All the properties were kept in|. A. Prince (secretary).
There good order in respect of weeding were represented 32,350 shares. and costs showed a great improve-} Tp his speech the Chairman ment over last year's figures. A ala: certain amount of disease exists The report and accounts having on all the estates but the position been in your hands for some time, in this respect is normal and well I will, with your permission, follow in hand. Thinning out was _pro-the usual course and take them as ceeded with on each estate and the yead. Dealing first with the acwork will be carried on during the current year until the gradual counts, you will see from the balance sheet that the company's attainment of a normal number of trees per acre is reached. All the liquid assets only just about cover the sundry creditors and loan acestates are well situated in respect count. The depression which con-of labour, there being adequate supplies for all requirements and tinued practically throughout the whole year is reflected in the health was good and quite up to accounts before you, which show standard throughout the year.
Every economy was effected a loss on the year's working of $5,954.99. After deducting the during the year and for the limited amount of Tls. 4,741.52 brought period of tapping, costs on Kota forward from last year, there Bahroe and Canning were quite remains a balance of Tls. 1,213.47 reasonable. Now that tapping has standing to the debit of profit and been resumed on all the estates loss account, which the directors and with better yields assured, a propose to carry forward to next further reduction in costs is an- 4 year's accounts.
The present ticipated during the current year. Enancial position of the company
Text read from the printed page and cleaned; old type leaves the occasional error.