dividend of three cents _per share was declared at the 23nd annual general meeting of the Shanghai Pahang Rubber Estate, Lid, held in the offices of Messrs. A' R. Burkill Sons, Lid, secretaries and general managers, 25 Canton Road, on. Friday at noon. Mr, W. Mellor, chairman, was supported by Mr. W. B. Middleton, Mr. A. J. Welch, directors, and Mr. 'C." J, 'Smith,' secretary, Shares represented amounted 59,820, The chairman said:
"There has been no change in the planted area of the Estate, which remains at 1,042 acres producing and 119 acres non-producing. During the current year, it is proposed to commence with' the replanting of 33] eres of rubber originally planted in 1910. Later, a further 98 eres also Susar of 1910 rubber willie replanted. These areas were being. rested Jaccount of the poorness of yield and bark renewal, but as there was no improvement in the condition of th trees, it was decided to obtain as much yield as possible and to replant with high yielding material, "During the year under review, further progress was made with the clearing of rough under-growths on the estate and the establishment of! recognized cover-plants taken in hand. 'Mouldy rot' of the tapped, surface again gave some cause for concern during the welter weather experienced in the early half of the year, but itis satisfactory to note that Yemedial measures have improved conditions in this respect, "The labour position was some~ what diMeult during the early part of the year, but with the gradual_ Feduction in the exportable allowances, the position became easier, and at the end of the year under review there was ample labour for tapping and eld. work.
"For 1095 the estate's standard] Tea [production was assessed at $38,539 Ths. which is quite satisfactory.
"There was an improvement in the general condition of the estate, and T would like to take this opportunity of expressing the Board's appreciation of the good work done by Mi 'H. Simpson, our estate manager and his stati, Mr. H.-C, Pinching, our technical' adviser and visiting agent, agents throughout. the "The output for the year amounted to 378,000 Ibs, against 385,300 Ibs. the previous year, and the higher exendijure on the' general upkeep of the estate is reflected in the cost of production which averaged 501d. per Ib, compared with 3.684, per Ib, The average selling price realized was 167d. per Ib. higher than tha previous, year, and the nett profit on the year's working amounted to $15,- 96.53. A sum of $12,435.32 was brought forward and the balance at credit of Profit and Loss Account is $28,331.85. The directors are pleased be able to recommend the payment of a dividend of three cents pet share, absorbing $7,077, placing $12,- 202.80 to General Reserve Account writing off various Assets $1,103.81 and carrying forward $7,048.
I trust shareholders will the appropriation, "As indicated in the report, 3,000 shares offered to shareholders and not applied for were sold. at a Premium of $252045, and the directors recommend the transfer of this amount to Development Account.
The following resolutions were! the report and accounts for the ded June 20, 1008, a8 Presented. by Pate We. fand seconded by Mr. W.
Text read from the printed page and cleaned; old type leaves the occasional error.