As regards planting matters, 53 eres of spare land were planted with rubber on Repah Estate during the yenr, The young plants sutfered at the commencement from the effects of a drouyeht, buy they are now reported to be' coming along nicely, Practically the whole of this aren is under a cover of eatepegoniun, which will have th" effect of greatly improving the quality of the soil, The older areas on Repah are under a cover of fine grass and the trees ave reported to have a much improved appearance compared with two or three years ago. Silt 0 to be dug, where necessary and have proved very beneficial to the health of the tree 'A new bungalow is being built for the manager and should be completed in a month or two. The erection Of this building was absolutely esential, as the old house is very dilapidated and almost unsafe for habitation. A Patter engine and four sheeting machines were me stulled in the factory, as wore also 4 set of aluminium coagulating Aanks, The factory is now complete with modern appliances and first-lass equipment, Speaking generally, the estate is Doing brought gradually into first dugs condition and there are very few estates with such ample reser ves of bark as we now have. On Sve Kee Estate, the young area of 95 acres planted in 1926 has made Very satisfactory progress, and, as it is carpeted with calopogoninem, the cost of upkeep should be very low, The older arcas are under a cover of fine grassy and the bark reserve is steadily improving, since this property has been tapped very {mildly during the year under review fand has been rested completely since the end of the year, the whole [Pestrieted export "allowance being: {produced by Repah Estate. Neither Fests or diseases ave any trouble during the year. "On the whole, you may take it that See Kee is vastly improved property compared with what it was three oF for ago, an, when full production is allowed once more, it will prove capable of yielding' heavy crops.
In conclusion, I would like to express our thanks to Mr, Smith, our "Ananager, to his assistants and eub-
The eighteenth annual general meeting of shareholders in the Shanghai Malay Rubber Estates, Ld, was held on Monday in the of fices, at 10 Canton Road, of Messrs. JO, Wattie & Ca. secretaries Mr. A. J. Welch (Chairman) presided, "supported by Messrs. H. Kadoorie and R. N. Swann (dir-actors), C. J. In Stewart (representing Messrs. Wattie & Ca.), and other shareholders, a holding of 12 860 shares being represented.
The Chairman si The result of the working for the year under review is a profit of Tls. 71,772.71, as compared with a profit of Tls. 202,057.93 last yea Several factors contributed towards this reduction of profit. Firstly, owing to the more severe degree of restriction that was imposed, the output of rubber was 136,969 Ib. smaller; secondly, the average nett rice realized for our product was Just over Bid. per Ib, less; and, finally, the cost of production, due to the smaller crop over which the fixed charges could be spread, was 1d, per Ib. less.
Your directors issued their report and their recommendations for the disposal of the balance standing to the credit of profit and loss account prior to the announcement made by the British Government that fe-striction in the export of rubber would cease 2s from November 1, 1928, and these recommewiat 2 given effect to, would mean that the company would have—after Bovine the nemposed dividend—a surplus of ing to Tis 44,209.21, which, at that time, seemest to began ample reser? with which to meet any situation that Was likely to arise. The removal Of restriction w'tIin the shor! period of Ci months, however, has completely altered the outlook anit: t i advisable for us to conserved to the lutovest our cas) resources, $0 bbe inf position to meee ili" struggle for existence that at the moment appears to be before us. I shall, therefore, be glad if later on Some shareholder witl propose that a smaller final dietdend than 40 candareens be paid.
Text read from the printed page and cleaned; old type leaves the occasional error.