With: regard, to "the debenture interest, the whole-of the authorized debenture: issue has now.been taken and $0, longas they remain. in ing this charge: is unavoidable and is, a, very heavy drain upon the Profits. ofthe company.
Tn: this connection I would like to int-outrto you that the very sincere. thanks of: the shareholders aye due: to. Six Lilly, Kadoorie, who aby; far-the largest debenture Holder, and who could. have fore-cloged, on. the estate last December, singesthe company had no money with, which to. meat. the debenture Snlerest: then due, bat instead doing so he very generously advanced the company sufficient money with which to pay the interest due to the other debenture holders and furthermore he hi made similar arrangements to me the interest due on the 0th of this month, Tu addition to this he has sqaranteed an overdraft up to Tls. 51,000 to the company's bankers in Rangoon.
Itis obvious that such a state of affairs cannot be allowed to. con tinue for long, but Sir Elly Kadoorie has expressed the desire tw be allowed to finance the comipany ®ntil the end of this before considering what shall be done in the hope that the rubber industry will then be in a more flourishing, condition. T do not think that any shareholder is likely Ca object to this proposal.
On October 31, 1928, the cash Uiabilities, exclusive of the debenture issue, exceeded. the liquid assets by Tls. 42,004.78, but since that date the estate has been working at a small profit which should some way towards meeting the interest charge for the current year,
Text read from the printed page and cleaned; old type leaves the occasional error.