I think, under the circumstances, the cost df production of 14.84 cents, 45d. per lb, which includes all charges, and expenditure. on replanting, can be considered very satisfactory and is slightly lower than the cost of the previous financial year. "The condition of the estate generally is very satisfactory. The budded stumps in the 1937 replanted area, already referred to, are making good progress. The appearance of the.tree in ithe mature areas seems satisfactory and bark conditions are responding to the present conservative tapping, enforced by the curtailment of exportable quotas, and good bark reserves in practically all fields are being built up.
"The directors wish to express heir appreciation of the excellent work done by Mr. McAuley and the estate staff, and to thank Mr. Montigny, who managed the estate in a very efficient manner during Mr. McAuley's absence on leave. They also wish to record their thanks to Mr. Pinching for his advice, and for his interesting and instructive reports, and to Messrs. Kennedy, Burkill & Ca. Ltd, the Straits Agents, for their ce-operation and help.
Turning to the accounts, you will see that the profit for the year amounted to $117,573.61, which, added to the amount brought forward from last year of $19,149.97, makes a total of $136,723.58 for appropriation. Your directors recommend the payment of a dividend of 30 cents per share, absorbing $90,000, to write off development account the amount expended during the financial year on experimental and new planting of $21,723.91, to write off plant & machinery $2,093.20 and to make a dona-lion of $500 to the British Forces Recreation Centres Fund, leaving a balance of $22,406.47 to be carried forward,
Text read from the printed page and cleaned; old type leaves the occasional error.