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For the descendents of Richard Dearie and his son John Russell


The Straits Times, 19 April 1923, Page 9 and The Malayan Tin and Rubber Journal 30 April, 1923 Vol .X11. No. 8, p. 506

Malayan Collieries, Ltd. Directors' Report for the Past Year. The directors of Malayan Collieries Limited, in their report for the year ended December 31, 1922 state: - Property. The application made to the F.M.S. Government for a further 100 acres of land, required in connection with the company's sand-stowage operations at the Batu Arang, was approved during the year, but a title has not yet been issued. Netherlands East Indian Government certificates for timber concession at Pamoekan Bay were issued by the Mynbouw en Handel Maatschaooij Goenoeng Batoe Besar. Kundang sand Pits. - The Company’s Kundang property was worked on an increasing scale throughout the year, producing a certain amount of tin ore, which ore offset to some extent the cost of obtaining the sand. Mine and Plant. - The general manager’s annual reports upon these are sub- joined. Rebates to mines. - As contracts upon which these rebates had been granted fell in, new contracts were made on an adjusted basis without rebate. The cost during the year to the company of the concessions granted upon old contracts, entered into before the depression in the tin mining industry commenced was $62,306.82 Charters. Coal production from development workings at Pamoekan Bay (which owing to exigencies of development and labour troubles. Had been temporarily suspended) was resumed in late March, 1922 and coal shipments recommenced by the steamer Passat. On the expiration of the steamer Passat’s charter, the larger Steamer Hydra was chartered, while towards the end of the year the steamer Hero was additionally chartered in order to cope with the increasing output. Coal market. -Despite the company having reduced the price of its Batu Arang coal during the year, owing to the general depression prevailing many tin mines and industries either closed down entirely, or reduced the magnitude of their operations, with the result that the demand for fuel fell away, and the company’s coal sales were materially affected. There was also considerable drop in the price of bunkers, and increased competition- especially from Natal- resulting in lower prices being realized for the coal obtained incidental to the development of Pamoekan Bay. All coal produced from this source during the year was, however, readily sold. Suit by Mr. Peck. - Shareholders have been notified from time to time as to the progress of this suit. The present position is that the action has been dismissed with costs, and Mr. Peck has given notice of appeal against the Judge’s decision. Staff.- No staff changes were made during the year. Profits. The profits for the year under review, subject to directors’ and audit fees, amount to $764,869.65 to which is added the unappropriated balance from previous account of $148, 907.98, making $913,777.63. Two interim dividends, each 5% were paid during the year, (equaling 10%) absorbing $310,000, leaving $603,777.63. You will be asked to sanction fees to the directors in respect of 1922 $12,000, the auditors have rendered their account for $2,000, leaving available $589,777.63 which your directors recommend should be dealt with as follows: - Payment of final dividend of 7 ½ %, (making 17 ½ % for the year 1922) $232,500, write off mine development account, $200,000 balance to carry forward to next year’s account $157,277.63 (subject to an appropriation for staff bonus, to be left as formerly to the discretion of the board.) Directors. - the retiring directors are Mr. Adolph Alois Henggeler, and Mr. Chew Kam Chuan, who, being eligible, offer themselves for re- election. Auditors- Messrs. Evatt and Co. retire but, being eligible offer themselves for re- election. The Malay Mail, Thursday, April 19, 1923. p.10 Malayan Collieries General Manager’s Report on Batu Arang. Value of Hydraulic Stowage. Mr. James Barr, General Manager, Malayan Collieries Ltd. reports: I have the honour to submit herewith my report on the work done on your property for the year ended 31st December 1922. Output. - During the year, 266,349 tons of coal were dispatched from the colliery. Of this quantity 176,200 tons were from the upper or 40 ft seam and 87,149 tons from the lower, or 25 ft seam. Coal used in the mine amounted to 16, 378 tons. Underground Development. - This development has taken place principally in what is known as the East mine, which we are opening out on the lower seam. This seam by the way, is 25 ft. thick, and of slightly higher calorific value than the upper seam. It was really this higher calorific value and the desire to give our clients the best value in our power that influenced the decision to start operations on the East mine. Our action has apparently been justified, for several uses have recently commented upon the better quality of the coal being supplied. Underground Fires. - No serious fire, due to spontaneous combustion has occurred. The disappearance of this bugbear may fairly be attributed to the continuous use of hydraulic