The annual meeting of the Padang Rubber Company, Ltd. was held on July 10 at 20 Canton Road, and there was an attendance representfenty ing 71,280 shares. In his speech, the chairman, Mr. W. Mellor, sald:—The total acreage of 846% acres remains the same as reported last year, but of the six ort doned in 101 '4¥% acres have been reclaimed. The remaining 1% acres carry very few trees and are not worth reclaiming. This area is very rocky.
An application was made for an assessment to cover. this reclaimed area of 4% acres and an allowance of 41,600 1b, was secured. This together, with "$95 Ib, normal increases on untapped immature areas makes our standard production for 1937, 981,210 Ib, as against 370,015 Ib, in 1036. The average monthly crop requirement will be say 26,000 Ib, and the estate can be expected to produce this amount from the resent acreage under the knife, You will note that the cost of production for the year works out 4.724. per Ib. as against 5.084 for lst year.
The general condition of the Estate continues to be generally satisfactory and the trees in the various replanted areas are healthy and mak-Ing quite satisfactory progress.
The tapping labour position has been unsettled and is a problem to which the. estate manager ts giving very close. attention. "Wages have been increased but with the opening up of a number of European and native owned estates more favour situated there Is a shoring of labour. In case of necessity a further increase in wages may have to be faced to Keep what labour we have and to secure suMlcient for our rex quirements. I am pleased to report, however, that since the beginning of April, tapping rates have been increased ¥% cent per Ib, and the labour position. is easier, take this opportunity of record-Ing the appreciation of the dite: of the good' work done by the mat ger. and staff, Mr. Pinching, our, Nechnical adviser, and our Straits agents, T will now turn to the accounts. The prot for the year amounted" $74,202.49 and with the $10,042.33 carried forward. from last" year makes a total of $85,048.12, From. this amount. $30,00000, being two interim dividends pald during the year, must be deducted leaving a balance of $55,645.12 at credit of Drofit and loss. account, In the accounts presented to you last year, there was an exchange ad-Justment' reserve of $43,898.27. Your Glrectors after consideration and view of the small variations in exchange we are likely 0 experience in our currency and Straits dollars, decided to transfer $40,000.00 from this amount to general reserve.
You will note the company had at the end of the financial year. '$35,000.00 on fixed deposit and which has since expired, Your directors have reinvested $26,000.00 in Shang-hal Power Company 5% per cent debentures "and the balance $10,000.00 has been transferred to our current account with our banker There being no resins, the ft toning esti "wee ped rear ge ager ian of i canis "the. chun Ring tim bots
Text read from the printed page and cleaned; old type leaves the occasional error.