The report states that the directors had hoped to place before the shareholders the adjustment of the accounts as compared with the estimated figures for the year 1902; but, in view of the auditors requiring to have before them the accounts for the year ended 31st December, 1903, before they certify final not possible to do so. They are, figures, the directors regret that it is however, able to state that apparently the adjustment entails the alteration of the profits for the year from £219,567 to £208,271, or £11,296 less than the res anticipated in the last report. Shareholders will asked to a resolution adjourning the mooting in order that the profit and loss account and balance-sheet may be made up so soon as the accounts are received from the Asiatic Petroleum Company (Limited) for the first and second halves of the yer 1903, the accounts of the company depending on them. The interest due from the Nederlandsch Indische Industrie en Handel Maatechappij, for which no credit was previously taken, will be treated as revenue for 1903. Important developments have taken place in the position of the company, in so far as their participation in the European business is concerned. The cost of shares in the Petroleum Producte Action-Gesellechaft, shown in the balance-sheet as £98,600, has boon increased to about £161,250, representing one-third of the present psid-up capital of the company, which has been raised to 9,000,000 marks. The remaining two-thirds were subscribed equally by the Deutache Bank and the Steaua Romano Action-Gesellschaft fir Petroleum Industries. A contract has also been entered into by which ocean transport is secured. The position and prospects of the Nederlandsch Indische Industrie on Handel Maatechappij have very materially improved. The production of crude oil from the Borneo fields during 1903 was 153,486 tons, as compared with 122,600 tons during 1902. The production for 1904 to the 27th August has been 186,359 tons, made up of approximately 53,000 tons during the first
Text read from the printed page and cleaned; old type leaves the occasional error.