Mi J. Frost presided and was supported by Mr. W. J. Monk, director, and Mr, Lloyd "Bland," presenting the secretaries, "and here were shareholders represent ing 7,828 shares, 'We secretary having read the notice convening the meeting and the auditors' report, the chairman said:
When I addressed you a year Ago, I remarked hat our balance sheet was the worst since 1922. The Price of rubber in 1980 averaged S.jad. per Ib, whereas we now have a new low record of 24d, over all grades for 1931.
Under these conditions, it is not surprising that we show 'a net loss of, is. 6,197.17 for the year.
'This sum we propose deducting from the balance of Tis, 9,786.24 brought forward from last' year, leaving a balance of Tis, 3,649.07 fo be carried forward to & new ae: count Our investments remain the same, although last year they were valued at Tis, 27,000 whereas. on October 31, they were Tls. 26,000.
The estimated output for the euro Yent year is 168,000 Ib. which, in view of the excellent crops harvest ed during November and December, should be easily obtained, The estate continues to receive the efficient attention of our agents, Sime, Darby & Ca. Ltd, and our thanks are due to, the excellent manner which they have managed the property during the year, Wo recently had a visit from Mr, FIN. Edmonds who is closely connected with the estate and who was able to give us first hand information ig the conditions under which Gre plantation is being worked, and methods which are being adopted to meet the present disastrous prices obtainable for our product, 'There being no questions, the following resolutions were carried unanimously 'That the directors' report and statement of accounts for the year ended October 31, 1931,"as printed and circulated, be adopted.
Prest be re-elected a director of the company, That Messrs. Lowe, Bingham MatSiews be elected auditors of the company for the ensuing year at a fee of Tis, 900 for Shanghai and Malacca,
Text read from the printed page and cleaned; old type leaves the occasional error.