Reviewing the position of the branches, Tientsin has suffered through ' political unrest in the north although it would appear that conditions are gradually improving, With a return to normality, the branch should show good results, might mention that the 15 year Tease of a portion of the Tientsin Property expired in October last same reverted to the company, together with the buildings thereon, Practically the whole of these premises have since been let to various tenants on very much more advantageous terriis to the company.
Hankow—For a number of years this branch has shown a loss, and a further loss for the year' just closed was anticipated in view of the disturbances which have taken place. The directors have decided to close this branch, I trust shareholder will understand the directors' action last.
December in deciding that the minimum holding to obtain the count of 10 per cent. on all pur. chases be 25 shares. It seemed unreasonable that such an allowance should be made to those holding only one share. this is done, the company will start the new year with a surplus of liquid assets amounting to') 79,255.08, of which Tls. 61)448. is represented by This you will admit is a very sound position, and should carry us through any difficulties that may arise. 1 with to state that when circumstances permit, your directors will jive the payment of an interim, dividend their prompt consideration, Capital expenditure during the year amounted to Tis, 25,555.08, 162.22 aeres of reserve land were cleared and planted. Two new Tamil coolie lines were built and sundry repairs and alterations were made to other buildings, Th factory machinery has been kept in goud order and the necessary repairs to wells, carts, ete, effected.
Mr. Pinching, technical adviser, visited the estate during the latter part of February. Mentioning the 1027 clearings, he" states:—"The young plants, generally. speaking, are making satisfactory progress. The clearing Is being kept in a lalang free condition, the trees are Kept ring weeded and all coarse growths are removed from the covering plants Branch Store in Western District All Economies Adopted Before Christmas your directors decided to open a branch store in the Western district, and suitable Premises were leased near Seymour Round. So far this has proved satisfactory and as it "becomes more widely known there is no reason why juod results should not accrue.
The following resolutions wer:
assed:—
That the accounts as presented be adopted.
That Mr. W. S. King be re elected a director of the company.
That the election of Mr. F. W.
Poate be confirmed.
Text read from the printed page and cleaned; old type leaves the occasional error.