'The fifth annual general meeting of the company was then held, the' same, shareholders being present. The notice convening the _sest ing having been read, referred to @ note in the suditor's certificate saying' the hands of the F. M. 8. Government, to be, exchanged for a yew deed, and sdid that this grant, 1098, was issued by the Government in mistake and was really related, to another piece of Iand altogether. When the mistake was discovered it wag sent to the, authorities. for cancellation and the issue of a fresh grant, not yet to hand. The property (field No. 8) covered by the grant had been in the company's possession for two years and was! all planted up. wan tis Th ohn Sect acreage 8 site 1913. At the beginning of the year under review, sixty-nine acres designated fields 9 and 10 were planted up, but it was decided not to plant up to any further extent owing to the low price of rubber. There had been a further reduction in the cost of weeding. The figure had been reduced from 8.86.77 for 1913 to 8.83.68 per planted acre for the year under review. The visiting agents commented very favourably on the clean appearance of the estates. There had been further large reductions in the cost of productioti during the last financial year. During the year ended Beptember 30, 1913, the cost was 8.80.53 per Ib., equal to 1/2.98. For the year under review the figures were 8.$0.43.80 per Ib., at 2/4} equalling 1/0.40=under 1/0} per Ib.
"T am under the impression," the Chairman commented, "that no Shanghai rubber company producer rubber at a much cheaper price an that all in." The output of rubber for the year, he continued, was 4,384 Ib. in excess of the estunate. In regard to staff and Isbour, the agreements of Mesers. Harrop and Martin had been extended. He regretted that the two assistante engaged through Mr. Selby Moore had had to. be. discharged, and another man, Mr. Layer, engaged locally.
The estate was beginning to suffer from @ shortage of suitable Labour. The manager's experiment with a few Tamils did not seem to have been altogether a success, and, having come to the conclusion that Javanese were the best workers, the manager had been authorized to proceed, to Java and engage 100 coolies. At. present the labour staff was insufficient to tap all the trees, available. For this expense, 8.88,500 had been allocated in the estimates for the current year. By the completion of the road from the estate through an adjoining plantation to the road from Bruas it was now possible to travel the whole way from Ipoh by motor car.
Continning,, the Chairman quoted eet-la report from Mr, Alexander Samson, in. which he. observed amongst other things that he fad not before thoroughly realized that the state enjoyed practically all the best natural. advant for the exproseel a. that he would growth of rubber, The chairman
be able to visit the estate, before the manager toft on home leave next jeering. The chairman also quoted the October report of the visiting agent, which was on the table for perusal. He continued:
Turning to the balance sheet and comparing it with the balance sheet of the previous year, you will have no difficulty in gathering that the item "Share Premium and For-features Tls. 1,775" ig represented 100 shares issued at ' premium jof Tls. 2. Tls. 1,490.00 plus 73) forfeited shares reissued st a premium of Tls. 5 Sundry creditors
Text read from the printed page and cleaned; old type leaves the occasional error.