You are aware that, in the district in which the ming ly situated, the question of the excessive inflow Water must be dealt with, At present our pumping installation is bringing to the surface a minimum of four million tons of water annually. must be obvious to you, gentlemen, hat every additional month we can keep the shafts and drifts dry is of the greatest importance to the pros perity of the company, therefore your rectors are of the opinion that it in the best interests of the company to make every effort, within reason, to combat this water difiewity, and have decided to provide an extra eight units of electrically driven turbine pumps, which it is estimated our engineers should make it possible to maintain an all the year at least. from" the expenditure of about £8,000, equivalent at exchange to approximately $233,000. of Coal Seams During the year under review, through the good offices of Dr. Foster Bain, formerly Chief of the United States Bureau of Mines, and how. Adviser to the Philippines Bureau of Mines, the services of highly qualified geologist, Mr. Russell Fleming, BSc, were' lent to the company in order to confirm the opinion of our e regard to the continuation of certain coal seams from the present workings 10 the northern area of the concession Mr. Plemin 5 deep borings, of the north, rock drift. num distance of 3,000 metres, be Even if we are'able to obtain explosives, it. is expected that this rock drift will take many months to complete, as work can ary fore your directors after due consideration, decided it would be to the best interests of the shareholders t0 provide the necessary' funds for this capital expenditure, that is. the p chase of the new equipment 1 have already referred to, and. the deep Doring and tunnelling work. recommended by Mr. Fi totalling approximately. $383,000, by paying a 0.69 cents per the shareholdes of one bonus share for every Shares held. This would naturally obviate the necessity of anking appropriations, for this purpose, from the company's future profits.
Financial Matters ter of finance has, of course, the sevioup attention of your Te"donate to, Grits Forces neereation "centres, Funds craeanry "forward "to. next "Fat the, PIR, or Nara" of Tana isp, part pasts with shaves area Kstied The Girectors shall have power to make: sions eetiona ces Llicaten or her ase f fraetionsy "and may Shareholders. whose total sharchelsians bre not. exact are or five, one isetiomat "certincate in respect he iaregate 9° total of one. share.
Monat certiigates shall carry' ho ight "participate im dividends 1 proponine Resolution 4 me directors pod by Mee sanded Ne Sicistion, but a eliable inctewselgeted director of the et May meeting of the Tebony, Rubber Estate Lie, was held yesterday: at 4 Szechuen Road. Mr. A. J. Welch. chair-fusan, presided, supported uy Mr.
Swann, director and Me. W. A.
Welch. representing J. A. Wattie Ca, Ltd Secretaries and General Managers: Shares present and recompared with rout last year of Chest 2AM pence per pou expenditure un reves moreover two th Hreater, mainly Aicereased capi of rubber The standard production for 1s: bei increase of 2400 Lis over alte ose state
lat for 1838
Text read from the printed page and cleaned; old type leaves the occasional error.