Expensive Concessions Which Should Be Relinquished: Excellent Quality of Timbers The annual general meeting of the Langkat Ca, was held on Tuesday afternoon at the effies, of Messrs. Geo. MeBain, the general agents, Mr. R.S. F. MeBiain presiding, support-Jed_by Ar. John Prentice.
The Chaieman said: In speaking wear of the accounts 1 drew pany owns and which your directors not think it advisable to give up. The foreign and native staff of [account and the quit rent and general charges are all considerably more than they would be but for this fact, Unfit we are able to Jdispose of some of our lands and jour Martapoera Concessions Borneo these accounts cannot much further reduced. 'There ure jeertain expenses in connexion with ithe foreign and native staff as well Jas the rents which must be incurred jas long as we hold them. This we sould recommend should be' done as we are convinced that they are jof considerable value.
Losses on imber Reduced There is one other item in the Jworking account to which I would Joraw your attention, and that is the ess on timber which has been reduced from Tis, 31,485.56 Inst year to Tls. 2,656.62, "This small floss is rather disappointing, as we had hoped to have been in a position to show a profit from this juree. Our installation at our timber yard in Ward Road is now nearing completion and we shall Jsoon be well equipped and able to turn out material of a very. high Jclass with which, in the opinion of Jour manager, we can supply the [building trade in Shanghai and the outports, Our "Damarlaut and Marbau woods are of excellent quality, and we shall soon have continuous supplies for doors, window-frames, staircases, flooring, ete. If any of Jour shareholders are thinking of building either houses or offices, hope they will ask their architects [20 specify that Langkat Damarlaut Marbau only is to be used by the contractors for the better class jof work. We have in view several arge contracts at the present tim Oil Prospects On the Darat oilfields there has been no drilling done during the last year, but preparations are Leing made by the Bataatsche Petroleum Maatyehappij (which is the company that docs the field [work of the A. P, C. group) to do some deep drilling there and we shall look forward with a great [deal of interest to the results, The Javerage production for the year funder review was 19 tons daily against 21 tons the year before. During the year an agreement w made with the Bataatsche under which the Tandjong Slamat conleession has been transferred [them to work on the following royalty basis:—F1. 5 por ton pure crude oil as long as the total production of the Concession Tandjong Slamat does not exceed 10,000 tons per annum; Fi. 4 per ton over a further yearly production of 5,000 tons or part thereof; Fi, 3 per ton ona further production of 5,000 tons or part thereof; and Fi, 2.60 on a yearly production for as far 2 this exceeds the 20,000 tons, hey propose to spend a consider-lable sum on making a thorough geological survey' to ascertain [whether it is worth working or not This survey will probably be com: Imenced during this year.
Text read from the printed page and cleaned; old type leaves the occasional error.