'The annual general meeting of shareholders of the Tebong Rube Estate, Ltd, was held at the offices of Messrs. "J. A. Wattie & Ca, Canton Road, on 'Tuesday (May' 15), ose present Including Messrs. A. J Welch (chairman), Kadoorie ors) and C.F. Shakletom (secretary), shai represented totalling 2,006,640.
The chairman spoke as follows:
The working for the year under review has resulted, I am pleased to say, in a profit of Tls. $0,35936 as compared with a loss last year of Tls. 19,988.05, of which loss Tls. 16. 145.09 represented Interest on the debentures, which item has now disappeared from the accounts owing to the fact that all the debentures have been redeemed, This satisfactory result was achieved despite the fact that the output was some 80,000 Ibs. smaller and was. entirely attributable to the average price of our product realizing 3.05 ence per pound as compared with only 1.89 pence per pound last year.
Throughout the year were again effected wherever possible and salaries and wages remained on the emergency level. Now that restriction has become un fait accom: pli T hope that as soon as we know what our export allowance will be, Wwe shall be in a position to restore some, if not all, of the cuts in salary that have been' endured by the staff for so long so uncomplainingly.
Pinanelally the Company is now in 1 strong position since the annual billly for interest on the debentures has been got rid of, and on January 31, 1994, the liquid assets exceeded. the sh abilities by Shanghai $154,891.-
As regards planting matters there inge in the planted area Jduring the which remains at 3,820 acres, of which 3,594 acres are in tapping and 226 acres are still immature having been planted from 1927 onwards, Three" acres were brought Into tapping for the first time during the year.
An average area of 2,541 acres was upped daily throughout the year from which a yield of $67 Ibs. per acre was obtained. As I explained last year the tapping aystem in vogue is rotational one whereby two thirds of the area is always in tapping whilst the other one third is resting. This system has resulted in a steadily increasing yield per acre and a great strengthening of the bark renewal fand reserves not to mention a reduction per pound in the cost of tapping. The slight falling off in the average rate of yield per acre for the year lurider review was due to unfavourable weather and to severe attack. of Oidium in certain elds.
Two hundred acres of the immature area are now ready to be brought into the tapping round and in fact percediage of an unknown quantity I personally do not see how] the committee could have done anything else except to allow, as they' have done, practically full production to continue for a period of simest three months from the date of their announcement during. which period it may be found possible for those who have to administer the} scheme to allocate a definite percenldge of the total quota to each of the many hundreds of individual states that are covered by it. must not be forgotten that the committee "have the discretion to alter at any time the exportable percentage and I have not the least doubt in my own mind that, if they find that things are not going accord~ Jing to their' present calculations, they will not hesitate to impose more rigorous or lenient conditions as, their opinion the situation calls for.
T consider that the rubber industry is now on safe ground for several years to come and although I do not Took or wish for a repetition of the booms that have in the past been followed invariably by slumps that have nearly wrecked the Industry, [do think that one can now look forward to receiving a steady and reasonable return on one's capital as soon as the depleted coffers of the companies have once more been filled.
Tu conclusion I would like to express our best thanks to the manager and his staff, to the visiting agent and to the agents in the Straits for the wholehearted and successful way in which they have collaborated in the inauguration of economies and for the cheerful manner in which they have accepted heavy cuts in their emoluments in the endeavour to enable the Company to survive the crisis.
'That is all T have to say, but before formally proposing the' adoption. of the report and accounts 1 shall be pleased to answer any questions that you may wish to ask.
There being no questions the following Resolutions were put to the Meeting and carried unanimously.
'That the Directors' report and state /ment of accounts for the year ended January '31,1994, "as presented,
Text read from the printed page and cleaned; old type leaves the occasional error.