As regards the current year estates have received assessments totalling 2,489,835 1b, of which 2,085,240 Ib. should be exportable. Towards the end of last we sold forward 546,560 Ib. of ihis rubber at an average gross price of 844d. per pound cif, thus leaving 1,538,680 1b. for free sale.
As mentioned in my speech last year, a small area of old rubber on our Sungei Inas Estate was cut out and replanted with bud-grafted rubber. We have arranged to deal similarly with-207 acres of our oldest rubber this year. In view of the falling of in yielding capacity the oldest rubber, the policy of board in acquiring areas of oung rubber when same can be obtained at attractive prices will be seen io be more than justified. The purchase of tie Rompin Palong estate in January last, consisting of 495 acres of good young rubber, is a continuance of this policy. This new estate has been equipped with the necessary buildings and should give a good count of itself.
The Rubber Regulation Scheme continues to work with smoothness, and I am hopeful that it will be renewed in some form on its expiration next year. No difficulties appear to have been met in keeping exports within the permitted quotas; on the contrary, for the five month: ended May 31 shipments from the three main producing areas—Malaya, Netherlands E. Indies and Ceylon—are 22,614 tons in arrears. As from July 1st the releases are to be raised to 90 per cent, and prices have se far shown little signs of recovery, it is thought that this rate of export will only be reached with difficulty, if at ell, during the present year.
As regards the industry itself, the outlook is most encouraging, and I look forward with confidence to the future of a progressive estate like Gordon, and I am confident that th.- current year will show better results than that now under review.
The" report and accounts were adopted, and the dividend recommended was approved.
Text read from the printed page and cleaned; old type leaves the occasional error.