'The annual general meeting of the Bukit Toh Along Rubber Estates, Ltd, was hold at the offi-cos of the Secretaries and General Managers, Messrs. J. A. Wattie Ca, Ltd, 10 Canton Road, on July 10.' Mr. C.F, Shackleton presided, supported by Sir Elly Kadoorie and Mr. C. J., L, Stewart, the attendance representing 9,684 "The notice convening the meeting having been read the chairman id The report and accounts having been in your hands for some time, I propose, with your permission to follow the usual custom and to take them as read.
The profit for the year amounted to Tls. 12,201.10 as compared with Tis, 45,859.15 last year. The result is very disappointing, and several factors combined to cause the drop. In last year's accounts the surplus (on realization of the previous year's stock was Tis, 14,943.92, but the corresponding figure in the accounts now before you was only Ts. 621.45.
During the year 5913 - acres of young rubber on Bukit Sombilan Estate came into tapping, and consequently the upkeep was debited to revenue, whereas in the previous year it was a capital expenditure. A very large programme was carried out which will considerably benefit future years, but as the crop from a first year's tapping is compar: tively small per acre, this heavy upkeep expenditure bore somewhat severely as far as the expenditure per Ib. was concerned.
'The bringing into tapping of the large area necessitated further superintendence and increased genral charges, whilst revenue expenditure here' a higher proportion
Text read from the printed page and cleaned; old type leaves the occasional error.