DOMINION RUBBER COMPANY

Otago Daily Times, Issue 26479, 5 June 1947, Page 9

DOMINION RUBBER COMPANY

RESTORATION OF ESTATE The annual report of the Dominion Rubber Company. Ltd., states that on June 1. 1946; after discussions with the directors- in Dunedin, the company’s manager, Mr L. E. White, took over control of the estate and submitted a report to the directors. All the estate books and records had been lost and the adjustment of the books for the period from October 31. 1941, to the date of the occupation of the estate by the Japanese in December 8. 1941 had to be made from a copy of the company’s bank statement and such information as Mr White was able to obtain from personal inquiries. The present profit and loss account therefore included all estate revenue from October 31, ‘ 1941, to November 30 1946, and all ascertainable estate expenses for the same period. The book value of all specific items of plant and equipment which were looted by the Japanese had been written off to profit and loss account. While the rubber plantation itself suffered no vyanton damage at the hands of the occupying forces, considerable expenditure had been incurred in repairing the effects of neglect of maintenance of both the plantation and buildings The funds for this purpose were prpvided. in the initial stages, by the realisation of investments in New Zealand and remitting the proceeds to Kelantan. Since tapping commenced on July 10 last, the proceeds of the sale of rubber had provided the bulk of the moneys required to continue the process of restoration of neglect. Approximately four-fifths of the planted area had now been restored Tne cost of completion of this work and the provision of essential machinery, plan' and buildings would involve the expenditure of approximately £6OOO to restore the estate to its pre-war condition. Rubber production from July 10, 194 G. to November 30, 1946, was 133,0011). 1 lie net loss suffered by the company to November 30, 1946, amounted to £5448 12s 6d. which had been debited to profit and loss appropriation account, leaving that account with a debit balance of £2980 Us 7d.