DOMINION RUBBER COMPANY.

Evening Star, Issue 16087, 12 April 1916, Page 1

DOMINION RUBBER COMPANY.

The eighth annual meeting of the above company was held last evening, Mr W. L. Simpson presiding. In the course, of their animal report the directors stated that the profit for the year amounted to £6,165, to which must be added the amount from last year, 'ess the dividend 1£1.250) paid in April, 1915, £1.867: total, £8,055. The interim dividend of 2i per cent,, paid in October, 1915, absorbed £1,250. The directors now recommended the payment of a further amount equal to 7* per cent., or 10 percent. for the year, £5,750; the transfer to a reserve fund of £2,000; and that there bo earned forward the sum of £1,055 Is 6d. It was alscP proposed to transfer the amounts standing at the credit of share premium account, £505, and of forfeited share account, £8 15s, to the reserve account. It was deemed advisable to commence the establishment of a reserve account in view of the intention to extend the planted area and of the probable necessity of providing further buildings and plant, involving an outlay in excess of lie capital unexpended. The recent rise in the market price of rubber came,, rar.hc-r.. late i.-, affect the accounts to auv 'extent' but since they were dosed the increased price had been fairly well maintained, so that the company were now boncfiduc. The rubber on hand at November 50 had been sold at an advance of £2,055 on die valuation. The total rubber harveded loo'nob.v 16 year ,mder rev iew amounted to codon’ oxceedlll e the estimate by 2.9081b, and the manager estimated that fully 200,0001b might be looked for within the current 12 months. The question of plant disease was no longer a difficulty on the estate, and the little that was in evidence was easily kept in check. Additional labor had recently been secured, and. with an increased output and fair prices, the prospects for the current vcai"eie distinctly promising. According to a recent computation, the actual area planted was 700 acres, all of which was reported to be in first-class order. Tapping was at present date proceeding on suitable trees planted over 470 acres. The Chairman, in moving tho adoption of tho report and balance-sheet, said that, considering the very strenuous vear Inat trie management at Kelantan had passed through in tho conduct of the work on tho company's plantation caused bv the war and the espionage system exercised in the can’t mg on of it by Britain's arch enemv, unsettling, as it did. the labor population ot mixed races on which the management had to depend, to the point of open mutiny against tho small white population and it was no exaggeration to say that such open mutiny was only prevented by the allied warships patrolling the coasts—the shareholders were to be congratulated taat the directors had been able to place be lore them such a. satisfactory balancesheet. 1 heir ability to do so was due to the firm and diplomatic way in which tho management at Kelantan had handled their labor force during the crisis referred to. Jlic speaker explained at length tho positiou and prospects of the company, in order to acquaint shareholders with the position of affairs at the company's property at Kelantan Mr W. B. Bell' (manager) g.ave some details that were listened to with great interest. .Mr M. S. Holmes seconded the motion tor the .adoption of the report. He thought the shareholders could congratulate the management on the success of the past year s work The company seemed to have turned tho corner, and would for the future be a profit-earning concern, and if all went well that profit should materially increase year by year. Mr Bell had given an admirable explanation of what was being done on the property. While on a visit to London some time ago lie had met a number of men interested in rubber at the Rubber Exhibition, and bad learned from these that their plantation was regarded as one of the show places of the district. The motion was carried. On the motion of Mr J. C. Stephens a very hearty vote of congratulation was accorded to Messrs Bell for the highly satisfactory manner in -p.-hich they had earned out their duties during a most difficult year, this being carried bv acclamation. It was resolved that the retiring directors—Messrs W. L. Simpson and T. Glendining—be re-elected, and that the directors fees bo increased to 25 guineas each per annum. Mr D. Crawford was reappointed auditor at an increased remuneration of 20 per annum. Mr Holmes moved, and it was earned, that the directors be recommended to take into consideration the granting of a special bonus to tho Messrs Bell, in view of the very arduous year through which they had successfully brought the estate.