The 20th annual general meeting of this company was held en Tues day at the offices of Messrs.
Truman & Ca., Secretaries and General Menagers. Mr. Grayrigge presided, supported by Messrs. S. A. Hardoon, E. S. Kadoorie, and RB, N. Truman, directors, and' the dance represented 104,318 shares. The following are the chief points om the Chairman's speech, The " planted area of the estates remains the sine, vi 3,074 acres of hevea, of which, about 2,750 is in bearing Of this acreage, 65 bouws, say 114 acres, is interplanted with robust coffee; we else have 75 acres planted with lamtoro and bamboo. All available land suitable for hevea is now plant, ed. Food production for the labour force is encouraged, and parts of the non-producing " arecs have been planted by the natives with maize and rice. Over 13,443 trees were thinned out, New stumps are planted in open spaces where it is considered there is sufficient light and space to enable such supplies te mature.
Diseases and pests have been kept well in hand and the treatment for black thread appears to b> effective, The rubber harvest amounted to 84€,0C0 Ib. against an estimate of 900,000 Ib. The estimate for 1920 1,090, C60 Ib. rubber, and the mana-expects the estimate to be reached easily, provided the weather conditions are not too much against us.
The egffee crop was 308 piculs against Gri estimate of 250. piculs and tha price realized wes F. 51.38 per picul compared with F. 19.00 in 1918, a very satisfactory increase. The' estimated coffee crop for this Year is 500 piculs, Tke F.O.B. cost of rubber produc tion viz., F. 44.70 compared with F. 49.45 in the previous year, may be considered s?tisfactory, and we may expect to seo a lower figure with increased troduction, and reduced \expenditure on the upkeep of gardens.
The following prices were realized for cur rubber: Stocks from last year. F.O. 93.24; 1919 outeat, F. 1.03.28; compared with F. 0.64.21 last ar. The sterling equivalent shown in the report w2s converted at F. 12 to the £, which gives 1/8.6.
Now turning to the accounts. I will first take the Dutch company's accounts. It will perhaps bs as well to remind you that the Englith com. rany holds all the shares of the Dutch company and his no other assets, and that all the assets are kept in the Dutch cowpany's accounts, only sufficient credit being taken in the English company's accounts to provide the amount requireed for head office expenditure and dividends, The working account shews a profit of F. 420,760.95 as compared with 84,012.86 last year. The stocks at the end of the year have been teen at book cost, and when sold should return bout double.
The profit and loss account after 1 paying income tax, and providing F. 10,000 for income tax reserve, and
Text read from the printed page and cleaned; old type leaves the occasional error.