The annual meeting of shareholders was held on Thursday (17th) at the office of the General Agent, Mr. George McBain, who presided. 'There were also present Messrs, A. J. Little, A. Cushny jr., F. W. Such, Gibson, ©. J. Holland, H. Dyer, Harris, W. Brumfield, J. 8. Nazer, 3: Maitland,' Capt, Williams, 0, Osborne, Chang Yin-kuang and J. A, Sullivan, representing in all 711 share he notice convening the meeting having been read, The Chairman snid—I feel somewhat rib a disadvantage in rising to address you to-day inasmuch as Tam the only Director present, Mr, Such is absent from the port temporarily, while death tas removed Mr. Wainewright, Mr. Wainewright has been interested in the Company from mencement and has always been friend and able counsellor. Lis the management was of material aid at all times and T think it becoming that we should plies on record our appreciation of his valuable services and deep regret at his decease, Iam sure, gentlemen, you approve of this brief reference to " worthy friend, proceed to general business; with your permission, I will take the report and recounts as read and will make few remarks concerning the Company's working and prospects. the accounts are made up in the usual form and Titrust you will consider them clear and detailed enough. The only item in the balance sheet to which I think I need direct your attention is the debt to the Penang Branch of the Chartered Bank, amounting to about, $24,000. This we have to repay within the next few months, the great breakdown in tobacco fanaing having apparently led the management of the Bank to totally withdraw thole kind support. We have no reason to complain of this as they have been very kind to na from time te time.
Passing to the Working Account we find i 8) profit of Ti 27,844.90 after front ut Sh, Tls. 9,00L40 for interest on rovidingfur all outgoings, including a pay-
advances. T trust you will be satisfied with this result in the face of recent events in the Sumatra tobacco world and adverse exchanges, Exchange is an important factor in the outturn of a crop and in connection. with our last year's crop it operated seriously against us. Our first sterling sale was made as hi 3/103 while' the whole averaged 3/5 giving an equivalent of say 2074 guilders per $100. To-day the rate is probably 185 guilders per $100 or adifference of nearly 12% in favour of produce shipments, and of course the 1891 crop now in process of shipment will reap the benefit.
in the matter of expenditure on the estate the figures shown may be startling, but it must be borne in mind that we were working on a very large scale, Youe Directors were quite satisfied there was no extravaganceop the estate and the manager thoroughly appreciates the necessity for economy, but it is well for me to explain that in consequence of the great expansion in tobacey culture in Sumatra and Borneo it 1890, labour, materials and all estate neces. saries were at a high figure. Again, our tobacco being fine and of light weight it in
Text read from the printed page and cleaned; old type leaves the occasional error.