Mr. J. Does said he understood that there "were certain reserves which could easily be employed for the development of the land.
The Chairman replied that the were not asking: for the money now, nor did they intend to issue shares Just now. They were only asking Yor the necessary authority. Tt was not considered "necessary to issue the shares until 1927.
Mr. Clacs said he considered that if more money were needed they might sell half of the land which in not cultivated, and use the money received from the sale.
Another shareholder said that the balance of the land was virgin noil and they were going to start afresh.
Director repeated that all that was asked for was auth ority to increase the capital. They had been thinking over this matter for years and they had only just got the chance of getting the capital to develop the estate, 'Those who had followed the history of the estate Knew that it had been very cliff cult' to maintain owing to its weathered nature, Mr. Clies—It the estate is reattered cut the expenses by aellings half.
In reply to further questions, the Chairman said that their infor-motion came from the visiting agent and the agents in Singapore, as well as their own manager. They had had this matter under consideration for nearly 15 years, The board were of the opinion that the Proposal to increase the capital was the only solution for the benefit of the shareholders, No one had made any offers for the undeveloped part of the estate.
The resolution was then put to the meeting and, as stated, was not carried, Who following circular, setting forth the reasons of the board for seeking authority to increase the capital had previously been sent to shareholders:
Text read from the printed page and cleaned; old type leaves the occasional error.