We have been fortunate in being given a new standard production allowance of 252,525 Ib., which is only 11,050 1b. or 4%" per cent. Jess than the previous allowance, but 60 per cent. of this only amounts to 151,515 Ib., so that unless the exportable allowance is increased in the near future, our production this year will be some 50,000 Ib. Ri than it was during the year As regards the financial position of the company, if you pass the appropriation of the profit as now recommended, the company will start the new year with a surplus of liquid assets over liabilities of Ts. 22,074.04, which should be sufficient to tide us over any emergency that may arise, Turning now to estate matters, I spent a whole day on the property during my recent visit to the Straits and found everything in good order. The small area of 15 acres that was replanted in December, 1920, has come along nicely ist saw it in 1923, and ig not yet in tapping, 75 of the trees are of a tappable girth and a standard production allowance hus been granted for this area.
This area was replanted mainly as an experiment in order to ascertain whether trees on a replanted area would thrive, and we now know that, if in the distant future, it becomes desirable to replant certain areas, we can do so with the reasonable hope that they will reach maturity satisfactorily.
Text read from the printed page and cleaned; old type leaves the occasional error.