No change took place in the planted area during the year. There are occasional cases of root disease, but considering the age of the estate It is remarkably free from this disease which occurs on all old plantations; otherwise the estate is in a satis factory condition. The labour position was easy throughout the year and the average rate of pay was Feduced from 46.87 cents per day to 44.7 cents. The health of the labour force was good, as is usually the case fon this estate. "A satisfactory quality of sheet is manufacture and no complaints were received from the dealrs. 'The equipment has worked ficiently and has been given all the upkeep required. As' regards the manuring programme, this has been continued, but it is too early yet to record any definite results.
'The auditors' fees, you will have noticed, show a difference this year Which is attributable to the fact that the fee paid to the auditors in the Straits, who are distinct from the auditors "in" Shanghai, varies from yeat 19 year according to the rise or Hit in the rate of exchange but, in addition, the fee for the Shanghai part of the audit has been calculated a new basis, which has already been adopted by' many Companies, in order to compensate them to some Small extent for the serious drop in the rate of exchange. You will be asked to vote upon this later on. forward.
Before concluding, T would like to express the Board's appreciation of the work done by Mr. Strettell, the Estate Manager, and Staff, also by Mr. Downey, who managed the Estate very eMlciently during Mr. Strettell's absence on leave, and to thank our Technical Adviser. Mr. Pinching, and Straits Agents for their ce-operation and advice.
Text read from the printed page and cleaned; old type leaves the occasional error.