THE HONGKONG TELEGRAPH FRIDAY APRIL 8 1910
POSITION OF NEW RUBBER
COMPANIES.
VALUABLE ANALYSIS AND COMPARISON BY MR ARTHUR SHEPHARD
»A faw months ago, by the courtesy of Mr. Arthur Shephard, wa were able to present to our readers in a summarised form the result of a most careful and seniching, analysis of leading rubber companies, showlay the average age of their treas, the cost per acre of the rubber, face -value of the shares, their price at September 15, 1909, and the cost per acre of rubber to investors at these September prices.
We are agalo indebted to Mr. Shephard for permission to make extracts from a supplementary table in which he makes a comparison of some of the newer companies. This table was published la The Financier of March 1 and the demand for it was so great that it had to be repeated in a subsequent issua of the paper. Afterwards it was published in pamphlet form by The Financier and Bullionist, sod ́agalo `thers was a tribute to its great value in the demand which followed
In the introduction to the table Mr. Shephard saya :—
It is necessary for me to point out that no attempt has been made in the table to show what an estate may actually be worth, My object. is only to convert the market price of that where into an equivalent market valuation of the company's estate, and to show an investor who purchases shares at the present market price approximately how much he is paying per acre for rubber land of a given age. For the purpose of maintaining a fairly correct ratio betweeen the values of planted land of differing ages, a scale has been adopted such as is used by professional abber valuers, and the market price of the shares has been made to decide what is the market valuation of each year's planting, according to he scale which 1 kava adopted,"
..
"Every care bas been taken to show as accurately as possible the number of czas planted in each year, but as the reports of some companies still quote the number of trees instead of the number of acres soms estimatiog has been wanyoidable. The planting distance bas been taken into considerasion, and inquities of the companies' officials bara sometimes ollcited the desired information. As the particulars thas obtained have been adjusted to agree with the published acreage totals, it is believed that any discrepancy which may exist will not be' of sufficient importance to vitiate the general accuracy of the calculations,
The average age of the rubber has been calculated to the end of 1909, and the average cost per acre of rubber has been ascertained by taking the cost of the estate and development expenditare as shown in the company's balance-sheet for the purchase price and preliminary expauses as given in the prospectus), after making a moderate deduction for the unplanted land-3 per acre.
2
"The result is shown under two headings :---
(1) The cost as ancestrined from the item in the company's prospectus or balance-sheet, less the estimated value of the upplanted land.
(1) The cost, after fusiber deducting the reserve funds and any other undivided profits which the company could (if the directors an desired) apply in reduction of the book cost of the estate.
In the case of some of the older comproles, where the profits in hand are considerable, the difference is important.
The price per acre the investor is paying for rubber is the essential feature of the table." The balance-shest of each company has been dissected, and the results shown in the tab'e have been arrived at by calculating the price at which the company would have to sell its estate if it desired to realite all its amets, all its liabiliting and return to its shareholders (as on a winding-up) asum equal to the present market value of the shATOK.
!..
"Option grasted by a company over its unissuad shares for a charge which will allow the option-holder to come in at some, future time, and share the prosperity of a company; and this, of course, can only be done to the detriment of the holders of the shares airoady issued. In making the calculations it has been assumed, therefore, where shares stand at a premium, that the options will be exercised. But they have ben valard not at the price which a buyer might be expected to pay on the Stock Exchange for a call of shares, but only as the option affects the fiancial position of the company and its present shareholders-that is to say, if £1 shares are quoted at £i 59, It has been assumed that the option is worth sa. (equal to a Li share, nothing paid),
We should explain that the exigencies of space have compelled as to modify the arrangement of the table somewhat, but even in the con denied form wa have na donht whatever that it will be of great Interest and value to readers who are unable to procure (copies of The Financier, er of Mr. Shephard's pamphlet.
Aengsono (lava).
Allayar (F.M.S
Alor Pongiu (†. M. 5. Augla Johare ()shore,) Anglo Sumatra (Sumaira), Baateng (Selangor)
(F. M. S.)
