Under the export restriction enactment, we are at present allowed to export at the rate of 159,516 Ib. per annum, but as the allowance is regulated by the price of rubber, this figure is liable to alteration. Based on the above figures, it is estimated that we shall be able to produce the crop at an all-in cost of approximately 41 cents per lb. and needless to say every endea-your will be made to improve upon this figure.
A forward sale of 3 tons monthly from July to December, 1923, at a price of 66% cents per Ib. has been made, which I think you will consider satisfactory.
Estate matters are generally. speaking in a fairly satisfactory condition. Extensive repairs have been carried out in the smoke house and all other buildings have been kept in a good state of repair. The position in respect of weeding is not all that might be desired In order to prevent wash, a few fields were allowed to remain under grass with the result that sporadic lalang Ras made its appearance. The matter is having attention and is being kept well in hand.
That is all I have to-say. gentlemen. If any shareholder has any
Text read from the printed page and cleaned; old type leaves the occasional error.