The buildings and machinery were given the necessary upkeep and are reported to be in good order with the exception of the manager's bungalow which has been vacant since 1932 and will be demolished in 1939 and the materials used for other purposes.
Speaking generally both estates are now in first class condition and are amongst the cheapest producers of the Shanghai group of rubber companies.
Our best thanks are due to Mr. Blackhall, our Manager, to the Visiting Agent and to the Agents in the Straits for the very efficient manner in which they have administered the affairs of the Estates during the year under review There being no questions the following resolutions were passed That the directors' report and statement of accounts for ihe year ended December 3l. 1903. as presented, be. adopted and passed. Proposed by Mr. A J. Welch and seconded by Mr. R That a dividend of 3 Dollar cents per share be paid on both the preference and ordinary shares. Proposed by Mr. A. J. Welch and seconded by Mr. R.
Text read from the printed page and cleaned; old type leaves the occasional error.