Turning to estate matters, there is as usual very little to say. The estate continues to be managed by Mr. Simpson in his usual efficient manner. No change took place in the planted area during the year, There are occa. sional cases of root disease, but considering the age of the estate it is remarkably free from this disease which occurs on all old plantations; otherwise the Estate is in a sat factory condition. The labour posi tion was easy throughout the year and the average rate of pay was increased from 44.77 cents per day to 45.00 cents. The health of the labour force was good, as is usually the case on this Estate. A satisfactory quality of sheet is manufactured and no complaints were received from the dealers. The equipment has worked efficiently and has been given all the upkeep required.
As regards the manuring programme, this has been discontinued after consultation with the LEI. it was found that the trees were not responding to any appreciable extent.
In 1940 a gradual replanting programme is being started, 461? acres being earmarked. The intention is to replant between 40 and 50 acres each year for the next Seven years but this programme may be expedited.
During the year Mr. J. K. Brand was elected to the board and later you will be asked to confirm this appointment. You wil also be asked to approve of the directors' fees being increased to Eh. $1,000 per director per annum, Our thanks are due to the manager, the visiting agent and the agents in the Straits for the wi efficient manner in which they have administered the"affairs of the estate.
The following resolutions were car. ried unanimous That the directors" report and statement of accounts for the year ended December 3l, 1939, as presented, be adopted and passed. Proposed by Mr. H. Kadoorie and seconded by Mr. M. Speelman.
That a dividend of 25 cents per share be paid for the year ended December 31, 1939. Proposed by Mr. H. Kadoorie and seconded by Mr. M. Speelman.
That the sum of Ch.$1,000 be donated to the Central British War Fund. Proposed by Mr. J. K. Brand and seconded by Mr. Sze Hou Sung.
That the sum of Ch$39 be donated to the British Residents Association. Proposed by Mr. J. K. Brand and seconded by Mr. Sze Hou Sung.
That the sum of Ch.$300 be donated to British Forces Recreation. Centres. Proposed by Mr. J. K. Brand and seconded by Mr. Sze Hou Sung.
That Mr. J. K. Brand be elected a director of the company. Proposed by Mr. Dong Mai Kwun and seconded by Mr. Chang Tsai Tung That Mr. A. J. Welch be re-elected a director of the company Proposed by Mr. Dong Mai Kwun and seconded by Mr. Chang Tsai Tung.
That Messrs. Thomson & Ca. be elected auditors to the company for the ensuing year and that their fee for auditing the accounts for the year 1939 be Ch.$465.38. Proposed by Mr. Sze Hou Sung and seconded by Mr. Dong Mai Kwun.
That the directors' fees be increased from Ch$300 to Ch.$1,000 per director per annum. Proposed by Mr. Sze Hou Sung and seconded by Mr. Dong Mai Kwun.
Text read from the printed page and cleaned; old type leaves the occasional error.