Batang Malika (F. M. S.)
THE COMPARATIVE TABLE.
Acreage noder
rubber.
Baf.
Years when Flanted.
1905 1906 1907 1798, 19 09.
178|
jais my
Dec. 31, 1909.
Nove of mebers
Averate
Face Value of
Amount paid
300 .68 19.5
+33 84.4 .30
210 9 61.t
174.9 35.8
90.4
чалик
up...
to/
A manus
QEQQQ Qe ne sana m
2570961
par
15/0 pm
4,000
***
7,500 75,000
COMMERCIAL
TO-DAY'S RUBBER QUOTATIONS.
April 8th, 4.15 p.m.
The following quotations for rubber shares by wire, are supplied by Mesirs, R. S. Kadooria & Co→→
Ajlajarë... vi
Market Price
NAME OF COMPANY
AND SITUATION OF PROPERTY,
¡Capital
Total
Total
sued.
of Estate,
Cost Acko.
ago.
Feb. 16 1910,
quali Com- per acre. pany.
£
£
bares,
15,000 99,35 1,526)
324
par
19
75,00 61,630 1,950)
201
016
372
100,000
983) 35,000 25 00 113,000) 85,025] 6,000: 1,010
258
1 73/11
116
+
5,000
80,000 71,353 2,837 2,039
CO 100) 140) -340 452 138 920 231
1pm
#24
41,000,
2.9/10
101
40,000 35,464 :1,904|
47,000 37,480 3,731)
771 862
.90
144 128 991
18 2.4 40.3
21
147
145
Bikam (F. M. S.)
319 397 1.2 31.2
1/9 pm
82
10,000 30,000
55,000 40,810 1,257
7000
Bradwali (F, M. S.)
35340
27 55.8
519 pm
30%
50,000
75,000 50,600 2,943 68x
50 250)
200
-28 04.4
1pm
114
36,000 18,880 1,002
Caray United (F. M. 5.)
356
87
150,000 65,700 58341
5: 2.5-34.9
12/0
47
1.5,000 4,000
103
64
171
4113,8
372
70,000 3,611 2,130
60*
15.44.6
6,6 pm
47,000 37,430 1,056
403 40
Boi
130.
88 2
1/6 pm
***
181
|119,000 87,500 #,553
978
8/3 pm
148
73,000 65,200
967
967
132 357
3.01
pm
91
#91
"">
*
48,000) 17,498 · 1975
300
716
34,000 34,034 || 576|
456
230 165
204
29 53.3 £1
pm
72
B0,000 69,50 1,910
300
50 150 100
**
12/6 7/10 pm
*H
193
60,000 -10.65 || 2017|
25-09
49 1.0 19.9 1
par
20
21,500 23,806) 1,560'
5961
50 40
3.5 25.1
4/16
167
33,000), 21,950|| 2,100) 1,112 31,000 13,980 2,000 287 25,000 $3,550 5,115
299
30, s. 15
5/
par
16
il 2
888
A
7/6 4/9pm
170
EX
***
3.7 63.
1/ 2/3pm
-78
70,000 13,150)
798
372....
40 213
12/13/15pm
96
61,000 38.000 2,500
37.500 23,890 1,211
200 473
,81
200,000 104,300 7,233,333
58) - 75 72 272 1.3 45.21
1a/b par
245.
60 1,776 811 105 228.1
2,173 4,000 2,354 1,181
35.4
199,500 193 200 10,370 3153
#12
207 1,071 K,078 26
39.8
Li 911,66 15/13/16pm
pm 73 40 172
$75,000 137,650 6,415 5,000
专题
61
20,000 38,814,043 1,47
210
21 pm
127
19,000 8,400).
