Report.of the Directors for presentation at the sixth annual meeting of shareholder held at the attlee of the Ge Shanghai, on Wednesday, the 16th Maveh, Directors have now the pleasure of for the information of shareh accounts and balan y anxious one to interested in Tobacco planting in Sum tray and in con seqtienve of the severe and general depression, cotised by the unsatisfactory result of the sales of the Crops of a grout number of estates, the financial facilities hitherto enjoyed by Shanghai ohaceo Come any have been cither seriously curtailed or wholly withdrawn, rep IS! shown by the accounts, the ntity. of tobacco shippod to Austerdant the Shanghai-Sumatra Tobacco Company Was 2,741 bales, the result of the planting of 486 fields.
Inthe Tobacco, while the average ned by Estates in rat, in the: was only Gui per Kilo, this Company heated of 0 per ving a total ai 358,207.76, or a ip the crop of The 9744.05, which, Writhethe balance (Tis, 5,517.45) brought for: ward from last account, makes the sum due on the 650 Shares forming the original issue of Capital Tls. 701.02, the eynivalent of ow the fully 70 amount paid up.
The whole of the unt at the credit of oft and Los unt, together witha 1 tw the Company by the sorbed in the pre-
Under these cit propose, with the sanction of the Share. howlers, to-issue to those entitled to the unt at credit of Profit aul Loss Account, Debentures of $70 each==$45,500 bearing interest at the rate of 10 per cent. per anu from the 31 t March, 159 redeemabh not less than two or more than five year Jeaving " balance of Sh. Tis, 147.40 or $201.93 to be carried forward. he Directors cor sider this plan of adjustment preferable to proposing a further issue of Shares.
Crop 1891.—The yield of tobacco from 420 fields, weighed into the fermenting shel was 2,730 piculs, a somewhat lower average than in 1890, but the estate manager reports it as. being of a superior quality.
expected that not less than 2,200 piculs will, including about 1,100 piculs' already shipped, be available for shipment to
Text read from the printed page and cleaned; old type leaves the occasional error.