COMPANY MEETING
CASTLEFIELD (KLANG) RUBBER ESTATE
MR. ADDINSELL'S STATEMENT
THE Fifty-ninth Annual General Meeting of Castle- field (Kiang) Rubber Estate. Limited was held on February 4 in London. Mr. J. Addinsell. Chairman, presiding.
The following are extracts from his circulated Statement for the year ended June 30. 1965: The rubber crop for the year at 4.577.000 lb. showed an increase of 164.500 lb. over that for the previous twelve months in spite of adverse weather conditions at our Johore estate, and the extensive changes in tapping systems and re-tasking on both properties to mitigate the effects of the weekly day of rest for tappers.
Net proceeds from rubber sales over the year averaged fd. per lb. higher than for 1963/64 while costs showed a small increase of Id. per lb. The profit from our rubber showed, therefore, only a modest improvement, but our income from other sources, mainly from trade investments, increased substantially. The profit for the year before tax at £134,382 compares with £107.864. Tax requires £44,004 leaving £90.378 compared with £75,709. An interim dividend was paid in July last and a final dividend of 221 per cent. is now recommended making 271 per cent. for the year. This compares with an equivalent of 20 per cent., paid last year.
The principal provisions of the Finance Act 1965, affecting plantation companies, come-into effect next April. when Overseas Trade Corporation status will end, and, following the introduction of corporation tax, the Company will have to deduct and pay over to the revenue authorities income tax on divi- dends. The amendments to the original draft of the Finance Bill will afford us some transitional. if inadequate, relief over the next seven years. Had the new taxation pattern applied to these accounts. .assuming a 40 per cent. rate for corporation tax and similar retentions, then the year's dividend of 274 per cent. would have been approximately 23 per cent.
Prospects for 1965/66 indicate little variation from the profit levels of the last two financial years. The report and accounts were adopted.
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