arisen solely, from the neces ity to 1 Sajust the current account with the Datch holding Company' which is ju' guilders, to the equivalent in ftacls. At the commencement of the year, the balance was F.229,456.05 and the exchange 160, During the year, the dividend for 1928 was declared, and considerable sams remitted up from time to time, Unfortunately, the fall in exchange coincided with the fall in the price of rubber, with the result that funds available for remittance howed a reduction, just at the time when exchange would have been more favourable, At the end of the year, the balance had increased to F.A69,289.97, whilst exchange had Aropped to 129%. This balance will reduced. by the amount of dividend, 7,216,000, declaved'by the Dutch company, but the amount written off can only be regained by an improvement in the price of silver. I would like to remind you that although a ow exchange means more' taels for guilders, it only affects the actual difference between the amount realized for rubber and the expenditure necessary to obtain wame: This as you ave aware is almost lo with present ruling Prices, and later on I will refer to what is being done to effect an int Provement. It is satisfactory 6 ote that the interest received in Shanghai on the bank balance Amounted to Tis, 10,299.96, where-an the total local expenditure was only Tis, 7,184.28. The financial Ponition of the company is very trong, and, if the final dividend 20 Candareens per share approved, the surplus of liqui Asdets at the commencement of the new recount will amount to Ps, 204,581.25, Both estates have been administ-sexed with efficiency and economy uring the year, and although the year was abnormally dry, the Plantations are in excellent condi-fiom The thick carpet of green over $s to be thanked to a large extent for the increasing crops in -spite.of the prolonged drought. As mrards the area interplanted with toffee, the drought caused very <onsidevable casualties to the young seedlings, but these are being atupplied, A further area of 300 acres has been prepared and, given favourable weather, will be planted his: spring, "Phe estimated output of rubber fox 1920 is 1,475,000 Ibs., but as it raw been decided to rest completely during the month of May, the setual crop will be: less." Your alizectors have taken this in view of the suggestion made by a joint British and Dutch committee, "and although the quantity held off the market by this company would do Jittle towards equalizing supply and omand, the money invested robber in Shanghai and the quantfty - produced is by no means awpligible and a unanimous action by all the local companies would, ain convinced, have a good effect any Dutch or British boards, who may at present be acting 'Hat doublul policy of "wait and ce." Tam of the firm opinion, that whole month's rest given to' even 29 yer cent, of the non-native owned states, would react very favourably on rubber prices, and although scheme does not pretend to entirely, cure the present state of affairs, it at least should ameliorate the situation temporarily until a better one is found, assume the meeting: is agreeable the usual vote of thanks to the managers, staff and agents int the south, and doubtless this will be appreciated. That concludes remarks, but, if anyone has any avestions to ask, I will attempt to answer them to the best of my ability, before I formally move the adoption of the report and accounts.
No questions were asked: and the Following, revolutions were carried "hat the directors' ropoxt and otatement of accounts for the year ended December 31, 1929, as presented, be adopted and passed, and ahet "a final dividend of 20 Wandarcens per share be paid, making 60 Candareens per share for the year."—Proposed by the (Chairman and seconded by Sir "That the directors be authorized donate the sum of Tls. 250 Howards the supply of comforts for the foreign troops now in Shang:
ign troops now in Shanghai"—Proposed by the and seconded by Mr. W. R. B. Me-Bain, "That Mr, C. J. L.- Stewart be] ye-elected a director of the _company."—Proposed by Mr. H. J. Clark and seconded by Mr. Sze Hoy-sung.
"That Messrs, Lowe, Bingham Matthews be re-elected auditors to the company."—Proposed by My.
F, Wong and seconded by Mr. Feng Kwoh-tung.
Text read from the printed page and cleaned; old type leaves the occasional error.