The annual meeting of sharehold-cers in the Kali Glidik Coffee Estates, Ld, was held on Wednesday in the offices of Messrs. J. A. Wattle Ca., 10 Canton Road. "Mr. A. J. Welch presided, supported by Mr. W. R.B. MeBain and Capt, R. [Sasson (directors) and Mr. C. J. Stewart (Secretary). There were 24,536. shares represented.
The Chairman said:—
The report and accounts have been in your hands for some time and, with your permission, I pro-Pose to follow the usual procedure and to take them as read," T must however, apologise fora careless mistake which appears in the notice of the meeting that is printed on the back of the report. The second item of business set forth therein should not have appeared, The official notice is inserted in the local press was correct, however. The report and accounts give you very full information about the activities of the company. during, the year, but if you will tuan to the accounts, the position will be clearer to you, perhaps, if, instead dealing with the accounts of the! Datch Company and of the Shanghas Company, I simply tell you the combined result of the year's working.
The total nett profit amounted to the equivalent of Tis." §8,139,76, which, when added to the balances Drought forward from last year in the respective profit. and lass ncconte, gave a divisible balance of Tis, 69,886.33. Out of this sum your directors have placed the guilder equivalent of Tis, 0,658.23 to. the! reserve for the amortization leaseholds, they have written Guilders 39,292'30, equal to Tls. 21,230.- 08, off certain fixed assets and'have written off the whole of the prdiminery "expenses in" Shangiai, amounting to Tls. 13,911.46; leaving to be carried forward to the new accounts Tle, 25,078.08." It is with extreme regret that your directors find themselves in the position of not being able to. recommend the payment of a dividend, but the par tial failure of the coffee crop, which subject T will enlarge later, reduced the profit that, as we have still to face considerate capital expenditure before the estates can reach their fullest productivity, snd We have not a great amount of working capital available, they cone sider it advisable to conserve the company's resources as mulch 25 possible, From the balance sheet of the Dutch Company you will see that during the year capital expenditure on the three estates totalled F, 160, 209.58, which was made up Exteneiece te planted area upkeep of "me saned for providing fugal
Text read from the printed page and cleaned; old type leaves the occasional error.