Turning to the balance sheet you will note the expenditure totalling $311,508.13 on Rubber Estate New Development, This includes the cost fof replanting 138 acres, new planting lof 54 acres, and also routine upkeep of 283,78 acres of immature rubber. [The sim of $45,481.33 was expended jon the erection of one coolie line and watchman's quarters, while the construction of one new double water gate cost $21,630.40, It is the inten~ tion of your directors to recommend {that the book value of there assets written down to the nominal sum of $1 each,
Text read from the printed page and cleaned; old type leaves the occasional error.