The 21st annual meeting of shareholders in the Shanghai-Sumatra Tobacco Ca.. [d., was held on Thursday afternoon at the offices of the general agents, No. 1 the Bund. Mr. John Prentice presided, and was supported by Messrs. A. Ww. Burkill and W. BR. McBain, directors, The notice convening the meeting having been read, the Chairman said: The general profit and loss account shows a debit of Tls. 230,794.19, including the balance brought forward from last year, and this will be carried forward to a new account.
Tobacco crop, 1921, showed a loss of Tle. 53,095.17, a very disappointing result. Crop 1922 is said to be of better quality and we have 2,987 bales as against 2,456 bales in 1921, so we may expect better results. The first lot of 511 bales Sandleaf was sold a few days ago at Glds. 314, which was not as good as we anticipated some time ago. This is due partly to the very unsettled state of affairs in Germany. The lot was only suitable for the European market and Holland and Germany are the principal buyers. Both countries are seriously affected by the present situation. Recent advices from Amsterdam indicate that high prices are expected still for any lots suitable for the American market, and I hope that this may prove to be so.
The number of fields to be place} under cultivation this year will be about the same as last year and the soil is reported to be good.
The rubber estate working account shows a loss of Tls, 13,526.55, but it must be remembered that our financial year ended on October 31 last, and we did not get the benefit of the improvement in prices caused by the Restriction Scheme. Gur manager estimated the production for the current year at 650,000 Ib. and the cost at Glds. 0.38 per lb., juivalent to approximately 73d., but under favourable conditions he hopes to increase the production: to 675,000 Ib and to reduce the cost to Glds 0.37 per Ib.
During the year no work has been done in connexion with prospecting for oil. It is unlikely that anything will be done in the near future as the present system of taxation en el has caused the Bataafsche Petroleum Maatschappij to wit cown production considerably in Sumatra and Java, and a large number of the staff have been dismissed. They are protesting very strongly to their Government, and it is hoped that a change will be made before very long.
There were no questions, and the formal resolution were adopted.
Text read from the printed page and cleaned; old type leaves the occasional error.