DOMINION RUBBER COMPANY

Evening Star, Issue 18925, 27 April 1925, Page 11

DOMINION RUBBER COMPANY

ANNUAL MEETING The nineteenth animal meeting of the Dominion Rubber Company was held on Friday afternoon, Mr T. Glcndining (chairman of directors) presiding. The Chairman, in moving the adoption of the annual report and balance-sheet, said that during the latter half of the year the demand for rubber increased; and the price had advanced accordingly, the result being reflected in the profit and loss account. The chief reasons given for the improved market, were that America found itself with a shortage, London stocks were lower than for some years, and there was an increased demand for the, commodity generally. Every effort had been made to keep down the expenditure, but very necessary costly cleaning and general estate work bad to bo faced, and the, estate was now in excellent order. It was much easier and less costly to keep the plantation in good order .than to allow lallang and other weeds to grow, and then to retrieve the situation afterwards. Expenditure in this direction, however, should be lighter in the current year. In view of the fact that rubber had continued to command a payable price, tbo board had decided to recommend the payment of a 10 per cent, dividend atme closing date of the year, absorbing £5,000, and to carry forward £636 15s to next i year’s accounts. The expenditure had been j slightly less than iii the previous year, and there was little prospect of decreasing tbo amount if the reputation of the estate was to bo kept up. Siilt pitting on the hill- ' sides, a very necessary work to prevent the soil being washed away, was being | carried out gradually. Certainly there was nothing spent unnecessarily. Restriction was still in vogue, and attempts luid been made to make it more effective. The Dutch, however, were -st.ill reaping the benefit of the, restriction scheme, and were selling all the latex they could produce at a price they could not hope for wore it not for the fact that British plantation owners had restricted their own output. The Dutch were their enemies in this respect, but they cared not, so long as they made money at the expense of the British companies. At any rate, they were move than ever convinced that restriction in its present form had gone a long way towards stabilising the industry. Messrs W. B. and (J. A. 8011, their manager and assistant manager, had not spared themselves to do all that was possible in the interests of the company, and the condition of the estnto reflected great credit upon their The capital and reserve accounts remained as formerly. Sundry creditors stood at £Bl6 7s 7d. instead of £960 6s lid last year, ami profit and loss £5,636 15s instead of £2,685 16s 4d, the profit for the year after providing for Income tax being £2,952 18s Bd. On the assets side, leasehold property stood at the previous year's figure, £44,155 9s Bd, bungalows, bangsals, and factory buildings appeared at £1,550 0s lOd instead of £1,807 19s lOd, macliinery, tools, furniture, and launch £920 8s 3d compared with £OSO 14s 9d, general stock and stores £604 17s 9d instead of £634 15s 9d, rubber in hand £958 13s 6d compared with £1,079 8s 4d, sundry debtors, etc., £627 3s 5d compared with "£1,139 Is, cash at Kelnntan and Dunedin £8,122 3s 6d, compared with £4,452 10s 4d. The estate and exporting charges amounted to £9,591 4s 4d, compared with £10,144 10s 8d Inst year, maintenance and repairs £I,OBO 6s 3d, depreciation £322 9a 3d, compared with £1,302 7s 2d and £76 17s Id respectively. Dunedin charges £343 0s 7d, compared with £440 0s 4d, and income tax £420 as against £4OO, On the other side, rubber sold and in hand came to £14,586 6s, instead Of £14,917 3s last year. Other items of revenue showed £123 13s Id compared with £97 Is. Mr Harman Reeves seconded the motion, which was carried without discussion. There was an election for the vacancy on the directorate caused by the retirement, by rotation, of Mr Alfred Anderson, Mr William Anderson, also being nominated. The ballot resulted in the election of Mr William Anderson. Messrs Moodie and Smith were reelected auditors. Mr Q, A. Bell, assistant manager of the ■ company, said that the estate was .in good miming order, and prospects were brighter every day. . If the restriction on the production of rubber were lifted, it would be better for the world generally. Tie hoped that by the end of the year, labor costs would be reduced and disease would bo overcome. The Dutch were still tapping and producing as much as they could. The company would have produced almost double the amount of rubber if the restrictions had been reduced. The land not cultivated was all good rubber land, and would be cultivated in time.