The report gives yow very fully all particulars regarding the working of the estate, and I do not think it is necessary for me to repeat this information. Turning to the accounts, as I have already said the year closed with the satisfactory profit of Tls. 5,972.81, after writing off the whole cost of maintaining the non-producing area, and Ts. 3,072.63 for depreciation. This amount of Tls. 5,972.81 added to the sum of Tls. 6,054.53 brought forward from last year—making in al] Tls. 12,027.34 which the directors recommend be carried forward to next year.
The book value of the fixed assets is Tls. 38,350, the manager's valuation of same being S. $70,416, equivalent to Tis, 54,924.48 at the exchange ruling on December last. The stock of rubber realized practically the same amount as that shown in the accounts. The liquid " assets amount to Tls. 43,498.03, taking the Straits Settlements Conversion Loan at cost, as was done last year. On the other side of the account the general reserva remains at Ts, 25,000 of which sum S. $5,000 or Tls. 4,400, is invested in ithe Straits Settlements Conversion Loan to which I have just referred. Sundry creditors, amounting to Tls. 9,384.80, includes a reserve against the manager's leave-pay and passage money due next year, advances against rubber, wages, etc.
Text read from the printed page and cleaned; old type leaves the occasional error.