$122,844 Reported for the Year Shanghai, July 13.
A resolution reducing' the capital of the company from Guilders 3,000,000 to Guilders 1,500,000, alte ing the nominal value of the present shares of the company from Guilders 3 each to Guilders 5 each, was passed" at the annual meeting of Naamlooze Vennootschap Maatschappit. Tot—Bosch—En Landbouwexploitatie in Langkat, held in the offices of the general agents, Messrs. George MeBain, 1 The Bund, yesterday. Mr. W. R, MeBain presided and was supported by Mr, G, E. Marden, Mr. H. Kadoorie and Mr. G. F. H. Bichard. Total shares represented were 35,186.
In his speech the chairman sal The general profit and loss account for the year's working shows a loss $122,044.68, "full particulars Which are given in the accounts, and which may be. briefly summarized us. follows:—imber Department shows a Joss of $126,206.06, of which $125,215.90 Is accounted for through the "book value of the Samarinda Sawmill being written down '$24,042.55, which is the amount. that expected will be realized for me, The loss on the Rantjah Sirang concessions for the year, including $52,142.54 written off for depreciation, amounts to $115,928.25.
"Against these losses the rubber working account shows a net profit fon the year's working of $154,805.12 after deduction of $40,822.53, being the amount expended on replanting fand upkeep of immature areas excess of the amount reserved against fame, With regard to the Samarinda Sawmill, your directors regret to inform you that the prospective purchaser" of this plant failed to fulft his contract, which was subsequently cancelled.' Meanwhile an option, which expires on September 16, 1999, has been given to another buyer, lo purchase the mill on the same terms as announced in our circular shareholders dated the August 23, 1938 Political Situation turning to the Rantjah Strang Diamond Concessions, there are prospects of an interested party taking over the working of these eoncesowing to, the present, political negotiations are held up. You wi Informed fat the last annual meet! that monthly expenditure had been Auced to" approximately Fi, 1.400. Since my visit to Borneo a further ful has been made' in this expenditure, "which Is now approximately G00\per month, This sum includes Ant concession and other taxes due to: the Government.
With regard to. all royalties, the sum of $25074.9 was received during the vent under review, and has been credited to all and indy working recount as ununh, The protracted negotiations between the Bataatache Petroleum Aalachoppi} and ourselves fi connection with, the commutation of oil royalties have been concluded Since the loge of our fnanelel yea. The terms of the agreement are In accordance with the Fesoution passed our last annual meeting, and. Slreulne to that effect was fuued to Shareholders on January 28 of ths Turning to the rubber estate, the aren remains unchanged at_-4280.7 tores, 'Tam glad to be able Yo inform You that we have recently been ised that the. standard. production neterament lis "been provisionally fixed. for the year i090" of 1,000.72 Tors am increase of 6422 Tbs.' the fina assessment "for 1098. "In" the Years FAST and 1038 the iereases 08 me final assessments were respective: Jy" 79857 Ibe and 99,800 The is fralifying to"point out that this me Erense indicate It is the opinion the Government Astestment Commie tee hat your estate. Is progressing has an increased potent "pro:
Text read from the printed page and cleaned; old type leaves the occasional error.