Shanghai, Apr. 18.
At the 27th annual general meeting of the Semambu Rubber Estates Ltd., held yesterday at 49 Szechuen Road, was shown that as a result of the year's working a profit of Ch$163,- 57724 had been made, as compared with Ch.$16,858.10 in 1938. A dividend of nine cents per share was declared. Mr. A. J. Welch, chairman, presided. supported by Messrs. L. E, Canning, H. Kadoorie and Mr. W. A. Welch re resenting J. A. Wattle & Ca, Ltd., secretaries "and general managers. Shares present and represented were The chairman in his speech said:—The result of the working for the year was a profit of Ch.$169577.24 as compared with a profit of Eh $16,858.19 last year.
This increased profit is: shown despite the fact that output of rubber was 05,579 Ib. smaller, and is partly due to the average price realized for our product being 296 pence per Pound higher, but it is largely contributed to by the lower rate of exchange that prevailed. The estate expenditure on the other hand showed fan increase of.60 of a penny per pound. Practically all items of expenditure showed a decrease except Duty, which was greater by St$1,897:35. Shanghai expenses show. an increase of Ch.$1,333.59 chiefly duc the fact that the general managers were given a temporary exchange adjustment on their fee. When expressed in Straits dollars, however, they show a decrease of St$433.01 equivalent at the current rate of exchange to approximately Ch$3,500.
Text read from the printed page and cleaned; old type leaves the occasional error.