Enclosure 2.

The Singapore and Johore Rubber Co., Ltd.

First Report of the Directors to the Shareholders.

Gentlemen,

Singapore, 3rd February, 1905. YOUR Directors beg to submit the Accounts for the period from the incorporation of the Company on 29th September, 1903, to 31st December, 1904.

Drains.-8,880 fathoms of Main Drains 3' x 3' have been cut, completing the main drainage system for the 260 acres of land already felled, and also for the next block of 100 acres to be felled. In addition to this 3,337 fathoms of subsidiary drains 2'x2' have been cut where necessary to complete the drainage system for the 102 planted up.

acres

Felling.-260 acres have been felled, and another block of 100 acres is drained ready for felling early in 1905.

Burning.-200 acres have been burned off, leaving a block of 60 acres to be finished as soon as the weather is suitable.

a

Clearing-142 acres have been completed, and further block of 50 acres is now in process of being cleared and is nearly completed.

acres have been planted up, acres with seedlings, and

Para Rubber-102 80 acres with stumps, and 22 both are doing well.

Gambier.-Acting on the advice of the Manager your Directors decided to experiment with this article as a catch crop, and 54 acres have been planted up interplanted 7 apart between the Rubber. In this connection the Manager writes:-" By next September the earlier planted Gambier will come into bearing, from which date a regular and increasing supply can be relied upon. With an efficient plant and at present prices this should very materially assist in paying the working expenses of the Estate."

Nurseries. Of Para 199,920 seeds, and of Gambier 77,800 seedlings, have been planted.

Labour. This has been extremely scarce, and the Estate has been undermanned to the extent of 50 per cent., which has kept work back. Matters seem now to be improving, and the Manager hopes to get a full complement during the next few months.

Buildings. Permanent Coolie Lines to accommodate 60 to 70 men have been completed, and the erection of similar Lines for married Coolies and Women has been sanctioned by the Board. The latter it is hoped will materially assist both in securing Labour and in keeping it permanently on the Estate. With this object in view your Directors have also agreed to join the Proprietors of Lanadron Estate in the erection of a Mosque for the use of the Coolies. The cost of this to each Estate will be about $450.

General.-Progress during the initial operations has been slower than expected, mainly owing to the scarcity of Labour, but this difficulty is being gradually surmounted and your Manager expects that by the end of 1905 he will have 600 acres planted up. In his Annual Report he says:-"Judging from my own experience on the Lanadron Estate I consider that the prospects of Nordanal Estate are very promising. Both Para and Gambier are showing most excellent growth."

Your Chairman and Secretary visited the Estate in December last and were quite satisfied with the work that had been done and with the appearance of the Trees. Judging from the forward condition of the Para trees on the adjoining Estate there can be no doubt that the land is most suitable for growing Rubber.

On 13th May, Mr. J. B. Young resigned his seat on the Board, and M. F. E. Jago was nominated in his place under Article No. 96 of the Company's Articles of Association.

Mr. D. S. Carmichael retires from office as a Director in accordance with the Articles of Association, but, being eligible, offers himself for re-election.

The Auditor, Mr. W. Lowther Kemp, retires, but offers himself for re-election.

FRED E. JAGO, Chairman.

LIABILITIES.

$50 paid

Less Calls in arrear (since paid)..

ASSETS.

Tools and Stores on Hand :

Holing, Lining and Planting

285 94

$64,700

Enclosure 3.

The Singapore and Johore Rubber Company, Ltd.

Eighth Report of the Directors to the Shareholders.

Gentlemen,

Singapore, 26th February, 1912. YOUR Directors beg to submit a duly audited Statement of Accounts for the year ended 31st December, 1911.

The Net Profit for the year after making due provision for Depreciation amounted to $411,747.60, to which has to be added $4,360.35 brought forward from last account, making $416,107.95 at credit of the account for the year. Interim Dividends of 50 per cent. have so far been paid, absorbing $208,650, and leaving $207,457.95 for distribution at date.

Your Directors recommend :

(1.) That a further dividend of 40 per cent. be paid making 90 per cent. for the year and absorbing $166,920.

(2.) That a sum of $6,500 be allocated as Bonus to Employees.

(3.) That the Balance of $34,037.95 be carried forward to the Credit of the Liquidation

Account.

General. The usual report by the Manager reviewing progress made during the year is enclosed herewith. Your Directors have pleasure in reporting that the general satisfactory condition of the Estate has been maintained. throughout the year.

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Para Rubber. The total output for the year consisted of 247,686 lbs. made up of 160,388 lbs. No. 1 quality, and 87,298 lbs. other grades as against 135,652 lbs. of all grades last year.

The average prices obtained for the crop so far sold are 6s. for No. 1 and 4s. 5d. for other grades.

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Management. Mr. J. Giles, the Manager of the Estate, was on leave for six months of the year, and Mr. A. E. G. Darke acted as Manager during Mr. Giles absence.

Extensions.--The cultivated area of the Estate has been increased by 165 acres felled, and 140 acres planted, and the position at 31st December was, Total area Felled 1,481 acres, Cleared and ready for Planting 1,411 acres, and Planted 1,370.