DOMINION RUBBER COMPANY

Evening Star, Issue 15138, 20 March 1913, Page 3

DOMINION RUBBER COMPANY

ANNUAL MEETING!. The fifth annual meeting of the Dominion Rubber Company, Limited, was held last evening, the chairman of directors (Mr W. L. Simpson) presiding over a big attendance of shareholders. The annual report slated; The expenditure has again- been heavier than in any past year, arising from the steps taken to eradicate the disease known as “fomes,” which had got a strong hold on certain portions of the plantation. , By completely stumping and clearing t,hc estate of all dead and fallen timber it is confidently expected that all danger will be obviated, while the growth and health of the trees have responded to the cultivation of the soil resulting from the operations referred to, which are now all but completed. Buildings, tools, and plant have again been subjected to a writing off for depreciation, which has been' charged against the development account. Shareholders will be pleased to see a profit and loss account appearing for the first time, and showing a credit balance of £696 13s 2d. In future this account will assume greater importance, and the allocation of expenditure between it and capital will he made with a full regard to detail. The estate is reported to be in first-class order, and the trees, both as regards size and condition, to be all that can be desired. Tapping was commenced on a few trees in June last, and the total weight .of dry rubber harvested to 51st December, 1912, was 10,2671b, a satisfactory return when the youth of the trees is considered. Some 20,148 trees are now yielding latex. During the current year it is estimated that about 42,000 trees will be tapping, and that the yield should be at least 40,0001b. The company have recently acquired 2CO acres of land on the river frontage, which was af one time cultivated by natives. It is believed that this area can be readily brought under rubber, and ought to prove a valuable addition to the estate. The question of offering the 10,000 unissued shares has been under consideration by the directors for some time, but they have now ■determined that this step be taken. The European staff consists of Mr W. B. Bell. Mr G- A. Bell, and Mr Drayson, all of whom were by latest advice in good health. The Chairman, in moving the adoption

of the report and balance-sheet, 'said that if they referred to the liability side of the balance-sheet tl% would find that the issued capital was being called up rapidly, the amount paid up now standing at £34,756 95,. as against £25,347 19s 6d hut year. The deposits had been gradually reduced by the transfer of amounts to the respective share accounts as calls had been made . from time to time. The rubber stock was represented by the October yield (true weight dry). 2,0001b, and the November assessed weight, 2,0001b, valued at 4a per lb. The board were of opinion that it would be a mistake to capitalise profits, and that if any further extension was to be undertaken it should be out of capital subscribed for the purpose. Assuming that Mr Bell’s estimates were approximately correct, the sum of £7,350 would in any case be required to complete .the present area and supply all necessary building and plant, and as the uncalled capital - amounted to only £5,243, the directors saw no other course open to them but to issue the 10,000 unallotted shares authorised. 1 heir policy of distributing profits would be adhered to. The report and balance-sheet were adopted,' tiri ‘!g.directors (Messrs'li, Adam and I. Glendining) were re-elected, and the SS. 1 UuviJ «**•»» ~i>-