The chair was occupied -by Mr. A. J. Welch, supported by Mr: Hugo: Reiss, Mr. 'R. I. Fearon, and Mr.
Stewart, secretary. There were 85,801 shares represented. When the notice convening: the meeting had been read, the chais-been in your hands for the preseribed Period I will, with your: permission, follow the usual custom, and take them as read.
The profit for the year was Tls. 45,859.15 as compared with a profit Tis, 36,712.99 last year. This despite the fact that. the average price realized for our product this year was no less than Tid. per Pound lower.
The factors that have contributed to the increase in profit are: a surplus of Tls. 14,943.92 on the realization of last year's stock, an output larger by 145,966 Ib., and a very satisfactory reduction of 3.874, in the cost of production. 'The cost, as shown in the accounts, is the. average cost for the two estates and consequently should te capable of still further reduction, ap Bukit Sembilan Estate. gradually becomes. fore mature and the output' therefrom increases,
Text read from the printed page and cleaned; old type leaves the occasional error.