Turning to the balance sheet. it will be seen that capital expenditure during the year amounted to: a total of £39,185.63 of which £.18,679.~ 25 were spent on planting 62 acres and the upkeep of the immature area of 179 acres on Pasawahan quired for the payment of the interim dividends into United States currency, A similar procedure was adopted with any surplus funds that Jaccumulated in Java and you will see from the balance sheet that December 31, 1999, the company had. the sum of US, Dollars 23,980.13 at the bank. The Chinese Dollar equi valent of this sum at to-day's rate of Exchange Is approximately Ch$ 505, 000 or Ch$198,000 in excess of that shown in the balance sheet, Financial Position The Anancial position of the three companies combined on December 31, 1939 was very satistrctory since fon that date the liquid assets exceed~ fed the cash liabilities. by Chinese '$423,992 and If you pass the dividend now recommended the company will start the new year with a surplus of Hiquld assets amounting to Eh $228,742, conclusion, gentlemen, your best thanks are "due to the three managers and their staffs, to the visiting agent and to the agents in Java for the very able manner in Which they have looked after your
Text read from the printed page and cleaned; old type leaves the occasional error.