The first annual general mesting of shareholders of the Amherst Rubber Estate Ld. was beld in the office of the weretaries, Messrs. J. W. Gande Ca, on Monday. Mr, A, C. Honter presided, and was supported by Mesars. R. ©. Morton and J. W. Gande, Directors; W. J. Gande, for the secrateries; and A. G, Mossop, legal adviser. There was a large attendance of ebareholders.
The notice calling the meeting baying been read, the Chairman said to ibsenoe of our Chair-J.D. Clark, I have been asked by my follow-directors to take the chair at this meeting, which accounts for the position I now occupy.
The Report and Accounts have been printed and circulated among the! Shareholders some days in advance of this Meeting, so that if there is no objection,.I will take them as read.
Turning to the Accounts: the Development account embraces all the general 8 on the Estate and at Shanghai, including substantial provision for depreciation on the Buildings, pany. In view of is comely large Plant and other property of the Com-
expenditare attending the first year of the Company, the Directors have fixed their fees as you see from the account st the nominal sam of Tis, 400, The total balance of the account 20,131.45, and of this has been carried with the advice of our Auditors to working account as the proportion of this Expenditare applicable to the production of Rubber, and the net Balance of Tls. 26,703.83, only, appears in the Balance Sheet under the cading Development Account." vant shows the proceeds of 13,376 Ib. Rubber produced, wolauding the small stock taken over after allowing for 87 Ib, lost in weight on shipments. of a certain stock of Seeds and Stamps sold or contracted to be eld. We have kept on the Estate a sufficient stock for oar own suppl always do so, only disposing of oar sarpias for which we find a ready market. Oar total stock of Stamps on Jone BO is adviced at 350,00, of which only 195,000 have been suld' for delivery and valaed in the acconat, 1 may mention that this valuation' io Working account is mach less than the actual price at which sales were made.
After debiting the actual charges appertaining to production and adding the one-twelfth of Development Expendi ture already referred to, there remains Balance of Gross profit of Tls. 16,477.34 carried to Profit and Loss account.
We regret to bare to call your attention in Profit and Loss account to an
Text read from the printed page and cleaned; old type leaves the occasional error.