Your directors consider that, of the low price of rubber the result of the year's working has proved quite satisfactory. The reverse I am afraid would have been the case had restriction been continued, for, at the beginning of our financial year, we were only allowed to estimate for a crop of 120,000 1, which, on abandonment of the scheme, increase to. 220,000 I obtaining 221,800 adhering to a conser topping.
The gross profit our working account is but one half of that of year, accounted for, already mentioned, by the large reduction in the selling price. The net profit for the year is Tls. 14,- 580.47 to which must be added the balance of Tls. 3,460.01, brought forward from last year, making a total of Tls. 18,040.48. After deducting Tis, 587-40 for commission due to the general managers and bonus to the estate manager, there remains a balance available for distribution of Tls. 17,458.08, which bles us, if you subsequently pass the resolution, to pay a dividend of 10 cents (10 per cent.) per share without requiring to draw upon our equalization of dividend reserve. With your permission, we propos to pay a bonus of Tls. 300 to the subordinate estate staff, as we did last year, leaving an amount to be carried forward to the ensuing year of Tis, 2,153.08,
Text read from the printed page and cleaned; old type leaves the occasional error.