The First Over-Channel Flight (Baraques to Dover, July 25, 1909)
. Bipriet manerious behiarmeni.
flying from France to England ina heater on air machine is destined to become a imitesions in Hitwy.
Nerve Strain, Despondency, Exhaustion
THE HONGKONG DAILY PRESS, SATURDAY, NOVEMBER 20TH, 1909.
All the world knows about the Great Channel Flight, but it is from M. Bieriot himself we learn how much bis marvellous conquest of the air depended upon the nerve force and endurance created by Phosferine. The great aviator confesses that the magnitude of his undertaking made him apprehensive and despondent, and only by reinforcing his nerve power with Phosferine was he able to endure the great strain which resulted in such a brilliant triumph.
It is an established fact that the most brainy and daring men recognize success depends on man's own driving power-nerve energy, and M. Bleriot's tribute to the energising efficacy of Phosferine was preceded by that of his countryman, M. Farman, the famous aeroplanist, and thousands of distinguished people all over the world
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During the long, hazardous training flights that have been necessary with my different machinés, previous to arriving at the perfection that my latest machine has attained, and the consequent mishaps which must necessarily prevail, Phosferine has stood me in good stead.
For anyone, no matter what capacity, I can with confidence recommend Phosferino as a bracing nerve tonic and preventive against fatigue and a restorative for loss of vitality."-July 29, 1909.
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| MALACCA RUBBER PLANTATIONS MR. G. B. DODWELL ON THE FUTURE PRICE OF THE COMMODITY,
The third annual general mosting of the Malacca Rubber Plantstions (Limited) was hold on the 26th ult. at Winchester Honse, Old Broad-street, B.C, Mr. George B. Dodwell (Chairman of the company) presiding.
The Secretory (Mr. A. W. Copeland) read the notice convening the menting and the auditory report. The latter stated
I raport that I have audited the balance sheet with the books and vouchers in London, and with the certified returns from Malacca.
I have obtained all the information and explantations I have. required, and in my opinion snch balance sheet is properly drawn up so se to exhibit a true and correct riow of the state of the company's affairs at Decem- ber 31st, 1908, according to the best of my information and the explanations given me, as shown by books of the company-(Signed) B. Murton Gill, Chartered Accountant, Audi
tor.
13, St. Helen's-pluco, E.C., 12th July, 1909.
THE CHAIRMAN'S SPEECH. Tho CHAIRMAN then rose and said: Gentiumet,-I presume that, in accordance with the accepted practics, the report and accounts will be taken aa road. The report con tains all the material facts necessary to enable a correct appreciation of the company's present position. It will be observed that now ostates have been purchased to the aggregato vaine of £234, 63 178, 4d., and that the total area of the company's estates, including the now properties, now exceeds 23) 00 acres, of which about 15,00 acres are planted with rubber. We are in re- ceiptof telegraphic information to the effect that all these estates are now in our possession, every purchase baving been completed. These pur ohases hare teen financed by temperary loans, and it is now proposed to replace these loans and provide working capital for the development of the Low properties and for the general purposes of the company, including the purchase of further estates if it should be doared expedient by the issue of £5,000,000 Six per cent. First Mortgage Debenture Stock, conferring the right upon the holders of such stock to convert Fort their stock at any time before December 1, 1914, inte ordinary shares of the company upon the basis of £10 of stook being exchangeable for one ordinary share of £t. The whole of this issue has been underwritten. (Hear, hear.)
It is reasonable to assume that the holders of this debenture stock will find it profitable to convert their steek into ordinary shares, and when this option has been exercised your issued capital, which at present stands at £300,000, will have been increased to £350,000, and when πότι
consider that at the commencement of this year you possessed a little over 6,000 sores of rnober, and that your working capital was nearly exhausted, and that you will now and yourselves in the possession of 15,000 acres planted with rubber, with a working capital of about £240,000, you will recognise the favourable position the company occupies. (Cheers.) In this connection, I wish particularly hers to refer to Mr. Stewart and Mr. Slater, who have each of them rendered Taluable service to your company at a time when it was greatly needed, and I feel sure that you will signalise your appreciation of the work that they had done for you by unsuimously passing the resolution which I shall presently submit, that they be elected directors of the company,
A-REVIEW OF THE FOSITION." Before passing on to a general review of the position, I should also like to express the board's appreciation of the services rendered by our Chinese broker, Mr. Tan Boo Hook, who has done excellent work in connec ion with the acquisition of the new estates. The report con- tains an approximate statement of the number of Para rubber trees now in our possession, which is as follows:-
Age of Trees.
Number of Troes.
7 years and over.
170,000
101,000...
6
114,000...
.
5
27
365,000...
*
600,000 ...
750,000... 650,000
Total 2,750,000
Inder two yeaES,
Whoreas it is estimated that there are about 225,000 trees now toppable, it will be seen from the report that only about one-half of that, number are at present being topped. The training of the labour in tapping takes time, but every effort is now being made to increase the strength and efficiency of the apping force.
