Capital expenditure during the year was not heavy. Limburg spent [Guilders 21,971,42 on the planting up of the new area with Hevea and fon upkeeping the other immature jaraas. Tt also spent Guilders 16.29.72 on the purchase of a 15 ]H.P. Ruston-Hornsby oil _engine and two marking machines for the converted coffee factory on Barek Division and an installation for the manufacture of shoe sole crepe.
On Djarangan Estate Guilders 4,962.12 were spent on the upkeep of Leengoer Redjo Division. Other capital expenditure was negligible.
The accounts of the Shanghai sempany are quite straight-forward, jand I can see nothing therein that requires special explanation, If you pass the appropriations recommended by your directors, the three companies combined will 3 the new year with a surplus of jatid assets over liabilities of the equivalent of approximately Tls. 223,000, which should be sufficient to enable us to-meet any contingent cles that may arise, In addition to this the unsold stock of rubber amounting to 288,280 1b. was valued, for the purposes of the accounts, at the average equivalent lof 6.47 pence per Ib, #0 that on realization the profit on this stock will still further strengthen the leempanies' financial position until such time as a further distribution jof profits is made to shareholders.
Text read from the printed page and cleaned; old type leaves the occasional error.