Prince (representing the secre favien) and 1.801 shares were presented. The notice conve The meeting having been read, on set and. accounts having report and accom in Twit, sith your permission, fol the usual course and take them ad Since the last report, there been no change in the planted area the company's properties. Riverside 50 acres" were brought ato tapping, bringing the producing area. of both estates up. to 1,090 acres. At the last meeting you frere informed that certain reserve Treny wore let out to Chinese for tapioca planting. Altogether, 270 teen were Ict out for this purpose, ike conditions being that the Chines were to clear ally the jungle a Plant up the whole ber, the company to of $5 per acre per annum for to Seats and to allow two crops of Uploca, to be taken from the ground. Although it was known That growth of rubber is retarded by inter-planting with tapioee, arrangements suited the company very well, ax we were able to increase the planted area at Riverside sta time when finances did not permit of the company undertaking ike "work themselves. Conditions have now changed and we have retently been advised by our Penang agents that it would be possible to out the Chinese" contractor after he has cleared his first crop and, at the price named, not only will the company have saved a con-Tiderable sum of money on the Extensions, but it will now be able the young rubber, into much sooner than if the] W to remain in the ther crop. ended September 30, 1925, the actual rubber crop hi vested was 275,426 Ib. this. being about the same' figure as the pre-jous year. The year's output was some 17,000 Ib. below the export allowance, but this is fully ex-plainted in the report before you. The "all-in" cost of 9.324. per Ib. contrasts very favourably with 10.08d., which was the figure for the previous year and represents: 'a decrease of almost 3 cents per which I think you will agree is very satisfactory.
The profit for the year amounted to Tis, 92,161.41, a result which is in part due to the reduction in costs to which T have just referred, but principally attributable to ' the enhanced price realized on the sale of our crop, the average price realized being 1s. 93d. per Ib., as against 14d. the previous year. Our financial year ended September 30, and we, therefore, had the advantage of high prices for a very short period only, hence the Tow average sale price. In. the circumstances, I think shareholders may be congratulated on the results achieved. After the payment of an interim dividend of five tael cents per share on July 3, the profit and Toss account stands at Ti, 84,534.34 land your directors recommend the payment of a final dividend of twenty tael cents per share (20 per cent.) making 25-per cent. for the year, absorbing Tls. 60,000, to place to general reserve Tls. 15,000, write off assets Tls. 2,510.95, pay bonus to estate managers, Tls. 1:5 ud to carry forward the balance of Tis, 5,523.29.
With regard to the appropriation, Iam sure that the policy of the board in building up a reserve account is one which will commend itself to the shareholders and 1 therefore trust you will approve of ther directors' recommendation.
The estates were visited during the year by Mr.. Norman Davie, Mr. J. W. Kennedy and Mr. H.C. Pinching and the, reports of all these gentlemen hive been uniformly satisfactory: As regards prospects for the current year, these at the moment look particularly encourag. ing and if prices that are now being offered for future deliveries can be taken as a criterion, share-reduction prohibited without permission.
Text read from the printed page and cleaned; old type leaves the occasional error.