187
***
i
535
300 335
50 27 33.3 £1, 2.9.79.22/
1 pm
79
par
par
2811
897
100,000 82,300 1,437 1,177
215 435 S
513 228 ***
288 837168
uta
5/
pm
10/
195 89
73.9) 2 €9.3.1 3/16
5/16pm 1/6 2/3pm
.83 93 91
124
539
34.2 To! 5/10pm:
195
55
543
29.1
Par
29
316
178
57 159]
376
50 615
210
50.6 15/7/16pm або
104
12,000 35,000
1
77.6
691
616 276
38.5
3235. ...
174 637
37.0
15 71-6pm
10/9
17/69/16pm
274
81
199
76 6 61
70,000 50,473 8,463,000
2.6 43.21| 10
3pm
584 2,416...
65,500 51,801,170)
32 131 428 290
35 2.1.55-5
10/
31,500 27,103) 1,763|
945
58.552 46,054 2,189 1,483
87 720 135. 108249 1,074)
...
35 27.2
187 000 164,492 11,287,250
32 2.8 30%
78,150 57,62,860 400
2.2 25.
175, 125 0.5 155.5
11475 2,161 1,961 1.3
40 150 696 245 2.5 21.9 137
Bujang (FMS)
Cheviot (F. M. S.) Chota (F. M. 5.). Danitowo (Krian,
|||||(F.-M. S.)
Donigalia (Ceylon). * Faderated Malay (FM. S.) Gedong (Perak (F.M. S.} Higgoda (Ceylon),
Jura Estates, Ltd. (Straits) Kelantan Estates (Sträitu)' Kepong (Malay) (F. M. 5.) Kerala Rubber Co., Ltd. (8, India) Khota Tampin (F.M.S.) Kota Tinggi (Johore). Krubong (Malacca) (Straits)
Koala Pahl (P.M.5) Loodu (Straits).
Lumui, F.M.S
Malacca Plantation, (Straits.)
Malayalam (5. India.) Berliman (Straite.)
North Hummock (F,M,S,)
Orkedsa River (3 Isdia.)
Padang Jawa (F.M.S.) Rani (5. India)
Rim (Malacca) (Straita) R. E of Bentota (Ceylon.)
‚R. E. of Krian, (F. M.S.)
Sipamalkande (Ceylon) Sedenak (Jobore.) Segamat (Jokora,); Sekoog (Borneo,)
Sempah (Straits.) Sialang (Somatra) -
South East Barato (Dutch Bor-
Sumatra' Park (Sumatra.) Sungai Babra (Straits) Sungai, Bosya (Zomatra ) Sungei Liang (F.M.5) Tanjong (Sumatra.) Tillylour (Ceylon.)
Travancore (S, India.)
*Tremelbye (Selangore.)
United Serdang (Sumatra:)
Val D'or (Strato.)
bào,)
Rd,000 87,755 514 2,618|| 970 476
300,000 $56,79 13,000 15,000 4,091
$1,500). 44,015). 897
175,000 $13,000 3,505 2,790 1,039 11,39||| 495||
67,000 40,737 3.550 70 65,000 $3,340 1,171 |100,000) 69.35" 1,875
80,000 61,595,000 1,480 60,000 $1,600 4,934 701 67,500 43.388| 8,77: 280 115,000 83,398 3,270|| 1,783|| · 549 551)
60,000 42.570 1,007 79% 100,000 66,500 7,700 gir
40,000 30,355 3,363 345 100,000 81,000 5,000 7,837 $5,000 40,837 1,443) 1,058) 61,000 31,600j 2,363)" "gbij 38,500 17,20 3,064
60 330 328 133 133 25 47.5.
10 14 21 | 18/ 2 pm
Solaba (F.M.S.)
FOR
845 63
285 1,988 2,455, 2,459) 100 70.230
Some Other Details,
15/1/16pm 91
لة
tpm
149
47j6
3/3
166
Ang'o•Malays.....34/6 Balgownin............................................$aðu Batu Tigas ..................................... 150/. ex d.
- Bertams beramina12/6 52k rights ...).
Babit Kajange 100f "Bukit Rajahs.......................................5501- Carey Uniteds....43/- prent. Onetlefields
Changkat Serdangs Cheras ini
120)-
„Damansaraz „...................................................................170f- Eastern Internationala...45/-sa. prem, Fad. Selaogors. Gleacalys$4 bay,"
Golcondes.........................azi45) Golden 'Hopes....
