The report of the directors for the year ended June 30 contains the following The profit for the year amounts to Tls. 7,283.80, which with the balance brought forward from previous year makes a total of Tls. 49,863.88, and the directors recommend the appropriation of this balance as follows:—
Write off estate develop-
25,000.00 ture, ete. Carry forward Tls. 49,863.88 In view of the present situation of the rubber market owing to the war in Europe, the directors cannot recommend the payment of a dividend. If the war continues for a long period there is " likelihood of a drop in the price of rub-
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