The Chairman said:—This meeting has been called to pass a solution to reduce the capital of the company from Tls. 390,000 to Tis, 292,500 by the return of 25 tael cents per share to shareholders, thereby reducing the nominal value fof the shares from one tael to:
There is no necessity for me to recapitulate what I have already explained to you at the previous meeting and 1 will merely content myself by putting the position bee far ey ach anes nlslag the pr from the sale of an; in Sikamat Bstate, amount to approx imately Tls. 209,168. With this sum at their disposal, your Directors, after careful consideration, ree commend that a return of 25 cents per share be made, which wilt absorb Ts. 97,500, leaving balance Tie. 105,668 to be dealt with. As I informed you at, the annual meeting, an area of 300 acres is being developed and the estimated cost of this work will amount to roughly Tls. 46,000, leaving " cash reserve balance of Tls. 69,668. Jabour permits, it is the intention of the Directors to increase the area to 500 acres and this will require further sum of Tis, 19,008, leaving cash reserve balance of Ts. 40,000, T think you will agree that the policy of development is a sound Sne and not only will we have larger and more compact estate which will tend consklerably Feduce the cost of production, but in having these reserves of young rubber coming along, the company will be better equipped to meet future demand.
With regard to the resolution, it is unnecessary for me to emphasize the advantages of a reduced capital and I, therefore, hope you will supe port the resolution as it stands.
Before putting the resolution to. the meeting, I shall be pleased to answer to the best of my ability any questions shareholders may wish to ask.
'The following resolution was thea pas That the capital of the company reduced from three hundred a ninety thousand taels of Shanghai sycee (Tls. 290,000.00) to two hund red and ninety two thousand' and five hundred taels of Shanghai sycee (Ts. 292,500.00) divided into 290, 000" shares of seventy-five task cents (Tls. 0.75) each and that such reduction he effected by reducing the nominal amount of the shares from one tael to seventy-five taal cents by a refund to each shareholder of twant-five tael cents, (Ts, 0.25) for each share held by him—Propored by Mr. C. R. Burkill sha seconded by Mr. N. G. Maitland, We have therefore sold 154,560 Ib, at an average price of 882 cents per 1, leaving a balance of 178,748 Ib. to be sold at current rates.
The prospects for the current year} look very promising and the results of the first three months' working of this year would appear to justify the payment of an interim dividend, and your Directors will consider th payment of an interim dividend soon as the resolution confirming the return of capital is passed and sanctioned by the Court. before concluding 1 would tik te the Boards" spprec of the this opportunity of record
managers' efficient care of the company's properties as well as those of our agents in the Straits.
That is all I have to say gentlemen; if aay shareholder has any questions to ask, I aboli be pleased] to answer to the best of my ability.
The Resolutions The following resolutions were unanimously adopted:
That the report and accounts for That the appointment of Mr.
Text read from the printed page and cleaned; old type leaves the occasional error.