'The first annual aneeting of sharehold was held on 'Tuesday at the office of the General Agent, Mr. Geo. McBain, 'There were present Messrs. G. McBain, J. Mant-land, F. W. Such (Directors), H.' Dyer, T. Pemberton, Douglas Jones, H. J. Such, Drummond Hay, A. Croad and J. 8. Nazer, representing ini all 412 shares, Phe notice convening the meeting and the minutes of the lat meeting having been read, The Cuarmaw said—Ic would have been pleasanter for us to come before you and report that we had hada heavy crop than to say that it was small; but it seems that in all planting companies the managers and shareholders have to xo through a. goud deal of trouble and anxiety and loss before they can attain success." We began the year hopefully, but as I toll you at the statutory meeting there was some sickness among our men, and that acorned to crease, until there was a considerable degree of mortality among them just when labour was most wanted, Even then, as the pager is an excellent man, things would have been prosperous with us had not a severe drought set in when the plants were still young and tender, This checked their growth and injured them generally; but in spite of all that, when I was there in August the manager expected to reap a crop of 7 piculs per eld. In this, however, he has Geet disappointed, aud'the new' crop only equal to 4 piculs per fell, I am arranging to go there some time early in May and to remain there until I see the planting on the estate is neatly finished. I shall thus be able to send word direct to the shareholders, As to the accounts, the various items, I think, speak for themselves. We had hoped we might have gone along during the year without calling up ay more money, but the crop being small and there being luck up of $5,000 to the government, re a little short of funds, but I hope further calls will-be necessary this year. We have made a purchase, of which Thope you will approve, of an adjoining estate at Whit our manager thinks is a very low price. We have lately received from him a telegram in which he states that he hopes to make 30 per cent. profit on the sales of timber. As you are perhaps aware, there are outcroppings of petroleum on our prorty. Ihave had samples sent here and walysed by Mr. Voelkel, the chemist, and it yerns to promise very favourably." No one knows yet what the extent of the deposit may be; but as it has forced its way to the surface it is reasonable to suppose that there is a good body of it at
ginning operations for oil on an estate some depth. A largo company was be-adjoining ours, but up to the time I left Sumatra they had not reached th the oil. Tought to say here ti cession for oil does not go with the planting, but the manager states that the Sultan has given his consent to the oil concession, Specimens of the oil found on the Company's estate and of Devoes were at this point produced and lighted, very little difference being perceptible between them.
Jones, the Chairman said the Resident In reply to questions by Mr. Douglas
Text read from the printed page and cleaned; old type leaves the occasional error.