The fifth annual general meeting of shareholders in the Perak Sugar Cultivation Ca., Limited, was held on Wednesday, 26th March, 1890, at the Shanghai Club. There were present:—Messrs. R. Francis (Chairman), C. J. Dudgeon (Secretary), G. H. Wheeler, J. How, Douglas Jones, J. Buchanan, E. Hey, 8. Walker and Pow Kee, representing in all 1,303 shares and 380 votes.
The CHAINMAN, after stating that he presided in the absence of the Chairman of the Company, said:—For reasons stated in the report it will be proposed, at the conclusion of the few remarks which I have to wake, that this meeting stand adjourned until June, Tt is probable also that in 1890 June will be found a convenient date for the meeting, but as the area of canes to be cropped in the early part of the year increases, so will the date of the mu voting have to be thrown back, until, with the estate in full cultivation, it will probably be August or September before a full report. of the campaign can be presented. With regard to the crop for 1889, full particulars are given in the report. The weight of sugar produced per arleng, and the proportion of No. 1 sugar have Both been beter than in any previtas yor of the Company's working. It has short supply of labour, the area. cropped in een somewhat unfortunate that, owing to
the twelve months has fallen short of the estimate, and consequently the accounts as made up to 3st Dec. showa less favourable result than was anticipated; it is, however, of course to be remembered that the 130 arlengs short cropped in 1889 merely fall into the area to be cropped in the early months of 1890, and thus shorten the non-productive period of the present year, so that the estate suffers little or nothing at all. Labour has been " matter of considerable anxiety to the manager and directors, The increasing industries of the Straits, and the large demand for Indian labour in Ceylon, have caused demand for labour in excess of the supply. The directors can only say that the matter is one which engages the most careful attention both of themselves, their manager and the agents in Penang. The crop for the season 1890-91 is described by the manager as the "best and largest we have had"; the crop is looking excellently well, and the only anxiety regarding it is the matter of labour already referred to, With regard to the accounts, if the proposal for adjournment is agreed to, these will be supplemented for the meeting to be held in June, and, though at the present time there is considerable extraordinary expenditure in manuring for the coming crop, there seems no reason to fear that the estimate of a profit of Tls. 14,000 on the campaign will be disappoint-remembered that the company will have scarcity in the supply: of labour it has been paid over Tls. 10,000 in interest on borrowed found impossible within the 12 months to take capital. The Tls. 14,000 that we anticipate, crop from the whole area of 613 arlengs, and the Tls. 10,000, amounting to Tls. which it was stated in last report represented 24,000, will give about 8 per cent. interest the crop for 1889; in addition to this the on the capital, and as this is for 16 months, manager considered it advisable, in the future interests of the estate, to throw back the that will be 6 per cent. for the year. autumn cropping a month, so as to bring the Mr. How asked if the shareholders were cultivation more in accordance with the re-understand that they might look for a cognised rules of sugar planting in the Straits. dividend of 6 per cent.
Owing to these causes the area cropped has Mr. Dupczox said they were not allowed only been 484 arlengs, the short fall of 130 to pay a dividend of more than 4 per cent. arlengs being left over to be cropped during until the debentures were paid off. the early part of the present year.
Mr. How thought the sugar account was a Estate Extension.—Owing to the labour somewhat bald statement, and he suggested difficulties already alluded to, it has only that the number of arlengs cropped should been found possible to add 35 orlonge to the cultivation during 1889, The area in culti-be given as alco particulars of the different vation is now 634 arlengs, of which it is grades of sugar and average prices. It estimated that 650 to 675 arlengs will be would be of interest to the shareholders planted with cane for the 1890-91 crop. to be enabled to follow the prosperity of Capital Works—With the exception of the the Company by means of such particulars. small addition to the estate above-mentioned, He asked if the contemplated expenditure and some necessary additions to the coolie on a new boiler was for an entirely new lines, there has been no important expenditure one in addition to the plant in use at the under this heading. It is however in contem-present time, or was it to take the place of piation to replace the present launch and one which was out of order. sugar boat, with a larger launch which will Mr. Dupceox said a new boiler might be combine the work of both. The estate is required to take the place of one of the even now too large for the existing transport present ones, which had recently suffered arrangements.
Plant.—The mill has done its work well some damage; and it was considered necessary to have a second one on the spot. during the year. The boilers neul repair, and this will be attended to when the present The rapid deterioration of the boilers was crop is worked off; it has been necessary to due to the impurity of water used. The work the bullers at reduced pressure for the expense of a new boiler and will roller was past three months, which forms another estimated at £500, The area cropped and reason for the short cropping in 1889. It may averages of No. 1 and No. 2 sugar were be necessary to supply a new boiler and a given in the report. spare mill roller during the year, the estimat-cost of which is. $3,500. Otherwise. the Mr. How said the report only gave the whole of the plant is in good order. The gross amounts. The average prices of exch additions to plant during the year have it grade should be given, so as to forma guide will be seen been written off, for the most, in future years. part, to depreciation, The Carman said Mr. How's sngges-Accounts,—These, to 31st December, show tion would be brought before the Board of 8 profit of 'Tls. 7,113.0, in addition to which Directors. He (the Chairman) saw no rea-it is to be noted' the Company has paid Tis. son why it should not be carried out.
7,512.07, in interest, a charge principally made-up by the 15% interest payable on de-Mr, Dovoras Joxes—I suppose the dentures. " These two amounts together make Board do not like to prophesy as to the a total of Tls. 14,625.17, which represents the length of time it will take before the actual earnings during the year over and above shareholders are likely to get anything out the expenditure necessary for the working of of the company? the property, or sny neatly 6% on the present The Cuars think it desirable not capital. If the sums borrowed are added to capital, as they probably will be hereafter to prophony. the percentage of earnings is over 44%, Mr. How—Unless you know. it is to be remembered is from a crop of only The Cuarmwax—If our anticipation of a 484 arlengs. These figures, however, do not net return of Tls. 14,000 is carried out, it convey an accurate impression of the actual would enable a small dividend to be paid. position, for on the closing of the campaign, It must be remembered that the whole with a crop taken from further 252 orion, it may confidently be anticipated that the estate is not being worked; but next year or the year after, it may be expected to be Present apparent profit on_ working account Will be at least doubled. For the adjourned in full cultivation. meeting a complete statement of accounts will It was than moved by the Cuansas, seconded by Mr. WHEELER, and agreed to, be prepared and issued to shareholders which will show the actual results of the "That this meeting stand adjourned until campaign, With regard to the debentures Wednesday, 25th June." 'The proceedings it is be noted that the first batch falls due in then closed' with the usual compliment to December 1891, when it is hoped that they the Chairman, may be rep, aced by a new issue of capital, or by a loan o'n very much easier terms.
Director.—Mr. E. G. Low retires in rotation as required by the articles of association but The Directors, as required by the articles offers himself for re-election. of association, submit their report for the year Anditor.—The re-election of Mr. G. shows that the holding of the amntal meeting 1889. 'The working of the Company, however, the shareholders' confirmation.
Wingrove as. the Company's auditor requires in March, with accounts made up to 31st W. ¥. Drvsaoxp, December (a date almost in the middle of the Chairman, stop) is entirely inconvenient, and) renders it Cus. J. Depceos, almost impossible today before the shareholders Secretary. a proper statement of the Company's position.
Shanghai, 5th March, 1890.
It will therefore be proposed at the forthcoming meeting to adjourn until June, when, the crop having been cleared off, it will be possible Sraremeyt of Liapinities AND ASSETS to 31st to submit a report with accounts, closed to
Text read from the printed page and cleaned; old type leaves the occasional error.