Under this scheme we have produced 313,060 lb. of rubber at an all-in cost of only 1} cents over the cost of the previous year, which is very satisfactory and testifies to the care exercised by the estate manager and his staff. The improvement in the market price of rubber which followed immediately upon restriction of export enabled us to secure an average net return of nearly 21 cents per lb. more than during: the previous year which explains why your directors are in the happy position of placing before you the very sound and satisfactory statement of accounts which Li am presently.going to ask you to accept and pass..
If you will glance at the working account you will see that the total cost of production is practically the same as last year Tls. 61,314 against Tls. 64,913 wh{'¢ the rededpts are Ills, 43,547 excess and the balance carried to profit and loss account Tls. 52,836.78 against Ts, 9,187.73. Our investments have yielded Tls. 5,429.48 against Tls. 5,079.49 and the balance of profit and loss account is Tls. 56,707.61 against Tls. 14,049.15. An item at the debit of profit and loss account, which is very much in excess of last year, is Ys. 1,831.79 against Tls. 229.69 for manager's and assistant's commission, which personally I am very pleased to see for it has been well earned and I feel sure the shareholders do not grudge the estate staff their share in the company's prosperity.
In the balance sheet you will see that it has only been thought necessary to depreciate one of the fixed assets, viz., live stock and vehicles. The total value of the fixed assets as appearing in the balance sheet is approximately one-third of the value shown in the manager's valuation.
Text read from the printed page and cleaned; old type leaves the occasional error.