Subject to a sufficiency of trained labour being available for the purpose of tapping, the local zanangement have made the following estimate of-fatura Fioks_of_rubber: Estimated yield for 1910
1911
F7
1912
1913
1914
750,000lb, 1,500,000lb. 2.500,00011. 4,000,00011, $,500,000lb, . 1915 7,500, 001 The actual cost of collecting, manufacturing, and shipping the rubber to London should not greatly exceed for next year an average of 1. per lb. (cheers), and, with the increasing yield that may be expected from the trees as they be come older, and improvement in the organisa tion of labour, a reduction upon this figure may be looked for in futuro years, (Cheers.) The plantation rubber industry is still, however, st u comparatively early period of its existence. and there are a number of nuknown quantities which continue to give to rubber shares an 02. doubtedly speculativa quality.
FACTORS GOVERNING AN ESTATE'S VALUE
The determination of the value of a rubbar certain cstats can, however, proceed upon logical lines, and it would appear that there are four fandatutal factors which govern that
value
First: Zone. Second: Locution.
Third: Efficient and economic application of
inbour.
Fourth: The price of the raw material. The factor of zone presents peculiar difficulties to the uninitiated, because in determining the suitability of a given zone, it is not sufficient to know that an annual rainfall of from 80 to 100 inches can be expected. In one position the raiufull may be evenly distributed, tropical in- character, and largely free from masoon or season infinences, presenting, so far as one can .. tell, the exact conditions that are required;
on of an estate, as compared with others, and the superiority of one position over another, will not attract the attention that it deserves, When, however, lower levels of price are reach- ed, and competition bas to ho frced, the importance of these considerations will become more manifest, (Hear, hear.) ·
CONFIDENCE OF THE BOARD, The confidence of your directors in the valueį of the company's properties rests upon the firm basis of established facts, In the first place, the trees are entirely free from disease; in the second place, the trees are rooted deeply, in the sail, and therefore can withstand emocessfully the high winds that occasionally blow, and, finally, the quantity and quality of the latex obtained from the trees are eminently favour able. (Chaura)
In regard to the quality of our latex, it may here be mentioned that the greater part of plantation rubber roaches, the market in the form of either crepe or sleet, and the sharo holders will havo learned with satisfaction that- your company obtained from time to time the highest price in pablic sala for their white crops. Beyers now appear willing to give higher prices for smoked sheet than for crepe, and when the necessary alterations have been made to provide for the manufacture of our rubber inte smoked sheet, your directors are confulent that the superior quality of your intes will again assert itself.
The labour conditions upon the estates are satisfactory. The building ap the labour force will nevertheless impose a considerable task upon the local administration and management, and it will contine to be the policy of your board to leave wide powers in the hands of your general manager and his staff, who command their confidence.
FUTURE OF RUBBER.
There is now remaining the question of the future price of rubber, which requires considera tion before this analysis of valne can be com pleted. There are splendid opportunities hore for the commercial propbet who can sea into the future of things, and for the economist who watches with a certain scientific interest any disturbance in the ratio between the supply and demand of any given article; but your direc tors considered that they could render you better service by making yon largely independent of the fuctunticas in the price of rubber, that by any presumptuous attempt at giving instruction in matters upon which you are all so fully quali flad to form your own opinions, and this security against the variations which may arise in the selling value of the commodity which we pro- dace has been attained by the policy of extension and absorption which you are now asked to coutra.
The shareholders anny her noticed the large number of new rubber plantation companies constantly appearing; but your directors cou- template with indifference the verions planting propositions which have been recently financed. for whatever importance may be rightly attached to the factors of zone, location, labour. and price, it is evident that, other things being equal, the state whose trees are in an advanced state of development will always compete most successfully against others less fortunately placed in that raspect, and therefore the question of time is all important, and should largely over- shadow all other considerations. Your company has nothing whatsoever to fear from the com- petition of companies who are new commencing to plant rubber.
I now formally more that the report and ac counts for the year 1903 be received and adopted
The CHAIRMAN: Before putting the motion before the taceting, I shall be glad to hear any remarks shareholders may desire to make, and to onewer them to the beet of my ability. (No response.) There being no remarke, I move that the report and eccounts for the year 1908 bo received and adopted, and that the dividentl of 72 per cent. paid on the Preference shares for the year 1908 be and is hereby is confirmed.
Mr. Punchard seconded the motion, which was carried unanimously,
Mr. Punchard: I have much pleasure in pro- posing that Mr. George B. Dodwell be, and he is hereby, re-elected chairman of our company.
Mr. J A. Jackson seconded the motion, which was carried annuimously,
THE NEW DEBENTURE 188UF. The following resolution was passed:
That the directors he and they are hereby authorised to create and issue at pur debenture stock of the company to a nominal amount of £500,000, bearing interest at 6 per centum per sunum payable by equal half-yearly instalments, the first payment to become due on the first of July, 1910. The stock to be perpetual, but to be redeemabla in whole or part by the company at a premium of £10 per cent. at any time after a fixed date, and a sinking fund for its cancella tion to be established. The stock to confor the right at any time Tefore s-ixed date to call upon the company to issue a fully. paid ordinary share of £1 of the company (part of the present nóissued share capital) against the surrender of £10 stock and so in proportion for any greater quantity of stock being a mul tiple of £10. Such debenture stock to be con- stituted and scoured in such a manner and to have such incidents and rights attached thereto, antl.to be issued to such persons at ruch time or times and generally on such terms (including power. if thought fit. to make arrangements for underwriting or placing the same or any part thereof) as the directors think expedient.'
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