The 21st annual general meeting of shareholders of" the Shanghat Pahang Rubber Estate, Ltd, was held on Friday at Messrs. A. R, Burkill and Sons, 20 Canton Road, the head office of the company. Mr. C. R. Burkill presided at the meding, supported by Mr. C. F. Shackleton and other shareholders, "There were '58,280 representative shares present atthe meeting.
The chairman's report was as fol lows: The report and accounts having been in your hands for some time, T'shall, with your permission, fol-Tow the usual course and ask you to take them as read.
42° nores of the 1926-27 plant lings were taken into. tapping in October last, and from November, 173 acres of the older mature area were Tested on account of the poor Hess of bark. The output for the year of 385,300 Ibs. was ome 44,400 its. Jess than last year, and several fociers contributed to ihis decrease.
Principally owing to heavy. rainfall during the year under review, tapping. was suspended on 33 days and interfered with on 17 days. Shortage of labour in the last four months of the financial year also affected the crop.
Owing to the weather experienced during the year, trees were again troubled with "mouldy rot" of the tapped surface, and in order to com= bat this form vot disease, it was decided (0 Institute a round of clearing up of all rough growths which had been allowed to establish them selves under the policy of the late manager. At the end of the year under review the preliminary cleaning up. was completed both' on the mature and immature areas, and the admittance of more light and air having We desived effect in the prevention of "mouldy rot". The cost of this work, together wilh the higher rates of pay to tappers and field coolies and increases in salaries to the estate manager and. staff coupled with the smaller output, ae' counts for the higher cost of pro-@uction. Owing to the advance in rubber prices, the year hay been a dificult one as regards labour, but Festrletion is now an accomplished fact and it is to be hoped the situa tion will become less acute as ex-Portable quotas are reduced and there ig no longer the need for obtaining maximum crops.
Which the directors recommend' be carried forward to next year's accounts. As you are-aware, the capi tal of the company. was' increased from, 200,000 shares to 300,000 shares of Tls. 1 each, and the director cided to make an issue to exist shareholders of 40,000 new shares, in the proportion of one new share for every five old shares held al. par, say $140. each, "26,800 shares were applied for up to June 30, the proceeds of which were. sufficient to Tiquidate toons from the general managers, interest, outstanding directo and secretarial fees, ete, for which Purpose the issue was made, Since the close of the company's accounts, further 5,990 shares have been ap: plied for by shareholders, "abroad And. 3,000 shares not applied for by Tocat Shareholders disposed. of at a premium, making. the capital of the to date 285,000 shares. The application list for shareholders abroad is open until the end of this month, after which the directors will consider the disposal of the balance of the unapplied-for shares.
With the advent of restriction, the outlook for the future seems more assured, and at present prices the company will be able to show a fair profit.
Before putting the Resolutions to the Meeting I shall be pleased to answer to the best of my ability any questions shareholders may wish There being no questions asked the following resolutions were put to the meeting and. passed:— econtea by" Mr C.F." Shackleton Proposed by Mr. C. TR. Burkil, and That the report for ear ended June 30, {he recommenda on" of the hak Proposed by Mr. Chun Bing-hi jccondea "by" dtr. Sh. 3. Clark=That the" appointments of "Moss, Duvall and €.F. Shackteton the. company' be confirmed: anc seconded by ate. ER. Durkil Proposed by Mr, C. F. Shackleton,
fihat hie 'A: 37' Welch be re-elected 6 Jairector of the company.
Proposed by Mr. H. J. Clark" and sccondeg by" Int." Chan isnt Monte, Low "ind Matthews be re-elected auditors to the company.
The Chairman thanked Shar holders for their attendance and the Meeting then terminated,
Text read from the printed page and cleaned; old type leaves the occasional error.