Your directors have sold forward for delivery during 1925, 314 tons of rubber at an average price of 1/5.926 ex godown Sourabaya.
If you will now turn to the accounts, you will see that the profit for the year was F. which after making cer fers and reserves for income tax, jete., ix reduced to F. 128,007.88 which added to the balance brought forward from last year gives divisible balance of F. 130,847.99 Jou: of which dividends aggregating F. 135,000 have been paid to the Shanghai company.
Amongst the appropriations you {may have noticed one described as of leaseholds FP. represents 2 per cent. of tie cost of the est we and the amount spent to date under the heading of "rubber clearings." A reserve wf this nature is allowed as 8 charge against profits under the new taxation ordinance 30 gents in Java thought take advantage of this pro and to start a defn which, as I pointed out to year, is a thing that every rubber company should endeavour te do as an insurance against the! diy, no matter how far distant, when their trees will be no longer [commercially productive, diture during the ble and calls for no Lower Price Per Lb, Considering that the average net} price realized for the sales of rub-ver made during the year was 1.82 lence per Ib. less than it was for }1923, I think that the result of the year's working may be consider-
If you pass the proposals for the appropriation of the profits as re-'Ccmmended by your directors then, the two companies combined will start the new year with fof cath assets over Tiabil he equivalent of Tls. 56,990.96 to which must be added, until such, time as a further distribution of jErofits to shareholders is made, any [sum which the stock of rubber realizes over its valuation of 5.28 pence per Ib.
In conclusion, Gentlemen, I would [like 29 express' on behalf" of Bourd our appreciation of the exjecllent work done by the manager and his staff, the visiting agent and the agents in Java, to whose efforts ering the past and preceding years is due the very satisfactory position, jin which we find ourself to-day, That is-all T have to say, Gentlemen, but before formally proposing the adoption of the report: and accounts if any of you have any. javestions you would like to ask, I shall be pleased to answer to the est of my ability.
There were no questions.
'The Following resolutions were shen passed:—That the Directors' report und statement of accounts for the year lended December 31, 1924, as, presented, be adopted and passed Proposed by "Mr, A. J. Welch: seconded by Mr. W. Wakeford Cox.
That a final dividend of Tls. 1 er share, making Tls. 1.50 per share Yor the year, be paid.—Proposed by Mr. A.
Text read from the printed page and cleaned; old type leaves the occasional error.