...170). Highlands and Lowlands ....................180/ Indragitis. $48) Jach Kenseths305/-
Jongiandorant 30/- prem; Kemuning...... Kuala Lumpor
120/. Lanadrons (fully paid) ..........................165/- -Lamadrons (ppd.) ......112/6 prem, ***175* Ledburys..... Mérete Linggis.......
London Asistics London Ventures Mariimaus.....İ. Paja................ Pegabs...............................
1001.
.60/-
.160/-
$70
Rubber Trusts......84/9 pram, ex. v. i. Saggat ...............me minum 320f. Sandycroft......................$53 ex rights. Sipoagi samima...................................pidőj- Seafields......................... 155/- prem. Sekongs.........40/-
Skelfords
Singapore & Jobates
Sumatra Paras.
e308," 18/3
Sungai Chobs... 110/
Sungai Kapars SABAD-CUBENSEESC170/-
Taedjorgs.........
......88f. prem.
Tangkabı..................4\/- prem.
Ulu Ranto....
.............115j. ex D. 'Ï. United Serdange ................................... ...........t62/6 United Singapores imanima, ma$1‡` United Sumatras
16/6 United Langkati........... .,.102/6 nx rights
MOTOR BOATS ÎN CANTON,
IND, STRY ACTIVE IN HONGKONG.
Every day one observes evidences of the increasing use by the Chinese of motor basts Even at such outlying places as Aberdeen and 30,000 Shelter Bay one will have one's warm assailed.
with the Chut-Chat" of the motor. The 34,000. 17,000 building of thers craft is growing into "an im
portant industry both for local supply, and for 13,000 the Canton and West Rivers!" Motor boat racts figure always on the fixture cord of'ibs Corinthian Yacht Club, bot that class of boat, however, is generally poly kept for pleasure outings. That the motor boat is being largely used for utilitarian purposes-eltber for freight or piasengers-is abundantly evident. As the US Consul-General at Canton point- 12,500 ed out in his last report, the marker for steam lacoches is practically closed to out "40,000 siders, ibe Chinese baylog taken the thing in 350,000 their own hands. And, after all, ateam' invo- ches are not at convenient for the work that bas to be done by coasting and river craft, motor boats. There are three forms of motor 23,000 on the market, all of which are thoroughly practical, and all of which may be applied to 200,000 crafs for use in Chinelo waters, with suitable
25,000
arragements. There is the electrically driven 20,000
bhat the motor boat proper, by which is meant 5,000 14,500 the pa'rol or patroleum-driven boat; and the
saction gas-driven boat.
50,000
31,050
Of these, the electrically driven boat is by far the most convenient, but it is the most ex- 82,000 pensiya, and it demands, lo addition to's bigh.r price, a knowledge of electricity on the 7.750. part of those using the boat, or of someone in 31,500 their employ, and convenience for charging the 30,000 accumulators which supply corrent to the
motor. So far, also,
12,000
For convédicace of comparison we give the figures from Mr. Shephard's previous table in addition to those which relate to the new table given above:
AVERAGE PRICE PIX Acre at DIFFERENT AGES ON MARKET VALUATION.
The Old Companies
Market Valuation
Sept. 15, 1909.
The New Companies Market Valuation Feb. 16, 1910,
For Trees Planted in
"Averaga for Whole Area: 1899 | 1900 | 1931 | 1903 | 1903 1914|| 1935 | 1906 | 1907 | 1908 | 1509.
wä
W%
94. 53 26
Price £126
671
561
£ £ £
403 346 5TX
£ £ £ £
*50
Price +£143
- 1,443 946
876
748619
Average age of Rubber In Compauice examined Average book cost per acro
Average cost, lasa reengra funds, etc., per acre...
Totál acres of land held by the Companies ..... Total number of acres planted with rubber .......
