"The during capital expenditure the year very large, mounting in total to some Guilde 83,000, or at the rate of exchange ruling when these accounts were made up the equivalent of Ch.$156,000," said Mr A. J. Welch, chairman, at the annual general meeting of shareholders of the Anglo-Dutch (Java) Plantation' Lid, held at 11.30 a.m, yesterday at 93 Canton Road.
Mr. Welch was supported Messrs, R. N. Swann and H.'Kadoorie (directors), and Mr. C. F. Shackleton representing J. A. Waitie & Ca. secretaries and general managers Shares present or represented totalled 161,550 shares.
The chairman said:—
The-accounts of the Java ca show a profi of Guilders 243.9568 but as this is after crediting the Shanghai company with Guilder: 9,000 for y fee, the profit was actually Guilders 252,956.80 as compared with a profit of Guilders 81 653.64 last year. This increase. it profit is mainly attributable to the t that the average net price re alized for our product was 29.74 Guilder cents per pound as compared with 22.83 Guilder cents per pound last year, whilst the output of rubber was greater by 674,286 Ib. and th estate expenditure on revenue account was 4.7 Guilder cents per jo pound lower, The standard production for 1938 has been fixed at 1,648. 128 1b. or an increase of 39,414 15 over that for 1937.
In the profit and loss Account there is an item of Guilders 36,000 5 which represents the company {ax payable on account of the profit for 1987. This is equal to about 14.25 per cent, of the net profit Expenditure The capital expen ture during the year was very large amounting it total to some Guilders 83,300, or a the rate of exchange ruling wher these accounts were made up thr equivalent of Ch.$156,000, 'This heavy expenditure has, as I will explain later, very adversely affected thr amount that your directors fee! justified in recommending shall be distributed in the form of a fina' dividend, The details of this expenditure are as follows Reclearings E 5,987.04 tools, ete.
Text read from the printed page and cleaned; old type leaves the occasional error.