The output for the year was 386,- 000 Ibs, as against 353,969 Ibs. for last year and the cost of production, excluding replanting expenses was 5.65d. per lb. as against 487d, the previous year. The advancing, costs of labour, both for tapping and keeping the Estate in good order, contributed largely to this increase cost.
Turning to the accounts, you will see the profit for the year is $63,- 619.50 which together with the amount of $2,310.96 carried forward from last year, makes a total of $65,030.46 to the credit of Profit and Loss Account. Deducting $33,026.00 from this amount, representing two Interim Dividends paid during the year, there remains $3290448 for distribution.
I wish to draw your attention to the transfer of $15,000.00 from Exchange Fluctuation Account, leaving balance there of $8,723.57 which should be sufficient to cover any possible fluctuations in exchange, to General Reserve. You will note the amount of $21,849.23, being cost of replanting during the year, has been charged direct to Revenue, Your Directors recommend the distribution of Shanghai $32,904.46 shall be dealt with as followsi—Pay a final dividend of 10 cents per share, absorbing $23,590.00 (this makes a total of 24 cents dividend for the year) place to Replanting and Cultivation Reserve $7,000 and TY forward $2,314.46. I trust these appropriations meet with your approval.
The following resolutions were passed:—
Second. by: A. J. Welch. That the Re-Proposed by: W. B. O. Middleton. port and Account for the year ended June 30, 1937 as presented be accepted.
Text read from the printed page and cleaned; old type leaves the occasional error.