Upplanted
... 121,595
217,196
-g་
The Old Companies
3. years, €39.34
37.62
Amount of Capital Invested,
Total market valusilon (Old Companies Sept. 15, 1909; New Companies
194 184 106
ន
70
53
"THE ELECTRIC DRIVE
20,000 has not been applied; as far as the writer is aware) 117.500 to sailing craft. There is no reason that it' should not be 'applied, other than the ex- pense, the want of the requisite knowledge to. enable the plaut to be looked after, and the conventence for charging, IL is probable that a very good service between different points on me of the large Chinese rivers, and even on the Chinese cast," might be established by 'means of electric launches, charging stations being arranged al convenient points at the end. of the no. The electically-driven bost is the most convenient,' It la more easily controlled than any of the others. The screw shaft is really a'coatinuation of the axle of the motors the accumulator coils are conveniently slowed under the bottom boards, and control of speed, convenience of steering, and reveral of the screw, is more easily accomplished than with any other form of driving power. The whole arrangement resolves itself into the movement of one or two levers at the belgiuman's kood, Ope man can easily stear and drive at the
The New Companies
2,7 years. £53.1
$18.
4.576,530 12,976972* €153,578
·505,681 $3,585,835
Heaps of goats and sheep are soon to be sent from the United States to Japan for the use of the Japanese Government in developing stock mising, according to Dr. Joda TanLIIDIA, ŠIRO of animal, industry of the University of Tokio, who in at Chicago. He arr]|
Total capital Issued by the Companies
36, 1910).
Retarras and undivided profits
↑ Loans, mortgages, elc.)
Total cost of the estatesma
330.816
4,507,688
on 25th Feb, from the Ex
*Notas (--Aug-o-Sudura bai Lise reserves and undivided profits; Federated Malay has 24,587. Kepong Malay has £5,928 reservm etc. and loans mortgages, debentures C5.665 Malacca Plantations kan. £1,194 FROMsvas and £500,000 debentures ; North Hammock hai 1979 seancres 1 Bumatra Para has 4977, reverras : Waited Serdang kṣe 137/dda reserves--irals Timm
visited
To-day's Advertisements.
JAVA-ASIATIC 8.8. CO.
FOR SAN FRANCISUO; (Taking through Cargo to Los Angeles),
*HE Steamship
"STRATHSPEY #
will be despatched for the above Port TO- MORROW, the 9th lnst; al's PM..
Fer Freight and further information, apply SHEWAN, TOMES & CO., S
Agests.
Hongkong, 8th April, voro.
FROM EUROPE.
“HE H, A, L, Steamship.
Так н
"ANDALUSIA,"
faso
Captain Girstenbrih, having arrived," Con signees of Cargo are hereby informed that their
Intimations.
SAUSAGES
OWN MAKE EXCELLENT and DELICIOUS,
Pure Pork
AND
Beef Sausages
at 35 cents & 25 cents
per lb.
THE DAIRY FARM
Co., LTD.
Goods are being landed and placed at their Hongkong, xath February, 1910. risk in the hazardous and/or extra-kazardous. Godowns of the Hongkong and Kowloon Wharf. and, Godown Company, Limited, whence de livery may be obtained against Bills-of-Lading countersigned by the Undersigned.
Optional Cargo will be carried on unless notice to the contrary be given before TO. DAY,
All Claims must be
within ten presented days of the steamer's arrival here after which, date they cannot be recognised.
No Claims will be admitted after the Goods. have left the Godowns and all Goods remaining undelivered after the 14th inst, wili bo subject to rent.
All broken; chafed and damaged Goods must. be left in the Godowns, where they will be examined on the 13th inat., at g P.M.
No Fire Insurance will be effected by us la any case whatever.
HAMBURG-AMERIKA LINIE,
Hongkong Office. Hoogkong, 8th April, 1910,
NOTICE TO CONSIGNEES.
