The standard production for 1925 from the restricted areas in Malaya and Ceylon is fixed at 307,000 tons, so that assuming that the maximum release of 10 per cent. is made each quarter from now onwards, the max. imum output from restricted areas during 1925 will be 205,690 tons, leaving 304, 310 Ib, to be produced by the Dutch Enst Indies and other unrestricted areas, the estimated maximum outputs from which 208,000 tons and 60.000 tons respectively. Any difference between consumption and production naturally has to come out of stocks and it also follows that as consumption in-Jereases stocks should also increase the same ratio if a shortage is to be avoided, instead of which they have been steadily decreasing week week for many months past Taking all considerations into Jaccount. 1925 promises to be a very satisfactory year for rubber producing companies in general.
In conclusion, Gentlemen, I would like to express on behalf of the Board, our appreciation of' the ex-feel lent work done by both managers and their staffs, the visiting agents and the agents in Sourabaya to whose efforts is due the very satis. factory position in which we find ourselves to-day.
That is all I have to say, Gentlemen, but if any of you have any questions you would like to ask, shall be pleased to answer same the best of my ability, before formally proposing' the adoption of the report and accounts.
The Resolutions There were no questions and the following resolutions were unanimously carried:—
That the directors' tatement of accounts as presented be passed: Proposed by the Chairman, and seconded by Mr. Wakeford Cox.
That a final of 30 ean-aroons per share, making 65 Can-darkens per ped: propos seconded by Mr. W. R. 3 That Mr. W. R. McBain be elected a director of the company: proposed by Mr. A. K. Craddock, and seconded by Dr. G. E. Goode.
Text read from the printed page and cleaned; old type leaves the occasional error.