With. reference to the report and accounts the speaker said The year's working as you will see from the profit and loss account has resulted in a loss of Tls. 19,650.38, of which Tls. 2,133.73 re-Ins. 3,948.22 loss on exchange on resents interest on advances and
the drafts drawn against shipments which were outstanding at the end of the last financial year. The actual loss on exchange was Tls. 4,958.97 but by utilizing the sum of Tls. 1,010.75 standing to the credit of exchange fluctuation reserve the net loss was reduced to the figure appearing in the profit and loss account.
This result covering as it does the working during the worst 12 months of the recent slump jin tubber, does not compare unfavourably with those of other companies that have issued their reports recently.
The cost of production at 49.90 cents per pound includes all items of expenditure except the loss in exchange and compares very fav-curably with the cost in previous years. Being the average cost for the year it does not, however, give you a correct idea of the very large economies that have been effected in running the Estate, and to emphasize this point I may tell you that, whilst the estate f.o.b cost was 49.46 cents for the first three months of the year under review the cost for the last three months of the company's financial year had been reduced to 28.34 cents. For the coming year we anticipate that the cost will be still further materially reduced.
Directors' fees you will notice have been charged to profit and Joss account, but the amount of them has been credited to sundry creditors and will not be drawn until the company is in a more flourishing financial position.
Text read from the printed page and cleaned; old type leaves the occasional error.