very little root disease occurs in this area losses of trees are negligible. On the old mature areas the condition fof the trees is much the same as seen on the majority of plantings of similar age and the trees will be reasonable producers for some years to come, afler which replanting will be necessary.
'After discussion, the following resolutions were passed:—serontea by hi 'That Propored by. tie Report" and' Accounts for the year fended December Si, lat fs yresctted and T am pleased to state that health conditions were much improved, the incidence of malaria being much less than in previous years, I the. an have continued proposed by: Me WW. atetlor and seconded by: Bir. 2G. Stephan, That he "following fecomine ihe, sppropriaion "of "the balance reait of Prof nnd, Loss FocBay'a, final diidond of Gents Choral fcurreney oer Cents Tocat "currency" years past.
The whole of the estate is now. under a cover of light grass, all rough growths having been removed. Owing. fo the increase in the rate of wages the cost of weeding rose from 26} wi cents per acre per month to 32 cents Per acre per month.
Root Disease Root disease continues to take its' slow but steady toll of trees in the older areas in spite of all measures that were taken to control it. In the younger areas very little disease of any vanely is in evidence.
During the current year the capital expenditure is estimated to. be Proposed by: it. seconded by Mie. 8."R. Ox Sie WS aselior Ae. Kaw C. Chun, and] 'Ghiun' Keee. back Thoincan "& Con ceted suitors to the compass Consolidated Rubber The 24th annual general meeting of the "Consolidated "Rubber Estates, (1014) Ltd. was held on "April 14 in. the -oMces of Messrs, A. R. Burkill & Sons, Mr. W. B. Middleton, chairman, presiding, supported by Messrs. 1. Martin Little and KG. Stephenson, (directors), id jeller, "representing the secretaries. A. (oral of 60,056. shares were represented by the attendance at the meeting. In his speech, the On the Sitiawan Estate the general condition of the trees remains more for less unchanged with neither improvement nor retrogression to be recorded. Bark renewal continues to be slow but with a continuation of the rests from tapping with the present system of periodical tapping it would appear we shall be able to continue tapping with moderate yields for many Years. "To offset the slow bari. renewal it is pleasing to report the comparative absence of root disease and the fields can still carry a full stand of trees,
Text read from the printed page and cleaned; old type leaves the occasional error.