COMPANY MEETING ANGLO-DUTCH PLANTATIONS OF JAVA INCREASED PROFIT AND DIVIDEND
ADDRESS OF SIR ROBERT WILLIAMS THE twenty-seventh ordinary general meeting of the Anglo-Dutch Plantations of Java, Ltd., was held on July 23rd at 19 Fenchurch Street, London, E.C.
Colonel Sir Robert Williams, Bt. (Chairman), who presided, said that owing to advancing years he desired to retire from the chair, but would still continue to serve the company as a director.
Continuing, he said : I commenced my speech in 1936 by ex- pressing disappointment that the recovery in the price of com- modities which began in 1934 had not fulfilled our hope and expectation by gathering further force in 1935 ; in fact, I described 1935 as a disappointing year. It is, therefore, with particular gratification that I am able to speak of the year 1936 as one of con- siderable improvement, as indeed I ventured to foreshadow last year. The profit from the local company transferred to London
in 1935 amounted to just over E15o,coo ; in respect of last year
the figure was over £347,000. Before this profit was arrived at in 1935 an amount of just under £5o,000 was deducted in respect of depreciation and writings-off, but in respect of last year we have
returned to our normal method of calculating depreciation and the figure deducted amounted to slightly over £200,000. This means
that before depreciation, amortization, and writings-off are con- sidered, the Java profit in 1936 amounted to approximately £550,000, compared with £200,000 in the previous year. This has enabled the directors to recommend that the dividend should be raised from
4 per cent. to 7 per cent., of which 3 per 'cent. has already been paid as an interim dividend in February, and in addition to make
some appropriation towards the various reserves which, in the lean years we have been through recently, have been somewhat depleted. The board now propose to add £5o,000 to the general reserve, bringing this up to £300,000. In 1931 the directors with--
drew Ztoo,000 from this reserve and in 1932 again a similar amount. They are also appropriating £20,000 to income-tax reserve and £10,0oo to pension reserve. Let me remind you that the dividend this year is being paid on the increased capital—that is, on the old capital plus the additional £500,000 issued last year, £3,000,000 in all. • .
Reviewing the position and prospects of the various products produced by the company, the Chairman said, with regard to tea : In connexion with the regulation of export scheme a re-survey of our various estates has been taking place. Minor differences in area therefore have come to light. The latest figures give our tea area as amounting to 26,744 acres, all of which are in bearing with the exception of 161 acres. The rubber area is 35,955 acres, of which 28,138 are in pro- duction. Actually we had last year 1,105 acres less in production than .during the previous year, which is accounted for by our rejuvenation policy.
Prospects for the current year are good. So far selling prices have been- well maintained, and the crop estimates are satisfactory, therefore we have reason to anticipate another good year on Soeka- mandi. Mr. Fletcher, who as a divisional assistant was in charge of a ,good deal of. the original opening of the estate, and has been head manager for the last x t years, is leaving Soekamandi to take up a still more responsible position in the company.
Sisal and tapioca are especially liable to ups and downs of fortune and the directors by no means think that the " downs" are all behind and the " ups " in front. Products which can be so widely planted are always likely to come into over-production again.
The report and accounts were unanimously adopted and a resolu- tion was unanimously approved that Sir Robert Williams be asked to accept a portrait of himself in oils as a mark of appreciation of the long and valuable services he had rendered to the company.
A cordial vote of thanks to the Chairman, directors, and the staff, both at home and abroad, was unanimously approved.
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