It will interest you to know that negotiations are proceeding satis factorily with the Government's local officials whereby we hope to effect the exchange of 163,32 acres of our pedi Innd, useless to us, and of which indeed only 2.62 acres are under rubber, for a similar area of ground adjacent to the estate, a higher level, that would be suitable for rubber growing. If, und when, this transfer is arrang: ed, we would propose to plant up, thus eventually reducing the cost of production and securing greater economic efficiency.
Tam sorry to tay that since the circulation of the report and accounts our agents advise that the smoke house, then containing some pleased to say however that the building and contents were fully insured and that we are immediately proceeding with the construction a smoke house of latest type. As regards processing in the mean-factory arrangement hina been concluded with a nelghbouring estate to do the required smoking.
Turning to the accounts. The! net profit for the year amounted] to Ths, 14,710.06, from which has to be deducted 5 per cent. commission due to the general managers under their agreement, amounting \to Tle. 735.50, leaving & balance of Tie, 19,974.56, to which must. be added Tie. 2,942.18 brought forward from last year, making 2 distributable total of Tls. 16,016.09, out of which two interim di o's per vert. have previously been declared. The balance remaining to be distributed now amounts to Tis, 7,916.09 and I will propose later that a final dividend of 5 per Tls. 4,500. gives me great pleasure to make is th Pay a bonus of 5 per cent, to our ger and his staff. Their well commented upon by the visiting agent. and a very great deal of the success 735.50, leaving to be carried forward to the current year the sum of Tls. 2,681.49. I hope you will agree that the result of cur year's operations, particularly considering that the price to March last averaged only 5246 Straits cents per Ib. is not unsatisfactory.
Text read from the printed page and cleaned; old type leaves the occasional error.