The fob. cost of 424d. per pound exclusive of depreciation, shows a slight increase when compared with the previous year's cost of 4.06d. per pound. This is mostly due to the higher cost of labour and the greater proportion of rubber sold in liquid latex form. As a result of the improved conditions resulting from the operations of the Regulation Scheme, our profit for the year amounts to £16,897, or more than 2% times the profit we earned in 1935. We ci ried forward from last account and deducting the year's divi on the Preference shares of £2925, we have £23,652 to deal with, Your directors recommend thet a dividend of 5 per cent, (less income-tax) be paid, absorbing £14,135, and leaving £9517 to go forward to next year's account The dividend of 5 cent. is payable on the Ordinary capital at date, namely, £282,700, which includes the 257,000 Ordinary shares we issued in the early part of the current year for toe purchase of our new estate in Negri Sembilan. You will therefore see that while increasing our dividend from 2 per cent. to 5 per cent, we are paying this on a larger Ordinary share capital which makes ili increase rather more than appears at first sight, Your directors consider the results of the past year satisfactory.
Text read from the printed page and cleaned; old type leaves the occasional error.