Mr. Jonesaskedjunder what heading this was included in the Balance sheet and was told that it appeared under Sundry Debtors—Tls. 7,002.68; this being the balance between sundry debtors and outs-fanding accounts.
Mr. Jones considered that the account would have been clearer if the amount had been shown separately.
Mr. Jones further called attention to the large sum paid for Salaries—nearly Tis, 44,000 against Tls. 19,000 in 1901 which was not only an actual increase of Tls. 25,000 a year but showed an increase per arleng in cultivation,.He would like an assurance from the Directors, if possible, that this was not excessive compared with other well-managed Estates, and in its relation to theimportant, point of cost of production of sugar on the Estate. Regarding rubber Mr. Jones asked if the Directors considered the present manager an Expert in the cultivation and management of a Rubber Bstate. Had he had any previous perience?
'The Chairman replied that the Directors had every' confidence in their present manager, He had taken great interest in the rubber question and had sent them frequent reports. The Company's plantation was as old as the majority and dated back as far as the Ceylon plantations. Every manager gained experience the longer he remained a plantation. The Directors had the greatest confidence in their manage, Mr. Jones thought that the holders shared the confidence the Directors had in the present manager, but the latter was apparently in the position of yaming his experience on the Company's Estate as he went along and it was most important with a very valuable Estate such as the Company had not to take any wwoidable risk but to take every caro to sure that the best methods wore Mistais might easily occur now load-rig to unseen loss of future profits and he proposed that an Export with practical sxperionce be engaged to personally nspoct the Company's plantation in conerence with the manager and to report on present and proposed methods.
In reply to the Chairman, Mr. Jones aid he did not wish to put this as a elution, but was prepared to leave as a suggestion to the Board.
Mr. H. 0, Cumming asked if there 1ad hitherto been any outside opinion aken as to the condition of the estate.
The Chairman—No.
Mr.J, M. Young pointed out that the acaunts only extended over ten months' working, and asked if this was in accor-lance with the Articles of Association. Ho supposed it was, but asked if they ould not have also a supplementary count to show the result of the months' working, at least as a compari vith previous years:-"If it was cordance with the Articles of Associa-ion, then let them have fresh accounts show a profit, in which case he would have no complaint.
Mr. Jones then enquired as to the advisability of tapping trees early, and read the following extract from a report by Mr. Burgess, expert on Rubber engaged by the goverment of the Straits Settlements, dated August 1905, on the question of tapping. The extract read We really do not yet know the quantity of rubber a tree will give and what it will stand, so that our present yields are probably smaller than those to be obtained with mature experi The Hevea tree not only thrives is spite of tapping, but gots used to it, and it has been found that an eight-year-old tree that has been tapped for two or three years yields a great deal more rubber than o tree of similar age which has not been previously tapped. Hence the present adage: Tap early to accustom your tree to yield its valuable milk and it will respond to your demande in inereasing The Chairman said ho was very much interested in Mr. Jones's remarks and would be glad if Mr. Jones would furnish the Secretary with a copy of the extract.
The Chairman then read an extract from a letter from the Company's ager, from which it was shown that 1ce the date of the extract read by Mr. Jones, Mr. Burgess had, to a certain extent, altered his ideas as to early tapping. "The Chairman also pointed out the difference in calculation of th of trees. Some calculated from the of planting out in the nurseries, while others calculated from the date of the sowing of the sood. The Perak Company, dated the age of their trees from the date of the sowing of the seed.
Mr. Anderson also pointed out that the time for tapping was judged not so much from the age of the tree, a8 from its circumference when it had reached a certain height.
There being no further questions, the following resolutions were put to the mooting and carried unanimously Proposed by the Chairman and soconded by Mr. F. Anderson:—That the Report and Accounts as presented be accepted and passed.
Proposed by Mr. R. H. Gore-Booth and seconded by Mr. E. 0. Cumming That Mr. J. H. MeMichael be re-elected director of the Company.
Proposed by Mr. A. seconded by Mr. J. M. Young Mr. G. R. Wingrove be of the Company and that tion be Tls. 250 per am Proposed by the Eh ed by Mr. J. H. McMichael:—That the next annual meeting of shareholders in the Company be held is the month of December next.
The proceedings concluded with a hearty vote of thanks to the Chairman.
Text read from the printed page and cleaned; old type leaves the occasional error.