DOMINION RUBBER ANNUAL

Evening Star, Issue 17312, 27 March 1920, Page 5

DOMINION RUBBER ANNUAL

The 12th annual meeting of shareholders in the Dominion Rubber Companv was held yesterday afternoon, Mr il. Adam presiding. Tho annual report stated (inter alia): the profit for the year after making provision for Income Tax, amounts to £6,396 5s 2d, to which must be added the amount brought forward from last year, £5 210 15s 6d; total £9,607 0s Bd. The interim dividend paid in September, 1919, absorbed £2,500, and the directors propose to deal with the balance as follows:—Payment of a further dividend of per cent., £5,750; add to reserve account (which will then stand at £4,000), £1,686 ss; to carry forward to next year £1,670 15s 8d • total, £9,607 Os Bd. The total rubber harvested during the vear was 299,7821b being 39,7821b m exce'ss of the estimate! The area being tapped was 700 acres, and shows an _ average return per acre of 4281b. This result must be regarded as very satisfactory in view of the light tapping in vogue.. Owing to the present shortage of Chinese coolies (a position that may not improve for some time), there is a possibility that more Tamil coolies may have to be employed as tappers. If this becomes necessary it will adversely affect the output, as tho Chinese are better tappers than Tamils, both in regard to quantity of latex obtained as well as their care of the trees. It is therefore estimated that the present year's crop will not exceed 300,000 pounds. The Chairman, in moving the adoption of the report and balance-sheet, congratulated- shareholders on the improved position of the company at the annual balance date, November 30, last, ats compared with tho previous year. It was with feelings of regret he had to announce that their late chairman, Mr Simpson, owing to advancing years, had been compelled to resign from the board. He had taken no. small part in steering tho company through its initial stages as well as through the strenuous period of the war until the present time wiien everything pointed to a fairly properous future*for the rubber industry. After review of the financial situation, the chairman said that the output for the first three months of this year, compared with the corresponding period of last year, showed an increase of 24,0001b, but shareholders must not run away with the idea that they were going to pay large dividends in the future. Tnero were some 800 acres to plant yet, and as the capital account waa now closed, all further development work most bo done out of profits. The report was adopted, Messrs H. Price and J. Scott were elected directors, and Mr D. Crawford auditor. Mr W. B. Bell spoke briefly on.the condition of the plantation, and a voto of thanks to the staff closed the meeting.