You will also note that the cost of production worked out at 5.03d. per Th, og against 4474. for the previous year, and the increase cane accounted for by the lower restricted output, and the increased cost caused by the necessity of hiring only Chinese labour. It is interesting to record that the attempts made to establish a gang of Indians for the estate upkeep work have proved to bbe unsatisfactory. Chinese appear be the only class of labour suitable for the hilly nature of the estate.
The condition of the estate is good and the young trees in the replanted patches are coming on very well. Mr. H.C, Pinching, our technical adviser, in his last report confirms that the general state of our property very satisfactory. 1 take this opportunity of recording the ap. preciation of the directors of the good work done by the manager and stof, Mr. Pinching and our Straits agents.
I will now turn to the accounts, The profit for the year amounted to $19,544.88 and this added to the $16,821.68 carried forward from last year makes a total of $26,900.00 at credit of profit and loss account, draw your attention to the fact that in the amount of $10,544.88, being the profit for the year, $7,727.80. represents interest "earned ' on your investments, The directors recom. mend the payment of a dividend of five cents per share, absorbing §25,- 000,00, write off investments $424.23 and carry forward $10,042.63,
Text read from the printed page and cleaned; old type leaves the occasional error.