The eighth annual general meeting of the Bute Plantations (1913), Id., was held on April 29, at the offices of the General Managers of the company. The directors present were: Mr. A. 4 Burkill (in the chair) and Mr. A. K. Craddock, and the attendance represented 39,850 shares.
'n the course.of his speech, the Chairman said.
The year's working resulted in a profit of Ts. 2,001.66 which, however, is entirely due to exchange adjustments.
The financial position as regards loans and sundry creditors is, I regret to say, no better than as shown in the previous year's accounts, Owing to delay in the issue of the new Government grants the transfer of the outlying areas sold could not be completed during the year, and the balance of proceeds of sale were not received before the end of 1920. A portion of the money has recently been paid and the balance will be collected shortly. The directors hope that these funds will be sufficient to cover the present loss en.working until rubber improves to a figure over producing cost and thus obviate the necessity for further borrowing.
The progress made during the year under review may be regarded as satisfactory. The cost of production is higher by 1]d., the loss on rice and higher rates of pay ae counting for this increase. Both these items will be reduced for the current year, as the control on rice has been lifted and the surplus of labour owing to present conditions will permit of lowe rates of pay.
Every possible economy in the upkeep of tha estate has been instituted and the management fully realizes the necessity for careful expenditure consistent with efficient
Text read from the printed page and cleaned; old type leaves the occasional error.