'Our standard production was reassessed firing the year and fixed at 365,590 Ib., of which it is probable that we' shall be allowed to export 67 per cent. during 1925, or tay 244,898 Ib, The estimated cost of producing this quantity, in-eluding duty and Shanghai expenses, but excluding interest on the overdraft, is 29 Straits cents per Ib., '0 that if the company Is to wipe Off its debts, which amount to a net sum of Tis, 48,519.65, by the end of this year, it will be necessary for us to realize an average net price of at least 60 Straits cents (1/4.80) per Ib, for our product. In this connexion, I may tell you that no forward sales have been made so that we are in a position to reap the full benefit from the very satisfnctory prices that are ruling at present, and since the close of the year the bank overdraft has been reduced by Tls. 9,000, Choveaux, arrangements were made mediately death of Mr.
As regards estate matters, im-
with Mr. Sniith, the manager of See Kee Estate, whereby he undertook the supervision of both proper ties which are situated some half a1 hour's motor drive apart. arrangement has worked" most satisfactorily up to the present and proved economical to both properties.
The standard of tapping on Repah has always been a very high ind bark renewal is ext ly rapid and good. There is therefore nothing to worry about under these very important head-'The whole estate is under a cover of fine grass and will be allow-.
remain so whilst the silt pitting programme is gradually proceeded with. This form of eultivated to have resulted in rear benefit to the trees.
Diseases and pests gave little or no trouble during the year and, generally speaking, the trees on the estate may be considered healthy.
'On the whole, I may say that steady progress has been made with improving the condition of the property, and we are nearing the time when' the estate will be in really first class condition.
Text read from the printed page and cleaned; old type leaves the occasional error.