EAST ASIATIC RUBBER ESTATES
At the Annual General Meeting of East Asiatic Rubber Estates Limited, held on October 15th in London, the Chairman, Mr. N. E. Blemrner, made the following additional remarks:
In my circulated Statement I summarised the results for the past year and I would now like to add that the crop for the first six months of the current year totalled 1,724,000 kilos against an estimated 1,548,000 kilos. With regard to Teluk Merbau, the outputs for the nine months to September 30th were; Rubber 321,000 kilos; Palm Oil 6,587 metric tons; Palm Kernels 1,712 metric tons.
As our future must be judged in the light of the outcome of the voting which is to take place at the Extraordinary General Meeting following this AGM I shall refrain from further commenting at this stage. The past year has been a pretty worrying affair, not least in connection with the change of residence to Malaysia. However, the current Year has given us enough wind in our sails and we are reasonably confident that the results for the current year will be approximately the same as we have seen for the year we have just dealt With.
The report was adopted.
At the Extraordinary General Meeting Mr. H. T. Karsten, the former chairman of the Company, proposed the resolution for transfer of residence and said: "I cannot deny that I am a little bit sorry to see this Company being moved out to the Far East as I have been connected with it here in London for a very long time — in fact, forty-three years. However, it is quite clear that it is necessary in these conditions to emigrate and I shall therefore be glad to propose the transfer."
The Chairman thanked Mr. Karsten for proposing the resolution which was put to the Meeting and duly passed. In replying to a question by Mr. Karsten regarding payment of future dividends, the Chairman stated that Shareholders would be notified of the results of the Extraordinary General Meeting and at the same time they would be informed that they can opt for whichevery currency they want, but they must appreciate that in the world we live in if it is insisted upon to be received in pounds sterling, it will be converted from Malaysian dollars into sterling at the exchange rate ruling at the time.
The remaining resolutions were also passed and the Chairman thanked the Shareholders for their attendance.
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