'The capital expenditure during the year was very large amounting in total to some Guilders 83,300, or at! the rate of exchange ruling' when these accounts were made up the! equivalent of Ch.$156,000. This heavy' expenditure has, as T will explain' Tater, very adversely affected the amount that your directors feel justified in recommending shall be' distributed in the form of a final Gividend. The details of this expen-Jaiture are as follows: oe It Is now proposed to replant further 150 acres in 1938 with clonal seeds supplied by AV.ROS., and to further cut out old rubber trees which have passed their period of economic usefulness.
Text read from the printed page and cleaned; old type leaves the occasional error.