Cay Debenture Interest, payable on Accounts Outstanc Overdraft in Penan; Less value of produ Stock on 31st August.
Unclaimed Dividends Due to Secretary The Chairman in moving the adoption of the report and accounts said—With your permission I presume we tay follow the usual course of taking the report that has been circulated as having been read. You may remember that in the last report we estimated that the season would close on the 30th of September, Owing, however, to the sutisfuctory working of the machinery we were able to close the season on the Bist of August; that made a very short season therefore of only eight months. With regard to the result of that I think you will be satisfied that under all the cireamstances it has been a decidedly satisfactory one, the Working Account showing a profit of upwards of Tis, 20,000. Under the new management considerable economies have been effected in the management of the estate, besides x general smoothness in the ing in all respects. You may, perhaps, notice that there has been no writing off for depreciation, but I would ask your attention to the fact that during the past two years Ts. 28,000 have beet charged in the Working Account for repairs and renewals, and I think that these may fairly be considered as a set-off ayainst the absence of any writing-of for depreciation in those years. With regard to the repairs, and additions mentioned in the report, these repairs and additions to the factory have been completed, and the manager expresses his complete satisfaction with the wa ich the work has been in done, and in this connection he speaks very highly of the excellent work of the Estate's engineer. The plant itself has not only been largely increased and proved both in power and as regards economy of working, but the re-arrangement of the machinery gives far more room in the factory, allowing of more rapid working. 'The season has opened very favourably. The crop is n large one, and there is every reason to believe that it will prove to be a heavy one, but this, of course, depends to a very considerable extent' upon circumstances which are always, more or less, beyond the control of the actual management. The work on the new crop began last month, and the Production of sugar in October gave the highest average yield per arleng thnt has ever been known in the history of the Company. The canes now being cut, also promise to give a very heavy yield. The whole of the new emp has Leen sold ut satisfactory prices. As to the fresh water supply which you see referred to in the report, this work is one, as you well know, of extreme importance to the Company's welfare. It has been successfully pro-ecuted during the past year, and see, the canal has been completed the boundary of the estate, and it now in course of being carried to the factory and the coolie lines. This will greatly Donetit the coulles and also supply the clear water that is so much needed for the satisfactory working of the boilers and machinery. Besides this we hope that ultimo ately the supply of water will be develop d into a general system of irrigation of the whole property, which, as you know, will be a work of inestimable value. Those ate the only points in reference to which I can see miy remarks to make with advantage, and, therefore, if you have no special The Chairman proposed, and Mr. Me-Michnel seconded That the next annual general meeting of the Company be held in the month of November, 1898. ion of this resolution concluded The report now presented to the Shareholders covers a period of only eight months the reason for so short a season lies in the months' extension which was required to work off the previous crop under circumstances which were explained in the last report presented; with the interpolation of this short season matters return to normal conditions as regards cropping periods.
Crop.—The area cropped has been 9: arlengs, which has produced Piculs 27,883 of sugar, or an average production of Piculs 29.4 per arleng; the canes cut in the earl part of the season returned a very low y owing to the damage done in 1896, and it was not until May that anything like a normal yield was art at. The qualities of sugar made have been in the proportion of 744 No. 10 25$ No. 2; the net price realised has een $5.60 per picul.
Plant and Machinery.—The repairs and additions to the factory referred to in the last, report have all been completed, anid the manager reports that everything' is in first-class order.
Labour.—Matters in this connection have materially improved under the new management, and a full supply of coolies has been maintained without difficulty throughout the season, Estate Extension.—The total area now open is 1,703 75 arlengs (say 2,272 acres), of which 1,360.25 orlonys are in the Company's bands, the remainder being leased to Chinese.
Water Supply.—The work of connecting the Estate with the Kurau River has been completed, and the further extension of the canal in order to supply fresh water to the factory and coolie lines, is being pushed on as rapidly as possible; the completion of this work will bring great benefit to the Estate.
New Crop.—The area under cane for the season now commenced is 1,248.50 arlengs, of which 298 arlengs are planted by Chinese this represents the largest crop with which the Company has yet had to deal, but there should be no difficulty in dealing with it within the twelve months; the Estate has been favoured a satisfactory rainfall throughout the year and the prospects for the season are very favourable. The whole of the new season's sugar has been sold at an average price of aleut $5.85 per picul.
Accowits.—The accounts smbmitied for the eight months show a profit. on Working Account of Tls. 20,402.46, which is transferred Loss Account. the debi on that account, after being charg debenture interest, being re The Dir under the new management, considerable economies have been effected in the Company's expenses.
Directors.—Mr. J. H. McMichael retires in rotation as required by tion, but offers himself Auditor.—Mr. G. R. Wingrove again offers himself for re-election.
Shanghai, 11th November, 1897.
Text read from the printed page and cleaned; old type leaves the occasional error.