COMPANY MEETING
UNITED SERDANG (SUMATRA) RUBBER PLANTATIONS
DIVIDEND 9 PER CENT.
MR. H. ERIC MILLER'S REVIEW
THE thirty-third ordinary general meeting of The United Serdang (Sumatra) Rubber Plantations, Limited, was held on March 20th in London. Mr. H. Eric Miller (the chairman), who presided, after referring to the domestic affairs of the company, said: -
During the year 1940 the world supplies of crude rubber amounted to over 1,400,000 tons and were by far the greatest volume yet put out by the producing industry U.S.A. absorption of rubber averaged about 15o,000 tons a quarter during the first three quarters, and increased to 168,000 tons during the fourth quarter, a total of 619,000 tons in 1940 against 592,000 tons during 1939. It is likely to -show a further increase during 1941. Automobile output—the principal consumer of rubber —increased to 4.5 million vehicles against 3.6 million vehicles in 1939.
United Kingdom absorption is estimated at over 140,00o tons and was more than 20,000 tons higher than in 1939.
The absorption of the Continent of Europe during the first quarter of 1940 appears to have been in the neighbourhood of 70,000 tons. After the capitulation of France and the entry of Italy into the war the Continental imports fell sharply, and during the last quarter of 1940 are unlikely to have exceeded 2,000 tons, except for such quan- tities as may have been transported via Siberia. The absorption of the remaining countries, measured by their net imports, amounted to about 158,000 tons against 131,000 tons in 1939. With supplies exceeding i,4o0,000 tons and real absorption. in the neighbourhood of i,o5o,000 -tons the stocks outside the regulated areas have increased by roughly 350,000 tons during the year.
The advice we in this country have been given to guide our actions in the event of invasion is not- to panic but to stay put, and I think that this advice is logically applicable to holders of rubber shares. It seems to me foolish in the extreme for anyone to sacrifice his interest in this great industry on the strength of current alarms arising from the tension in the Far East. The British Empire is now giving a magnificent example of its true character and capacity in the vital struggle upon which we are engaged. Our friends across the Atlantic are giving us steadily increasing support, and when we emerge vic- torious the rubber growing industry will have .a large part to play in the rehabilitation of a world which we hope and believe will be purged of the false doctrines which our enemies are seeking to impose on mankind.
The report and accounts were unanimously adopted.
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