As regards the Balance Sheet of the Java Company the expenditure on Capital Account was rather heavy during the year, a total sum of £48,640.73 having been spent. Of this amount £35,621.36 were spent on new buildings and covered the cost! which should result in improving! the quality.of our product and [retlucing the cost of manufacture, Speaking generally the: estate is jin first class condition and capable Jor producing far more rubber than jis permitted by the present Export From the accounts of the Shanghai [Company you will have seen that jthe Interest earned and.the Trans-for fees received were slightly in jexeess of the whole Shanghai EXpenditure, On December 31, 1937. the [Liquid Assets of the Java and Shang hai Companies combined exceeded the Cash Liabilities by Chinese §251,- '784.12 and it you pass the dividend Row recommended the companies: will start the new year with @ com: bined surplus of Liquid' Assets Jamounting to Chinege $182,004.12, In conclusion, Gentlemen, I' would ike to express our. best thanks to the two managers, their staffs, the Visiting Agent and the Agenis in JJava for the very satisfactory manner in which they" thave administered the estates during the period under review. ment of "Aggounte Yor he year suns 'That the Directors' Report and State:
rebec Sh, i, gpa RoE Welch ahd seconded by te "M, "Fhet the Final Dividend of Nine chi-pose, belay coun paenahate ce Chi "AES elth Pan "Tuat ihe" gopéinimgot Mir. A, 3.
Kyan"and seconded by Ins. "Wes Chi (That Mr. H. Kadoorie be re-elected 9 quan et the Eompany?® peoetete Se" Woo cut Sitag™ana feed 8 Kuan, Mate fare fo the Proposed by' itr Write €, shachlelon 060.25 was spent on new machinery for which the following were ecquired. For Soember Mas Estate a Rew continuous sheeting battery, 1G lip. engine and an electric Light installation and for Kali Padang Estate an electric generator, switch board, underground cable "and—a water' pump.
A new safe for Soember Mas Estate and new house and office furniture for both estates cost a total £950.12, During the current year the ostitrates call for a total expenditure of} £38350—on Capital Account, the bulk of which will be for new bulld-ings on both estates, a continuous sheeting battery for' Kali Padang Esute and a new motor truck.
This intensive rebuilding programme has been rendered necessary by the fact that very little new
Text read from the printed page and cleaned; old type leaves the occasional error.