A final dividend of one cent per share was declared at the meeting Jot the Chemor United Rubber Ca., Rita. in the offices of Messrs. J. A. Wattle & Ca, Lid. secretaries and Reneral managers, '20 Canton Road. 1145 am. on Thursday. Mr. A.J. Welch, chairman, was supported by Sir Elly Kadoorie, Mr. L. E. Canning, Sirectors, and Mr. C.F." Shackleton, secretary. Shares represented were 280.500.
The chairman said:
"Before the formal business of the meeting T would like to give express sion to the deep regret felt by the board at the death of their colleague Mr. F. W. Sutterle who. died March 28, Mr. Sutterle, who always took the keenest interest tu the affairs of the company, had been a director since 1915 and the benefit of his experience and advice will be sorely missed by those of us who remai The working for the year has sulted ina profit of $48,133.59 as compared with a profit for the preceding year of only $4622.74.
The chief factors that contributed towards this satisfactory result were Jan improvement of 285 pence per pound. in the price realized for our product and the bringing into tapping Jonce more in September of Batu Dua Estate and thur relieving hemer Estate of the necessity of providing funds for its monthly upkeep.
Out of this profit an interim divid~ Jend of 4 cents per share was paid on [September 19 and it is now proposed to pay a Gnal dividend of one cent per share thus making a total dis-{tribution for the year of five cents per. share.
The financial position of the company is not too strong but after payment of the proposed dividend "our Tiqula assets will still exceed the igbilities by over $10,000 and so tong Jas rubber" remains at its present price the position is improving by a [substantial sum each month.
Turning now to the estates I will [deal with matters on Chemor Estate St.
The whole of the planted area is now treated as mature although there fare still many trees on the 36 acres young rubber that are not yet of 2 tappable size.
As" regards weeding the whole estate is in good order, small Jamount of sporadic lallang crops up Jat times but this is dealt with by the tweeders in their regular rounds:
Neither pests nor diseases gave any special trouble during the year although there were the usual number of losses amongst the older trees from root disease.
The supply of labour was sufficient during the year but difficulty was found in retaining a sufficiency of skilled tapers and an increase wages had to be granted in order to retain the services of a full force, The general health of the force was Feasonably satisfactory.
The standard of tapping was maintained at a satisfactory level and the output averaged 464 Ibs. per acre per annum over the whole planted area.
All buildings and machinery were given the necessary upkeep and are Reported to be in good order.
Speaking generally the Estate is in good condition and there is no special work. that needs to be done cannot bs dealt with in the monthly weeding round.
Turning now to Batu Dua Estate tapping operations recommenced over 300" aeres on September 17, the output for the 31% months being $2200 Ibs. The remaining 258 acres, which consist of very poor rubber are being left untapped for the time being. The seven acres replanted in 1929 are reported to be making slow but steady progress.
The gardens are reported to be in reasonable state of upkeep and comparatively free from" pests diseases, The buildings, generally speaking, were Kept in good condition except for the manager's bungalow which has been badly attacked by white ants but this is not of any great importance as it is extremely unlikely that this "building will ever be required again.
All necessary attention is being paid to essential matters and the property is not being allowed to deteriorate In any way.
We have just received information lat the standard production for 1935 for the two estates has been set at {605,416 ths. conclusion I would like to re-company's capital, write off reserves Jand issue fresh capital.
Officials of the company estimated that the changes in capital structure would save the concern annually HIK$100,000 in depreciation and cut off HKS60,000 bank overdraft.
The changes will not, however, pro duce any actual benefit until 1936.
Mr. W. H. Bell, presiding, stated that It was useless to continue the policy of writing down worthless Aseets and indicated that the reorganization would put the company 'a dividend paying basis by next year.
The underwriting of the "new capital shares. already has been ar-Fanged.—Unitea Press.
Text read from the printed page and cleaned; old type leaves the occasional error.