'The annual meeting of shaveholders of the New Amherst Estate, Lta,, was held on February 25 in the offices of the secretaries and general managers, Messrs. J. A. Wattle Ca,, Ltd., when Mr. C. J.'L. Stewart presided' over a gathering rep Senting 13.661 shares, Dixect resent were Messrs. R.N, Swann, Shackleton and Sir Elly kadoorie, Mr. A. J. Stewart ree Presenting the secretaries.
In the course of his speech the chairman said:—
'The report and accounts having been in your hands for some days, 1 will, with your permission, fol Jow the usual procedure and' take them as rea The result of the year's working is very disappointing, as, although expenditure onthe' estate was Rr. 95,138.99" as compared "to Res, 105,725.1.11 last year, and ale though "the crop was 63,407 Th, more, the average price reali was Just over 8d. per Ib, less. the realization and stock of year's crop was Rr. 28,140.1.10 less, Rotwithstanding the increased crop. The loss on estate working for the year was Tib, 5,317.22, but after charging up Shanghai expenses, ju terest. on loans and exchange differ= fence the Joss carried to the balance during the year Sir Elly Kadoorie & Sons, ho sup~ plied the necessary funds to meet the debenture interest 'AS regards planting matters, tht acres were planted ap during the year with selected material, Jotherwise the area remains une changed, The reorganization and alterations carried out by the mans ager are still showing excellent xe" sults, and expenditure has now been. brought down to a. level, which bears comparison with any other estate. The economies effected are not being curried out at the exe pense of efficiency, and I am pleased, wages, The whole estate now in Detter condition than it ever has been, and were it not for the meu bus of debt, and the present depres ed state of the industry, the future Would appear very bright. The thanks of the Company are due to Mr_ Norris for the improved eondiion.
No questions. being asked, the following resolutions, havinye form~ ally been proposed and seconded, were carried unanimously:—That the directors' report and statement of accounts for the year fended October 31, 1950, as present= cit, be adopted and" passed—Proposed by Mr. C. J. L. Stewart, Seconded by Mr." A." IE. Craddock, "That Mr. R. N. Swann be ye-clect~ oda director of the company.—Proposee by Mr. A. K. Craddock, seconded by Mr. C.'F, Shackleton.
That Messrs, Seth, Mancell
company for the ensuing year—Mele be reelected auditors to the Proposed by Mr. R. ON. Swann, seconded by Mr. A. K, Craddock,
Text read from the printed page and cleaned; old type leaves the occasional error.