Tebong Rubberr Estate Shanghai, June 1.
'Finanelally, the company is Ina sound. position and on January 1030, the liquid assets exceeded the cash liabilities by -$259,474.48," said Mr. A. J, Welch, chairman, at, the annual general meeting of' Tebong Rubber Estate, held at 1145 yester~ day in the offices of J. A. Wattle' system has resulted in a steadily in creasing yield per acre and a great strengthening of the bark renewal and reserves not to mention economy in the cost, of tapping.
"Beyond the Usual amount of root disease amongst the old rubber. neither pests nor diseases gave any special trouble during the year and riy sporadic eases that occurred were promptly given the necessary treat~ ment. The supply of labour was ample for all requirements during The following resolutions were!
Tam pleased to be able to' assure you that the value of your stock-in-thand and in transit" standing $013291.98 is an absolutely fair and equitable valuation of the stork. All Stock having been taken at landed Cost price, fashion goods and shop-Soiled goods, ete, being depreciated fin value before being taken into stock. Today of course the value Of the stock-in-hand has. very con 'Siderably appreciated and is" worth from 10 to 15 per cent. more than it actually' stands at on our books on account of the higher cost of land~ ing aogds owing to, the uctuatlon of exchange on quality importa merchandise, which is in all' cases much of the recovery of trade that some of you may have expected a sager Agure of profit, But the Bank isan Exchange Bank mainly engaged the @naneing of Eastern trade, and well known that the recovery of foreign trade has lagged behind that of home trade, Moreover we had Special difficulties in 1937, The year indeed began well. In the frst three months trade was active in most of the countries In which we operate, and indeed by March trade conditions in some of them had almost begun to approach the dimensions of a boom, But the second half of the-year did not fulfil the promise of the frst, The first setback was associated with what Sco, Lid, secretaries and general managers.
Mr. A, J. Welch was supported by -Messts. i. Kadoorie and R_N, Swann, directors, and Mr. C. F. Shackleton, Yepresenting Wattle & Ca, while shares present and represented totaled. 2,102,900. stares, The chairman said The working for the year under review has resulted in a profit of $307,040.29 as compared with a profit est! year of §207,871.55, 'This profit equivalent to St, $59.03 per acre 80, whilst the profit earned represents a considerable percentage of the issued capital, the profit per acre is-only moderate, 'This' satisfactory, result was attrlbutable to the facts that the output was some 326,000 1b. greater and the: Average price realized for our pro-duet Was 17 of a penny per pound higher, The expenditure on revenue faceount was, however, one fifth of penny greater, mainly due to the fnerease in the rate of wages.
Text read from the printed page and cleaned; old type leaves the occasional error.