The accounts are set out in the usual form and T think you will agree with me that shareholders are to be congratulated on the results contained therein, Our sales shove an increase of Tis, 22,905, while the net result of the year's working shows a profit of Tis, 29,056.85 over that of the previous year and your directors are very pleased to recom. mend the payment of 15 per cent. When it is considered that the higher prices only began to predominate at the close of the company's financial year, the result of our year's working may be regarded a very satisfactory indeed, With regard to the standard pro duction for the current year, advices een received that this has iereased from 290,005 Ib. to 1b. as from August 1 and from November 1, the beginning of the fourth year of restriction, a fuygher increase has been granted, ivtug the company a standard pro-Guction of 304,564 Ib, Allowing for the quarterly' increases under. the Stevenson Scheme, the average exportable allowance for the year will be 85.84 per cent. and based on the-e figures, the output for the sar will be 293,074 Ib. Out of this, the Company has made the follow: ing forward sales:—
July/Dec, 1925—2 tons monthly' fat 50 ets. per Ib, July/Dee, 1925-—2 tons monthly at 608 els, per Ib, Aug./Dec, 1925—35 tons monthly at 150 ets, per Ib, Jan./Dee, 1926-18 tons monthly at 66 ets, per Ib, We have therefore sold June 50; 1926, 113,120 Ib. of our probable output at an uverae price of #148 cents per Th, leaving the balance of 120,550 Ib, to be wold at current rales, It is estimated that we shall be able to produce our crop at an "Allin" east of ape proximately 32 Straits cents and. Will thes be seen that the prospects for the envrent year are particularly.
That is all T have to say, gentlemen, but {f any shareholder has any. Questions to ask, T shall be pleased to answer to the best of my ability. the Resolutions here were no questions and the! following resolutions were put to the meeting and passed:
"No. 1-proposed by Mr Maitland, seconded by Mr. C, RB. Burkill," That the Report and Accounts for the year ended June 30, 4025," as presented be accepted. No. 2—proposed by Mr. Mi ded by Mr.
follo balance Profit Loss account as recommended be accepted: Pay a dividend of Tls. 0.15 per share, Ts, 80,000.00, place to general reserve account Tls. 6,000.00, write to wells and water account Tls. 09.00, write to bullocks and carts Tis, 167.40, carry forward Tls. 11020001, Total Ti, 46,205.41, propered by Mr. M, Spelman, seconded by Mr. W. A. Ogden, Th: the appointment of Mr. G, R, Burki a director of the company be confirmed. No. 4—proposed by. C.R. Burkill, seconded by Mr. W. Ogden, That' Mr. N. C. Maitland be re-elected a director of the com-Dany. No, 5—proposed by Mr. 8. B. Bremner, seconded by Mr, Chun Kee-wae, That Messrs. Lowe, Bingham Matthews be reelected ain to the company.
Text read from the printed page and cleaned; old type leaves the occasional error.