the directors of the Shanghai Bxploration & Development Ca, Lid. have decided fo recommend to share: holders atthe forthcoming annual meeting that the balance of $440,686.76 at the credit of Profit and Loss Account be apportioned as follows:
To pay a dividend equal to permitted.
Jainly owing to adverse weather conditions and the introduction of Festrielion, the output for the year under review is some 200,000 Tbs. tess than that harvested the previous our, This, together with the general all, round increases in salaries land wages and the carrying out of fuller programme of field work, contributed to the higher cost of production of 3.834, per Ib. compared with 244d. per Ib, Tt is satisfactory note from the manager's report that the estate is back in its pre slump condition. The progress of the trees on the 136 acres of immature rubber and the general condi-Hon of the trees on the mature area ig reported to be satisfactory, and T wish to take this opportunity of ovding the directors appreciation of the good work done by the estate manager and staff, visiting agent, and Straits agents during the year.
"Turning to the Accounts, owing to the higher average price realized of '886d, per Ib. as compared with 3.36.
To place to General Reserve 100,000.00 To tarry forward to next International Assurance Ata meeting of the Board of Directors of the International Ase surance Ca, Ltd. held on Mondays was reported that the net operat ing prof for the year 1094 was 'This amount plus $25,050.18 brought forward, less General Managers' commission for the year of $28,960.86, gives a surplus, of $258,75774 to be alt with by the annual general meeting to be held on May 31, to Which meeting the Directors will recommend the following allocations:—
Transfer to Life Tnsurance
waite. off Furnitare and Fund estab '$80,000.00 "Fixtures vs. aiaeno transfer to "General carry forward 280534
Text read from the printed page and cleaned; old type leaves the occasional error.