Having been elected to the board, Mr, Hillaly's fest step was to propose that the directors' fees be reduced from Ts, 600 to, Tls. 400, The chair~ man pointed out that this could not take the form of a proposition as notice had not been given, but It would be put before the board, 'A vote of thanks to the secretaries, Messrs. Geddes & Ca, was then proposed by Mr. W. Al M, Willis, for the work they had accomplished ince taking over the estate, The chairman replied that the secretaries had taken over the estate only a short time ago, and later stated that it was four years since Geddes Ca, had been appointed secretaries.
Tu his speech, the chairman said The last year's working shows a profit of $26,354.20 as against $31,825.81 for the previous year. This differ-fence Is due to a larger expenditure on various works which had to be. Toft in abeyance during the years of depression and also to increased allowances for salary and passage for full-lime manager. Tt should be gratifying for you to learn, however, that your board has been able to recommend the same dividend of fourteen Chinese Dollar cents per share was pald last year, equivalent to per cent, on the capital, by trans ferring from general reserve the amount of $6,709.83, which will cover: the depreciation on buildings of $5,802.88 also recommended in, the Feport, Tam pleased to say that the estate has been maintained in very ood condition and that it is particularly free from pests and diseases.
Text read from the printed page and cleaned; old type leaves the occasional error.