The balance transferred from the rubber estate working account for the past financial year to. general prof and loss account amounted fo Tis, 128,434.15 compared with Tis, 223,494.92 for the previous 1 year, due principally to the three following reasons:
Exchange:—The rate of exchange fon working items this year Being year.
152 compared with 179 the previous
The average price realized for the crop being 830. per Ib. less than the previous year, and For the year ended October 31, 1926, the profit-on realization of the unsold balance of the previous crop amounting to Tis, 42,071.59, compared with Tls. 2,820.69 In the Accounts under review.
Turning now to profit and loss account, the balance at credit of this accourt—including the sum of Tis, 100,000 transferred from gen~ rai reserve—is Tis, 193,099.07, and deducting therefrom the amount of the interim dividend paid on October Tls. 76,956, there remains balance of Tls. 116,143.07, from which I will propose later final dividend of Tls. 14 per share be paid, leaving a final balance of Tia. 19,948.07 to be carried forward to next year's accounts, Crop prospects for the present year are fairly good, and it is estimated that we will produce a crop of 650,000 Th, at a cost of 44 aeullder cents—approximately 8d. per Ib. at state, including expenditure on "new. clearings, experimental manuring, ete, but with the rubber market in its present state of flux, it is, F consider, too. hazardous to venture any opinion as to the ultimate result of this year's working.
Results Satisfactory of our rubber estate tly the same as the previous year, the slight decrease this year in the value of rubber in transit and in stock at the end of. the year being offset by the increase under the heading of building, machinery and implements, caused by the erection of two field bungalows, and necessary native building, two pondoks, one school house and one Chinese kedah, 'There is little else, think, in the accounts before you calling' for comment and-considering the falling tendency in the price of rubber during 1927, the results may be considered satisfactory Acreage:—I should like to bring. to your notice a difference of 19% acres between the acreage stated in the accounts, before you and that shown in last year's accounts.
During the past working year an aren of 283 acres was planted Up. and transferred frofy the heading of reserve available to extension: increasing the arca of the latter 383 acres, and reducing the area in Teserve to 417 acres; but, on the latter being measured, it was found that only 171 acres were atollable for planting.
This discrepancy is due to the fact that when the tobacco estate of Tandjong Bringin was still our property, the various areas which were handed over from that estate to the Tamaram estate for planting with rubber were—for obvious reasons—not measured but on! estimated, and mow that the unplanted stea has been properly measured, a difference of 196 acres was found, which also includes native gardens for which naturally provision had been made in the former transfers.
When on this "subject, T have pleasure in informing You that we have just been advised from Sumatra that the location of the 1,000 acres which we were allotted by the Deli-Maatechappij—in accordance with the terms of sale of our tobacco estate—has now been settled, and we will be granted 1,000 acres adjoining our present rubber estate, suitable for planting with rubber. The transfer of this property, like other similar transactions in that district, requires the approval of the Sultan of Langkat, The Resolutions That, gentlemep, sis all I have to say, but if anyone has any questions to ask, T shall answer. them to the best of my ability.
There were no questions and the following resolutions were put to the meeting and earvied unaninous-
That the report and accounts presented be passed, That the balance at credit of profit and loss recount be dealt with as follows:—
To pay a Final Dividend of Tls. 13 per share 96,195.00 To carry forward to next account 19,048.07
Ts, 116,143.07
That Mr. A. W. Burkill be elected a director of the company, That Messrs, Lowe, Bingham Matthews be re-elected audltore for the ensuing year,
Text read from the printed page and cleaned; old type leaves the occasional error.