(directors) and Mr. C. J. Smith, secretary. There was an attendance representing 48,650 shares.
'The notice convening: the meeting and the auditors' report having been read, the Chairman said:
Gentlemen,—The " report and accounts having been in your hand: for the prescribed period, 1 will, with your permission. follow the usual course and take them as read.
In conformity with the decision arrived at to carry on with the extension work on hand last year, a further 361 acres were planter up, bringing the—non-producing up to 865 acres and the total under cultivation to 1,664 acres. On the capital of Tls. 300,000, the planted area works oat at a cost of Tls. 180 per aere which, Tam sure you will agree, isa very low figure indeed; further the increase in the acreage will permit of more economical working in future, The young trees coming on well and. th agent and technical adviser's ports regarding the general working of the estate throughout the year have been uniformly satis factory, You will note from the report that, despite the decrease in the output of some 25,000 Th. the "all-in" cost of production was 2.224. por Ib., a redaction of nearly Wd. per 1b, as compared with the figure for last year. Far the current year to December 31, 1122 the estimates provide for an cute put of 315,000 Th, at the very: satis factory "all-in" cost of production of approximately 6.764. pes Ub, The Year's Working Turning to the accounts, the Frofit for the year under review amounted to Tls. 1177344 which, added to the sum of "Tis, 12460.70 brought forward from last year's accounts, makes a total of Tis.
AB3LIK at credit of profit and! loss account. The dirceto: s recommend that Tls. 10,000 be pineed to general reserve, write Tls. 5,000) of buildings, THs. 399.03 off wells ami water supply and carry fors want Tis 883.51. Although the showed a profit, there 44 aetwal cash available owing to the fact that S.$41,000 was spent on extension for the extensi there fx ne further iso in rubber, your directors made the following forward sales, three tons monthly Mareh/June "at 4 eats per th, und three tons month-July to December at 45 cents per "That is all. 1 have to say, gentle: men, but, before putting the re roluiione te the sleeting, I suuld to take the opportunity of re cording our appreciation of the work done by: the manager, Mr. C.
Strettell, who, during somewhat trying period. owing to the lifting of restriction and the extension programme hand, managed the estate economically and efficiently; to the estate staff, visiting agents and Straits agents the good are of our property ut the year. shareholder has any 1 shall be pleased ewer to the best of my abi The Resolutions cere asked 9 the} resolutions were put to reetine and carried unsnimous-
Proposed by Mr. A.W. Bu ed seconded by Mr. Hf. Raloori
Text read from the printed page and cleaned; old type leaves the occasional error.