Presented the secretaries.
The Chairman, addressing the meet~ ing, said:—The report and accounts having been in your hands for the prescribed period I propose, with your permission, to follow the usual rocedare and to take them as read, The profit for the year, as disclose led by the working account, -was Guilders 246,106.18 as compared with a profit for last year of Guild-Jers 51,182.84, This improvement} was en account of the production being 299,013 Tbs. higher whilst the Javerage net price realized for our product during 1929 was 9.62 pence per pound, as against 8.35 pence per pound last year.
After making allowance for Datch taxation and the usual transfers to he Shanghai company, the prof for the year was F.156,035.41.
Jwith the amount of F.38,083.03 brought forward, makes a sum of F.192,718.44 available for appropriation. "As the finances do not admit lof @ final dividend by the Shanghai riy, your directors decided to write up. the amortization reserve to F.300,000, and to write down buildings and other assets to a nominal figure. After doing this a dividend. of 'F.52,500 was declared Jand F, 23,218.44 carried forward.
As regards the Shanghai company the profit and loss account for the year shows a profit of Tle. 58,800.62, fwhiea when added to the Lalanee brought forward from last makes a balance of Tis. of which an interim di absorbing Tls. 52.500 was September 14, 1929. In view of the present depressed state of the rub-ket and the necessity of ing funds to meet further wre on the still immature extension, your directors regret that they are unable to recommend a sal dividend. imated output for 1930 is 1,350,000 Ibs. of rubber, but as your [Beard have agreed to refrain from tapping during May, 1930, the production cannot be definitely assess Turning now to estate matters, further area of 364 acres of poor robber was thinned ovt or pollarded during the year on the main estate, and coffee was planted in the vacant leies. On account of the abnormal drought a large proportion of the coffee planted inst year died, but as we had an abundance of good seed-no loss of time was incurred in replacing these.
As regards the estates _themselves, the gardens are reported to and the Te-bark are now AIL buildings have been given the necessary upkeep and old! coolie houses are gradually being! replaced. A new water conduit was built during the year, and—apart from an old reserve motor, which probably have to be replaced this year, the machinery is in fair The growth of the rubber trees on the Tjaroci Extension continues to be very ood, but unfortunately: 44 series of fires occurred daring the prolonged drought and considerable damage was done over a large area. 'These fires originated in native' holdings, and steps were imby Mediately taken to prevent any recurrence. Altogether some 3,500 trees were lost, but these will be replaced with the best budgrafts, and the plantation will suffer no Permanent injury 1 think you will agree that a vote of thanks is due to the staffs, on the Estates, to the visiting agent and the agents in Java for their work on the estate during the year.
'That is all I have to say, Gentlemen, but before I formally' propose the adoption of the report and accounts I shall be pleased to answer any questions you may care to ask to the best of my ability, There being no questions, the following resolutions were carried unanimous 'That the directors' report and statement of accounts for the year erded December 31, 1929," a8 presented, be adopted and pasted.—Proposed by Mr. C.F. Shackleton and seconded by Mr. If. Kadoorie, That the sum of Tis, 250 be donated to. the Defence Force Comforts Fund—Proposed by Mr.
F, Shackleton and seconded by Mr. A. W. Burkill, That Mr. A. W, Burkill be re-elected a director of the company—Proposed shy Mr. H. Kadoorie end seconded by' Mr, C.J. Stewart, That Messrs. Mortimer Reid Sice be re-elected auditors to the company—Proposed by Mr, M, Swann and seconded by Mr, Soyka,
Text read from the printed page and cleaned; old type leaves the occasional error.