The Shanghai Klebang Rubber Estate, Lid. made a profit of $11,186 for the year ended December 31, 1934. as compared with a" ess of '$6.710.94 for the previous yea This was revealed by the chairman, Mr. A. J. Welch at the twentieth an: ual general meeting held in the Jofice of the secretaries and general managers, Messrs. J. A. Wattle ICo., Ltd. 93 Canton Road, at 1145 im, on Thursday.
The chairman was supported by Mr. H. Kadoorie, "a director of the Jcompany. and Mr. C. F, Shackleton, the secretary. The number of shares represented at the meeting was. 52.200.
The chairman went on to say that-—The average selling price of rubber was 8.11 d. per pound as compared with 259 d. for the previous. jvear, but the amount of rubber harvested was 3.272 Ibs. sinaller, The improvement in the result is entirely attributable to the highe~ price Jbrought about by the incidence of the scheme for the restriction of out-Joet. This scheme. which is to be in force until the end of 1938, is work-Jing quite satisfactorily and os the statistical position ts steadily improv ug. aided to a large extent by the Jvery material increase in world conjsumotion which for 1934 is estimated {to have been 925.000 tons. T think that. jwe can mow lock forward with Jequanimity to an extended veried of prosperity in the rubber industry.
We, unfortunately still have balance of accumulated losses amounting to $94.78082 to work off tt T hope that by the end of the current year the position will show a sub-[stantial improvement.
Financially the company's position has improved conelderably and at the jond of December 1984. the Tiowid assets exceeded the cash liabilities by $23.54138.
Turning now to estate matters it Jmay interest you to know that T was Jon your property last December and }found matters In a satisfactory con-Jdition: The manager wes unfortunately it in hosoltal at the time but am lad to say that we have since heard that he has recovered sutcientfly to enable him to relwrn to the estate.
T mentioned in my speech Inst lear that ten acres of old and worth-fess rubber had been cut out pre-Jneratory to reolintine and ster Jfurther ten acres were also cut out but unfortunately the incidence of was part of a de-scheme for the gradual replant-the whole property which had Wages, as was only to be expected, have risen with the Improvement in the price of rubber but they have now reached a level where I hope that they will remain more or less stationary.
The standard production for the estate for 1934 was 223,563 Ibs. but we have not yet received any advice jas to what the allowance for 1935 is, going to be.
All buildings were given the necessary upkeep but it will be necessary. {to rebuild one coolie line in 1938 at Profit' & Loss Account.
After providing for Directors' and Auditors' fees, and Shanghai OMlce Expenses, and crediting Interest, this Account shows a profit for the year $18.028.71 as compared with a profit of $3,469.68 last year. The debit balance brought forward from last year was $92,885.94, and deducting the above named profit, there remains a debit of $14,857.23 to be carled forward.
The Directors propose to transfer the amounts now standing to the Jeredit of Premium on Shares and Reserve Account and to utilize the sum of $16,115.38 thus obtained as follows:—To write off Bulldines eras Machinery cid Loss Account 1479478
Jan_estimated cost of about $1,200.
Speaking generally the condition Jot affairs is quite satisfactory and Jour very best thanks are due to the manager, the agents and the visiting agent for the loyal manner in which they have ce-operated to bring the property through the very trying years of the crisis, There being no questions asked, [the following resolutions were put the meeting and passed:
'That the directors' report and started ment of accounts as presented be adopt The sum of $8702 was spent on the Tmmature Area The Directors record with rewet the death of Mr. V. Mever which occurred on Jantiary 8, During the year Sir Elly Kafoorie waz Invited to join the Roard and Mr. C.F. Shackleton took the niece of Mr. A. J. Welch on his denarhive from Shanehal. These annnintments te-noire confirmation, Tt Ix the ten of Mr. L. E Canning to retire tnt hae ing eligible, he will offer himself for re-election.
Messrs. Mortimer, Reld & Stee, who have audited the Accounts, offer themselves for re-election as auditors "That Messrs. Lowe, Bingham and Matthews be re-elected auditors of the company. Proposed by. Mr Seconded by Mr. to the company.
Text read from the printed page and cleaned; old type leaves the occasional error.