taries). The number of shares [represented was 30,992.
The notice conve the meeting, jand the auditor's report, having. been read:—The Chairman said: Gentlemen, Since our last annual general mecting the capital of this company: hax been reorganized in accordance with }the resolutions passed at the extra: ordinary meetings of January 4 and and March 6, and with te sane-M. Supreme Court for Chin The writing off of capital is dealt with in the report and need not be referred to further. Of the 27,000 new shares offered to you at' par, only 4,875 were taken up. However, the company's finance i= now in better trim than for a long time past. We are out of debt and ye money in the hank, but our of safety still remains on the narrow wide, though that will improve with every advance in the price of the raw material, The profit on the year's working is Ths. 9,262.29, and the unch profits amount to Tls. 1 disposal of which is recommended ju the Director's report. As you fare aware, the Directors entirely waived their fee for the fiscal year preceding this. In the accounts before you provision is made for the usual Directors' fees under. sundry creditors, but with a view to further assisting the company the Directors have cancelled half the fee the total of which will pear as a profit in next year's accounts.
Comparative tables of yields and costs have been discontinued, for jer the influence of restriction they convey distorted impressions. Overhead expenses. necessarily remain pretty well unchanged wi ever the percentage of restric may be, whilst the cost of produenaturally goes up on every retion of output under the enact-every increase allowed.
On reassessment our standard production was redueed from 2: lees not affect us worth mention The object of British rest: the pivotal price of 15 pence London. terms being tone that does no hardship either to manufacturer "or consumer. Unfortunately the increasing shipments from the Dutel East Indies: Prove had a deterrent effect on the beneficial "measures aimed at, by for the seven months ending July' this year the Dutch have exported: 195,198 tons (of which 42,640 tons are called native production) against Malaya's $8,557 tons. It is a_pity the Dutch cannot see their way to join hands with us in our efforts to Stabilize one of the Key industries lof the world.
The estate has not only been well lupkept but has been improved by, cultivation and thinning out, whilst, the conservative tapping and rest~ ing which we are able to indulge in under the restriction scheme are having a marked effect on the physical condition of the trees. Bark reserves, our main asset, are mounting up all the time and if] ever the day comes for full produetion Cheng should then be in a position to produce large crops.
The report: gives you all neces sary detail as to the condition of tthe property, and if the present improving market continues the Directors hope when we next meet to be able to recommend a dividend.
I now bez to propose resolution' No. 1, vis, That the Directors' report and statement of accounts for the year ended June 30, 1924, as adopted and passed.
seconded by Mr. V. Meyer, and is now open to discussion, 'The following resolutions were passed:—"That the Directors' Report and Statement of Accounts for the year fended June 90, 1924, as presented adopted and passed." Proposed by Mr. A. K. Craddock, seconded, by Mr. V. Meyer.
"That Mr. A. K. Craddock be' re-elected a Director of the Company, and that the appointment of Messrs. V. Meyer and G. Grayrigge as Directors be confirmed." Proposed by Mr. C. J. L, Stewart, seconded|"That Messrs, Thomson and Ca.
Text read from the printed page and cleaned; old type leaves the occasional error.