NEW ZEALAND MALAY RUBBER COMPANY.

Otago Daily Times, Issue 16121, 9 July 1914, Page 11

NEW ZEALAND MALAY RUBBER COMPANY.

The following report has been issued by the New Zealand Malay Rubber Company :— ■

Your directors have pleasure in handing you the .attached balance sheet as at August 31, 1913, and regret that ite issue has been unduly, though unavoidably, delayed. One of the directors, Mr A. H. Chapman, visited the estate in 1913, and in pursuance of the full powers necessarily vested in him, considered it advisable to make certain changes, amongst which were the institution of a new method of keeping the accounts, and a local audit by a well-known Singapore firm of chartered accountants. Owing partly to difficulties inoident to the employment of a new manager, and partly to interference with the audit work, by health and the exigencies of the climate, the auditors found it impossible to make their complete report till quite recently, and your directors now take the earliest opportunity of laying the result before the shareholders. Reports from the estate, both' from the manager and the visiting agent appointed by Mr Chapman, continue to be satisfactory, and indicate that the company is in possession of a healthy and flourishing plantation. The feet block of 80 acres required to complete the full area of 500 acres was partially planted when last advices left Kelantan, and with favourable weather should havo been completed ere now. Notwithstanding certain alarming, or at least disturbing, rumours which have been industriously circulated to the detriment of the company, your directors have satisfied themselves, and aro supported by competent and responsible authorites, that the moneys of the company have been iudioiously spent, and that tho cost of Winging the area into cultivation compares most favourably with that of any of the surrounding estates. The directors are now the largest shareholders in the company and. therefore, the most deeply interested in its success, and for that reason, if for no other, shareholders may rely on the utmost economy being insisted upon by those in charge, and that nothtng in their power will be left undone to. bring the concern to a profitable issue. The accounts for the current year will be issued as soon as they come to hand after the closinc of the books, and the annual general meeting will follow after the statutory interval.

The assets of the companv are set down as follows:—Lease «6 Kclantan. £4000; Mercantile Bank of India (Ltd.). £82: Honpr Konpr Shanghai Bank (Ltd.), £6 19 4s: cash at Kelantnn. £13 16s lOd: Chinese labour ocecmnt. £208 18a; check roll stock account, ■£114 18? lOd; sundry debtors nt KeKntrm. £34 9s lid; National Bank of New Zealand (Ltd.). £980 0s id: preliminary expenses. £380 Ps; development account. £11.219 11r; cash in r>p«s'"t (cst.»te account!, £2M 5s Mi-total, £17,30$ 7» sd,