spite of a lower crop, it is is factory to report a deduction fof almost Id. in the all-in cost of Production. The cost of 10.914. per! th. compared with other estates is very high, but. as you have so often been informed, costs Padang will always be high owing] to the expensive form of Chinese labour which we are obliged resort to, Turning to the accounts, the profit for the year amounted to Tis.
14 which, added to the Valance of Tls. 14,465.25 brought! forward from previous year. makes; a total of Tls. 45,734.69 at credit] of profit and joss' account. With regard to tha distribution of this amount, T hope you will support the directors' recommendation a shown in the report. The combat a very sound financial position and, in view of the decision to Vife restriction at the end of October, it is very necessary to conserve our funds to carry us over the anticipated period of depression and I think shareholders will agree that the directors' de-jon to forego the payment of a dividend, is, under the cireumstances, the wisest one.
The estate was visited by Mr LIH, C. Pinching, our technical adviser, whose reports have indicated a very satisfactory state of affairs, und 1 would like to take this opportunity of expressing the board's by the estate manager and staff as well as those of the Penang agents and visiting agent.
The Resoultions Proposed by Mr. A. W. Burkill and seconded by Mr. Chun Bing-him:—That the report and accounts for the year ended April 30, 1928, as presented be accepted.
Proposed by Mr. A. W. Burkill jand seconded by Bir. E. T. Byrne:—That the following recommendation to the appropria balance at credit of profit and loss.
Text read from the printed page and cleaned; old type leaves the occasional error.