An extraordinary general meeting was then held for the purpose of considering the scheme of reconstruction proposed by the directors. Mr. L. E. Canning presided, and said:
Gentlemen,—This meeting has been called to ask you to give your authorization to the reconstruction scheme as outlined in the circular posted to shareholders dated June Your directors after receiving replies from 45 shareholders hav decided to proceed with their scheme, and I will briefly explain to you their views.
With the price of rubber at present low levels this estate, like most others, is being worked at a loss notwithstanding the _rigid economies which have been effected. The company has no reserve funds to fall back upon and the position of the industry at the moment is such that directors have nowhere to look for funds except to those who are already interested. The estate at the moment is being run at a loss of approximately S.$2,506; per month.
Text read from the printed page and cleaned; old type leaves the occasional error.