(Continued from Page 125.) is attributed to empties and to the absence of earning on the part of undeveloped and obsolete property to the value of about one million taels. However, at the moment]
Jealendar year, and as our first financial period will not terminate
have thought it advisable to take advantage of this gathering and to to next year's accounts. Despite} the record low production cost for Mis estate of 4.83d. per Ib, a reduction of 2.284, per Ib. as com-Pared with last year, this was not SuMieient to meet the present depressed prices, and as you will note from the report, the average selling price realized from the sale our rubber was only 8.509. per "The directors have for some time been considering the question of the policy to be adopted in view of the continued depression in the industry, and, as you have seen from the' report, they have decided to; stop tapping when our manager, Mr. Gowland," was due for his Home leave. ' Nearly all estates have a settled. labour force, built up over @ number of years, and this force is a very vital asset and rot replaceable at a moment's notice, "We have never been able to maintain a permanent tapping force, due chiefly to the hilly nature of the estate and also to the reputation we had in the early days For several years past ipping has been done by The. Chinese contract labour, and our agents inform us. that," when we start tapping again, there will be no difficulty" in. making arrange ments for this class of tappers at rates prevailing in the district.
Although tapping is suspended, estate will be kept in good condition as it would be very false economy not to do so, A native conductor will be in charge under the periodic supervision of the manager of a neighbouring four visiting agents will tinue to pay regular visits to see the estate is being kept in the in condition as it is at! io} your directors feel it safe to say that the company's position is much consolidated, and upon the disposal of one or two more property favourable working results may be During the year under review! [the following estates were disposed; total sum of Tis.
Text read from the printed page and cleaned; old type leaves the occasional error.