Trust, Limited, was held yesterday Chairman presided ov 11.45, when Mr, L. E, Canning, the a gatha representing 457,000 shares.
Messrs H, Kadoorie, R. N. Swann nted J 'A, Wattie & Ca,, Ltd ud A. J. Welch, who also Secretaries and General Man-of the Company, supported the Eh rman, The meeting having been convened, the Chairman said, Report and Accounts. havi in your hands for the requisite fol 1 with your' per me ustiat procedure moment was Guilders 2,187.71. spent fon the Upkeep of Immature Rubber and Guilders 2.60233 on re-planting, BT's nores with Hubber. ly, the Company lo position profit for Ty. ratifying' when one takes consideration the fact that the output fof Rubber during the peried under Foview was only just over 71 per cent, of the Standard Production Assessment, Purthermore, the aver-aye rate of Exchange at which the Straits Dollars were converted into Chinese Dollies. this year wax 15!
compared with the. present Exchange vote of about 1343, who manner in which this Profit ix divisible between the Income from toms, Ht will start the nev: year with a Surplus of Liquid Assets over' Liabilities of Chinese $1.286,907,00, without including any further me crease in the value of Investments that may have taken place since the end of September.
will now turn to planting matters and deal with those of each Estate in tun "Twill commence with New 'Amherst Estate which, in the past, stigmatized in certain quar lereliet' Estate. Far from 'a erellet, however. this much maligned Property eared the very FespectaLle profit of Ch,$800,403.00, pud this ina year of comparatively will cadily-be able tes Sourselves that, should nothing une expected happen to upset one's expectations, the present increase. in the exportable Quota, the higher price rialing for Raw Rubber and the lower rate of Exchange prevailing for the Chinese Dollar, make the prospects for the cerning year look every bit as attractive as the results shown by the accounts now before you, "the manner in which your Dirce~ ors recommend that the available Estate matters, 16 acres of the new land, Fecently required, were planted wit Rubber during the year. 'These young. areas suffered in' their early" days 5 from attacks by Bamboo rats and Crickets and were also affected by abnormal Teatfall but they are now reported to have recovered fully, and are making rapid and satisfactory progress igh Average Dalanee In Profit and Loss Account shall he dealt" with ix set forth in their Report Working Account you will now turn to the work-Ing account for a moment, there are two Hems which perhaps' require a ttle elaboration on my part and they fare, on the efedit side "Sale of Export Tights St$22.648.60" and the debit side "Purchase of Export $18,867.10", Some of you may' have wondered why your Dire tors should sell rights with one hand and then buy' them eke withthe their hand.
This was not ne tually the case. What really happened was that Tale ping Estate sold most of its export Fights to Bukit Sembilan Estate, which of course was in effect nothing, but_a book Entry, and in addition Taiping sold any further rights that were not required by the sister "The entries in the Balance Sheet "As regards the mature area, an average area of ISH acres was tap-red throughout the year, the rate of yield per aere per annum being 361 pounds. The standard of tapping is reported to be very good and the Fate of bark consumption and renewal normal, The reserves of bark are also ample, The Estate was not tapped d the Monsoon months, Sune, July and August, "The factory "functioned satisfwetorily during the year and the new. Crepeing Battery enabled ux to turn our lower grades into crepe, which torally at sat "The supply of lab throughout the year and there was never any question of il-feeling or strife amongst. the force although Tabour unrest occurred on some other: estates in the neighbourhood.
"The health of Inbour force was reasonably good, although there were serious outbreaks of smallpox, cholera and typhoid in the Mfoulmein District infall was much the same fave, 1 think, self-explanatory, 'The Hem Loans to local Rubber' Com= panies" represents advances, of purely temporary nature, to' various companies in order to tice them aver for a short period between the date when certain payments had them ime when they would receive remittances. from "The whole estate is sing free from root disease and on trees were lost through disease dui ing the year, The abnormal rainfall eased a hea fat one time to Adi whicn expressed in local Win reality they represent 1 outstandings and unpaid accounts at states, buildings were the necessary upkeep and are in a satis.
The "Manager's fairly extensive to the Profit on the sale of amounting to ChSth-HIT.AG teunsferred to Profit sand Lose penditure under the headl-"ibuitdings ad Farvitar events the cost Of certain essen ides. of the new the estate is in ind does not call heavy expenditure in the future.
We come next to Rukit Sembitan state which, ne 1 have tod your it yy 27 acres during the year and the young plants are reported to nrowing most sat ings on Bukit.
Text read from the printed page and cleaned; old type leaves the occasional error.