The chairman said that there no dimeulty over splitting the shares but the dimeulty lay in changing over into dollars. There was no opposition from the Board whatever. They might take legal opinion and find out how much It would cost to convert the shares into a dollar currency, Mr. Raphol is to put forward the suggestion at the forthcoming meeting of shareholders, Mr. Raphel also put forward the opinion that the fees of the director= [ship and management were excessive, and asked whether there were any possibility of reducing these charges: In view of the fact that the output of the firm was so small, "The chairman said that he did not think that these fees could be cor sidered excessive in any way. 'The directors' foes were reduced in 1932, and put back in 1934.
Mr. Raphel said that the charges compared to the output were scme-what excessive, Something had to done for the benet of the share holders.
The chairman and put back again, while 1 secretaries' fees had been cut in 19 and had not yet been put back.
'A question was also asked about the Agures for tapping in Singapore mentioned in the balance sheet.
The directors present at the meeting were Messrs. L. E. Canning, (chair= man), J. Frost and Lloyd Bland. representing the secretaries. 11.791 sharec were represented by the atic dance at the meeting.
Chairman's Speech hhis speech, the chairman sti Gentiemen:—The accounts now before you show a profit of $4022.14 compared with a profit for 1934 of $1230632. This falling off is due to the' fact that owing to the operation of the new restriction scheme now in force, the output for the year was only 116,668 1b, against 133,339 1b, for: 1934, being a difference of 16,671 Ib.
In addition to this, our general charges in Malacca are Straits $0,274.20 against Straits $4,927.27 for 1934, being, un increase of Straits $1,347.00, This increase is brought about by the fact that during the slump our agents voluntarily reduced their fees by 20 per cent, and these were re+ instated on the old basis on July 1, 10M. Quit rent was increased from Straits $879.00 to Straits $1612.00, and as this Is fixed by the Colonial Secretary, it is difficult to see how it can be Feduced. Other expenses show only small differences and call for no articular comment.
"The crop estimated for the year 112,000 Ib., but owing to the une certainty of the quota percentage, it is impossible to predict what the out-Put for the present year will be.
ur investments show no change, and the value to-day is $2230 compared with $20340 on Ociober 31, 1835.
"The year closes with a front of ig22.14 to which is added '$3:325 64 brought forward, making a toil of '$6,147.08 from which we propose poy Ing. dividend-of 15 cents. a share, Which wit be dealt with later' special resolution.
'The estate continues to be mai aged by our Agents, Messrs, Shine Darby & Ca, Lid, Malacca, and our thanks are dite to' them for' the very excellent manner in which they have managed the properly during the year, The following resolutions were then That the directors' report and siate-Gctnter 3 1288, us printed and elreulats ment of accounts for Who sunt, ended
$2, be eiobted: Propo yr aE.
fanning. and econ it J. Prest, That dividend of 15 cents per be paid. Proposed ly Ins be E" Canning nnd seconded by. Mr. J. Frost.
That Mr. W. J. Monk be re-elected director of the company: Proposed by e"rront nnd seconded Molthows, be elected "auditory Wt Ihe em pany" for the' enauliy yee" at Wee ghee "Shona Sano sss: seconded by att. $. Bilston"
oesed by. "Mr rosd bland a MAJOR BROTHERS LTD, Reduced Sales Reported for Past Year Economic conditions prevailing ant the keen competition from ether con cerns were mentioned by the chal man, Mr. W. Mellor, as the causes [or the decrease In sales during the past year at the annual meeting of Major Brothers, Lid., held on. Tuesday. February 25," in the head. fice of the' company, 20° Canton Road. Other directors present wore Messrs, W. B.C, Middleton and G. Purcell, and there was a share repre: sentation of 2,242, The report and accounts were taken as read and the chalrmun saldi—
Sales are lower than our 1934 Agure and the decrease can be attributed to the economic conditions "prevailing uring the past year and the keen competition thal "exists; therefore, under the elreumstances' the result of the year's work may be considered During the past year no molar repairs or renewals were necessary and the plant has. been kept in' gout working order We are very fortunate by our star and T"must again take this oppor: tunly of expressing. the diceclors: appreciation of the loyal services, of our mannyer, Mr Plaher, and 1 Assistant, Mr. Zee, 'There were no questions, and the following revolutions were' passed 4 TBM, the, Fport and acount for ented be accepted: propdad by Ate car onaed Becember Ske ibs a
Purcell, lion and sovondel ares nas presented be aevented: proposed by Mr. W. Mellor and "seconded bs Me. W. iO. Atlee That the appointment of Ale, W. Mellor diroelor of the company eon firmed: "proposed by "Nts Gi. Htarris Purcell ind"feconded "by Mi. "AL. gurector by. S. Rt. Ower eae Miulcton and aceunded
"Tha MewraThnimson A Ca. he re: poned yee G. Tarte. Puree Scvoned' wy ts 8.'Mt, Owens
Text read from the printed page and cleaned; old type leaves the occasional error.