FROM ANTWERP, LONDON, MALTA, PORT SAID, SUEZ AND STRAITS. ·
“HE P. & O, S; N. 00/1 Sinamer
THE P
"NORE,"
Consiguess of Cargo by the aboro-named vessel are hereby informed that their Goods are being landed and placed of their risk in the Hongkong and Kowloon Wharf and Godown Company's Godowns at Kowloon, where each conafgument will be sorted out mark by mark, and delivery can be'obtained as soon ai 'the Goods are landed.
Optional Goods will be landed here unles instructions are given to the contrary before 6 hours.
Goods not cleared by the 14th instant, ál 4.M., will be subject to rent
No Fire Insurance will be effected by ma in any case whatever
Damaged Packages must be left la the Godowns for examination by the Consignee'ı' and the Company's representative at appolated hour.
о
All Olalmi must be presented within ter days of the steamer's arrival her after which dale they cannot be recognised.
No Claims will be admitted after the Good have loft the Godowns,
E. A. HEWETT,
Superintendent. Honokano, 8th April 11:
Events Coming.
Friday, 8th April, Billiard at V.R.C
Saturday, 91b-April. Boxing at City Hall, 9 p.m. .
Monday, 11th April. Geo. P. Lammert, sale of Salon Cinem Theatre, 12 o'clock.
Tuesday, 12th April. A.D.D." Mice and. Mon" 9 p.m. Italian Convent, Golden Jubilee Entertain- ment, 4:30 pm. The Governor presiding,
Wednesday, 13th April," | Union Insurance Society of Cantos, zunual
metting, noon.
Chios Traders, Insurance Co., annual mast Ing, 12.30 p.m.
A.D.C. Mice and Men," g p.m...
Friday, 15th April,
Hughes and Hough Auction sala of fornitore, at the Dethick" Robinson Road, 2.30 pm,
50
A
ASAHI
BEER SAPPORO BEER
TO BE OCTAINED
FROM ALL WINE DEALERS)
HONGKONG JOOKEY CLUB.
NOTICE
THE HALF YEARLY MEETING of the
above Club will be held on SATURDAY,. the 16th April, rgto, at 12.30 PM, at the Offices of the Jockey Clab on the Ground Floor of the Hongkong Club Annexe,, Ükaler Road.
By Order,
T, F, HOUGH,
Clark of the Bourse.. "Hongkong, and April, 19:0
CANTON DISTRICT. LOCAL NOTICE TO MARINERS,
No. 84
MARK-BUOY FOR SOUTHERN EXTREMITY
OF STEAMER PARSAGE, IRON, BARRIER.
NOTICE is hereby given that a BLACK BUOY exhibiting a GREEN LIGHT from sunset to sunrise has been placed at the Soothera extremity of the Steamer Passagu) Iron Barrier over the spot where the former Light-pale was situated, *
(Signed) FRANK HARRIS,
Acting Deputy Coast Inspector Vand Harbour Master,
Imperial Maritime Customs,"
Harbour Master's Office,“
Caston, 4th April, 1910, Approved:
"(Signed) J. F. OIESEN, ·
Commissioner of Customs.
ITALIAN CONVENT:
GOLDEN JUBILEE,
1860-1910
[300
HE MOTHER SUPERIOR requests the THE
pleasure of the presence of Friends and Others Interested in the Institution at an ENTERTAINMENT, by Past and Present Paplis, to be held at the Conrant, Calpe Roád, en "TUESDAY, the 12th April, 1910, at: 4.30 PM, in Celebration of the goth Anniversary of, the Foundation in Hongkong, of the Institu tion of the Canossian Sisters of Charity,
His Excellency Sir FREDERICK, LUGARD, K.C.KO G.B, D.5.0, has kindly consented to preside.
[304**
Hongkong, 7th April, 1910,
Famed for over.
50
years.
CAMBUS
WHISKY
An Ideal Beverage Soft and delicate. Highly approved by the Medical Profession.
THE DISTILERAS.CO
·EDINBURGH:
SOLE AGENTS-FOR-HONG KONG TG
} PRICE & Co LTP 1Z QUEENS ROAD..
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