Now a word as to the prospects of the current year.
The export allowance cannot of course be estimated with accuracy as it ig subject to revision every three months according to market price of raw rubber. It seems unlikely at the present time, however, that there will be any increase for the quarter beginning February 1; anyhow our estimates for the year are based on the minimum of 60 per cent. which gives us apri export allowance of 273,000 Ib. or 40,000 less than last year, representing a reduction in nett revenue of $16,000 or so, but I see no reason why the average dividend for the last two years at least should not be maintained.
Restriction has on the whole proved a success, it has enabled old or poor areas to be given a period of rest, other areas to be more lightly tapped and a standard system of tapping to be introduced with the result that the yield per actual acre tapped at the end of the year was higher than at the beginning. Under alternate daily tapping 187 acres were being rested a the end of the year without in any way pressing the remaining areas to obtain the stipulated crop. This is all to the ultimate benefit of the estate.
There were no questions, and the formal resolutions were car-vied.
Text read from the printed page and cleaned; old type leaves the occasional error.