July 10.
PROFIT of Guilders 165,190.37 for 1940 was shown and a final dividend of ten Guilder cents declared at the annual general meeting of the Naamlooze Vennootschap Maatschappij Tot Mijn-Bosch-En Landbouwexploitatie in Langkat, held yesterday at the offices of the general agents, 1 The Bund. Mr.
B, McBain, chairman was supported by Messrs, G.E. Marden and H. Kadoorie, member of the unofficial advisory committee, and 26,705 shares were represented.
'The chairman in his speech Gentlemen, the report and accounts ary, taken into the accounts at cost of having been' tu your hands for, some provi auction, namely Gldrs, 16.63" per time f_ will, with your permission, 4b, which includes Gldrs, 2.67 per Ib. follow the Usual procedure and take export duty recoverable from buyers. them as read.
The standard production assessment for the year 1941 has been fixed at Profit 1,690,909 Ib, an increase of 10,768 Ib, The general profit and lose account on the final assessment of the previous for the year's working as. resulted year, wher shows that the estate 13 a prodt of Guilders 165,100,7, and Improving from year to year as a after adding the amount" of Glars. producer of rubber, The estate, will Yss044 brought forward from last easily be able to produce the full year, and deducting the interim div exportable quota allotted to it di Zend of Gldrs. 35.000 paid on May 14, Ing the present year. Shipping alm $o40, there is a credit balance of faulties may be met with but so far [Gidrs, 152029. available for distslthese have not interfered with our Dution, which balance I will propose production or sales, later ina resolution be dealt with as follows:—Replanting Programme hitler Gents per share to final dividend of 19 Our visiting agent, Dr. A. Blommen-Sitrehoaders on the al, who was appointed in Septem ber 1040, visited the estate in March 1041 and reported favourably on the lat general conditions. Among his Fecommendations Dr, Blommendaal advocated an increased replanting programme as well as enlarging the Payment of Dividends nursery areas In order to prevent future shortage of planting mater I would ike to say a few words In view of Dr, Blommendaal's recom regarding the final dividend of ten mendations, your directors have Guilder 'Cents, In connection with @eeided that "the replanting pro~ this dividend ¥ would like particular~ gramme for 1042 be increased from ly to point out that, in accordance 00. acres to' 250/300 acres; the with the regulations of the N.EI, nurseries in consequence are being immediately enlarged to cope with showing their coun residence Government 0st of all shareholders this new scheme. Our labour force will be submitted to them for their will also have to be increased to cope approval, before this dividend is patd, with this replanting programme, At The dividend will then be pald to the end of the current year the reapproved shareholders through a planting programme of the company bank located in the NEL. by the issue will naturally be reviewed again, All of dividend warrants at Medan, which anent buildings on the estate warrants will be paid in the currency been Kept in good repair and of the country'in which the share~ we have received satisfactory reports holder resides, By way of example: on the running of the factory as well Shareholders in Shanghai will receive fag all other machinery, their dividend warrants in Guilders but will be paid in Shanghai local Since the close of the financial year we have received a letter from Mr. currency at a rate of exchange to be Bxed by the bank on which the divi 3, de Wilde tendering, his resignation from the Board as he fins retired from dend warrants are drawn, Tt was the Intention of your directors to declare the East, and I take this opportunity somewhat larger dividend but owing Jof expressing our best thanks to Mr. de Wilde for his advice and assistance to the legislation of the N.EI, Government we are only permitted to during the time he served on the Board, apply, the sum of Guilders 25,000 towards our final dividend. In view Vacancies Filled of this decision by the NEL Gove ment your directors have decided to {Owing to the absence of Mr. G, A, undertake a more extensive replant~ murphy from the NEL, Mr, Ditkate ing programme which 1 wil refer to of Medan and Mr, 8, Lee of the Medan later. After payment of this dividend office of Messrs, McAuliffe, Turquand of 10 Guilder cents per share the Youngs & Ca, have been' invited to Niquld assets of the company at the Alt the vacancies thus caused, which end of the present financial year Will exceed the liabilities by approximate-appointments will require your eon-innation, Glérs. 78,000 s0 that the cash pos!
T would Uke to convey our best tion of the company may be con-thanks to our Sumatra agents the sidered very satisfactory, estate manager and staff for the very With regard to our Rantjah Sirang manner in which they Concession, this shows a loss of Gldrs, have administered the affairs of the 4,051.98 which is represented by toxas, estate during the year under review. concession licences, and other current expenses, which {5 somewhat, under meeting of the estimate given in the chairman's riy resident report for the year 1999/40, Shanghai, for a discussion of the company's Business, but the actual Samarinda Saw Mill annual meeting of the company will take place at Medan at the otices of Referring to the Samarinda Saw Mr. T}, Dijkstra at 10 am, on August Mill T have to inform you that the 5, 1941, sale on the Lease/Purchase basis ar~ rived at last year has not been carried 'That, gentlemen, is all T have to say, out by the Purchaser, and your direc will now formally propose that the tors, after taking legal advice on this Airectors' report and statement of matier, decided to foreclose on this accounts for the year ended October agreement and retake possession of 31, 1940, as presented, be adopted and the property, The maintain ence of Passed, the property is not expected to exceed This is seconded by Mr, G, B, Mar-Glars, 200 per month. In the mean [den and is now up for discussion. time we shall endeavour to dispose of same. The mill and property was This resolution was passed usang. recently inspected by-myself and T fam glad to report that the property generally in a good condition, Rubber Estate Turning now to the working of the Rubber Estate; the total area of the state remains the same as in our last report: amounting to 4,963.7 acres, Of this area, according to our latest reports, 3,918 acres are under rubber consisting of 3261 acres mature and 657 immature. '1025 acres of old rubber were cut out for replanting during the Past financial year while 242 eres of 1939 new plantings and re~ plantings are now, classified as immature, The 657 deres of immature eae ae 2 oni "appropriating. lace to reserve [Carry forward to next account ''SOOIST seganded: by Be. G. B: Mard Proposed by Me, BB. Motiain and "That tha appolatment of Mr. TT Dilkstea as a altector of te, cama rubber consist of plantings during the Met rae years 1096-40, so that they will now That the appointment of Mr. S. Teo come regularly into maturity. In 1 director of the company be confirmed, addition to the acreage under rubber,
Text read from the printed page and cleaned; old type leaves the occasional error.