In keeping with the present trend in company meetings, a highly argu-Jmentative discussion' ensued "at tre lege of the chairman's speech at the annual meeting of shareholders of the Shanghai Kodak Plantations, "Ltd, jon Monday in the offices of the' secretaries, A. R. Burkill & Son, Lid, 20 Canton Road. The attack was led by Mr. N. W. Hickling. chairman of the Shanghai Stock Exctange, and holdes of 300 shares, and Mr. G. E. Matthews, and a3 a result a committee of share holders is to be formed to meet the directors and discuss with tem the question og to whether or not further economies can be effected, Present were Messrs. W. B. O. Middigi, A.D. Bel dB. Parsons (directors) and holders represent 109,129" shares, 'A feature of the debate was argument between Mr. Bell and Mr. Hickling, "in which" the "forme: criticised Mr. Hickling's action in applying for a transfer of shares only ust before the company's books wer closed, in order to be able to spe fat the meeting. "Admitting that he only held 300 shares, Mr. Hickling said that he could have come to the meeting with 25,000 shares had he 30 desired. But even one share would Phave put him in a position to speak for those "who, perhaps, consider ths Tecan speak better for them in put ting their case forward."
The directors later assured the meeting that they would be pleased to meet a committee representative of the shareholders.
presenting the directors' report, Mr. Middleton sald:—
There is very little for me to com-! ment upon as regards the working of further seventeen acres planted in
oral mature area is now 1,770 acres against 1,753 acres last year.
During the year work which had previously been lett in abeyance {or Teasons of economy was continued, Jand the general condition of the testates is reported to be quite salls-factory. The properties now present healthy and clean appearance, Dis eases and pests gave no cause for concern, and the position as regards labour was fairly easy throughout the year. Capital expenditure was. incurred in the replacement of quarters {for coolies on Riverside Eslate, Ex: tensive repair were effected 1 the Manager's bungalow and minor te-Pairs to other existing buildings. To effect economy in manufacture, on Paya Kamunting Estate a new set sheeting batteries were installed and the plant is reporied to be working salisfaclorily and having the desired effect. The directors wish to take this opportunity of recording their appreciation of the excellent work done by Mr. McAuley, the Estate Manager, and estate staff and our
ching, our visiting agent and technica thanks are alee due to Int. H.C, adviser, and the Straits agents for their good care of our properties throughout the year.
With reference to the accounts, to the reduction in exportable allowance, which from October, 1034, to September 1035, averaged 718 per cent. standard production, a smaller output was harvested for' the period under review, 717.680 Ib. against '812,900 1b, a reduction of 95,280 1. Ju consequence the cost of production was 3.144. per Th, as against 2374, pot Yb, the previous year. Increases" in ates of pay to coolies also contributes to the higher costs. The average selling price realised, "however, was higher by 49d. per Ib," As stated in the report, 867286 1b. produced in Brena as wat ein a care Seah ah gates produce the required quota, and Esa os Set Tenge er mut rear ae mot ise weagt Srna Betas ti, teat eas cee ain ace cage seas Sey Tied int tnt profit is lessened very considerably th and the advance in the world price of rubber has not compensated for the Increased costs with the - restricted output. This company, in common with others, cannot be expected "3 stow the same profits unless there material advance in prices.
With reference to the accounts, 1 wish to take this opportunity of death ing with some of the items of Administrative Expenses which have been the subject of correspondence in the *North-China Dally" News." JThere appears to be some. confusion in the minds of some of the corre-[pondents as to what costs constitute ds direct charges on the estate, in elker words against actual production ana what are Straits "administrative charges. "In the accounts before you, the total of charges incurred outside of Shanghai, with the exception reserves made for the Estate Manaer's commission and bonus for the subordinate staff, is put under one lump sum. In the books of the com= pany and as customary, there is general charges account in whick no less than 21 items appear, and apart from Straits agency fees and expenses. [These are live stock expenses, recrulting and assessment, transport and travelling, survey and census, upkeep of buildings and furniture, insurance Jon buildings, upkeep of wells and water supply, upkeep of motor vehicles, upkeep of fencing, upkeep of telephones, medical and. hospital ex penses, sanitation and health, and quit Fent. "All these are direct charges fon the state, many of which. are assessed and determined by the Government authorities, give you this explanation as there fare persons who, without investigation either by loiter or in person from the secretaries, who would have been only, too glad to give detailed information, thave concluded that the expenses 1 enumerate are in some form or an= agents. other the perquisites of the Straits
The Straits agency fees for this Jeompany, including the services of a visiting agent for the year unde~ review, amounted to Str. $4472.44 In cluded in general charges, which totals
Text read from the printed page and cleaned; old type leaves the occasional error.