To the Editor of the '"Noru-Cunxa Dany News"
Sim—1 wes hoping that Inrexeste> would reply to some of the orities who Janswered his. letter or that at least some of his friends would come forward and help him to defend the. [Managers and Directors, Directors' fees would not make any difference to dividends, Why not? It a cumulative saving. And as a matter of fact, should not Ixrenrsres's $72,000 be $110,867? This is made up [as follows:
Directors Fees Beeretarial Fees 2020000122)
General Omice Expenses General Manage sions 'Total rose Eliminating Directors' frees, does he suggest that an average of $9,587 per Jannum for each of these nine com-Panies, for Shanghai expenses only, Inremesre had taken the 29 Shanchal companies controlled by two firms, his total for Shanghai Directors {fees and management expenses would Ihave been $901,182, and this of course [does of include Kennedy Burkill's [charges in Penang.
Does he suggest that a saving of half this rum would make no difference 10 Dividends?
'Of course, the fundamental question "Are these charges competitive?" JOne could hardly apply'that principle [Fiaidly to Directors' fees, but it could fand should be applied to the other And, es far as Directors fees are concerned, I would ask "Do we really need 120° Directors to run the 29 Shanghai Rubber Companies?"
KUALA Luror, Shanghai, Nov, 27,
Text read from the printed page and cleaned; old type leaves the occasional error.