stowage, and to improved ventilation. Notwithstanding this fortunate state of affairs, we endeavour to prevent ourselves from being lulled into a sense of false security by keeping a strict system of patrols going. Hydraulic stowage. - This practice continues to function efficiently, and 13,000 yards of sand per month are regularly sluiced underground to replace current extraction of coal. Ventilation. - This matter is one of the most important that the Colliery engineer is called upon to deal with. At Batu Arang we never case to devote much attention to the subject, and our efforts are reflected in the steady improvement noticeable. Pumping. - Underground pumping practice has been re- arranged, and all mine and stowage water is now handled from a central pumping station, in which are installed four electrically driven turbine pumps, each capable of delivering 500 gallons of water per minute. One of these pumps is held in reserve, to be used in case of breakdown of any other member of the set. Open casts. -These continued to open up well, and work proceeded without interruption throughout the year. Stripping of overburden has been kept well ahead of coal extraction, and 260,000 tons of coal now stand uncovered ready for removal. Surface. - The pit top has been extended and re-arranged, and the mine output can now be handled more efficiently in consequence. A new steel boiler chimney 9ft 3in in diameter, and 132 ft high above ground level, has been erected and put into commission. The old chimney, which was 6ft 3ins in diameter, and 100 ft high has been taken down and shipped to the Borneo Colliery, where it will be re-erected and has many useful years of life ahead. Kundang Sand Pits. - An additional 8 inch nozzle pump, and a 6 inch gravel pump, has been added to the plant here, and a large sluice dam on the farther side of the F.M.S. Government Railway has been put into use. The sand stowage bins have been enlarged, and the additions have been conducive to the smooth working of the sand traffic, which has now assumed large dimensions. In order to minimize the danger of losing tin, the ‘palong’ has been lengthened, and although the mining of sand for hydraulic stowage and underground is the primary object of our operations at Kundang, the revenue derived from the tin recovered during the operation forms a useful set-off to the cost of stowage, and justifies every effort to keep the recovery at as high a point as possible. Labour Employed. - The average number of coolies employed in and about the Colliery during the year was slightly under 2,000. Health and accidents. - The health of the staff and labourers has again been very good, and considering the size of our undertaking the number of accidents has happily been phenomenally few. General- The plant, rolling stock and underground workings have been well looked after, and are in excellent working order. There has been a steady increase in efficiency in all departments, and as showing that this is really so it may be mentioned that the output is now easily maintained with an eight hour working day, as against the twenty-four hour working day which was the order for many years. It goes without saying that the increased efficiency was only obtained through the whole hearted co-operation of the staff, to whom my best thanks are due. Pamoekan Bay Colliery I have the honour to submit herewith my report on the work done at your Pamoekan Bay Colliery during the year ended 31st December, 1922. Production- Coal production for the year amounted to 31, 385 tons, won from development work. Underground Development. - Upwards of 3,000 ft. of headings and cut-throughs have been driven during the year. The progress of the work disclosed the presence of several faults in the seam. Only one dislocation was serious, but in every case the roof in the vicinity of the fault gave trouble. The mine is now in a position to yield an output of 350 tons per eight hour day. By working two or three shifts daily, this amount can be correspondingly increased. In a very short time we shall have coal cutting machines at work, and when this is an accomplished fact the mine will automatically pass from development stage to that of normal production. These machines are electrically driven, and will undercut to a depth of 6 feet. After under-cutting, the coal can be easily shot down in large lumps, and filled away by any ordinary coolie, at a lower cost per ton than has hitherto been the case. During the course of development a small amount of work was done in opening up the lower seam, several outcrops of which were known to exist on the property. The seam, separated from that at present being worked by 40 ft of strata, exhibits the following section: - Bottom Coal 3ft 4ins. Shale 2ft 6ins. Top coal 1ft 6ins. Samples analysed gave the following results: -

                                        

Bottom Sec.

Top Sec.

 

3ft. 4ins

1ft. 6ins

 

percent.

per  cent

Moisture

3.9

4.30

Volatile Hydrocarbons

41.93

49.50

Sulphur

0.49

0.30

Ash

3.88

5.88

Calorific value of mixed sample 14,300 B.T.U.s Compare these with two typical analyses give below of the best Maitland (Australian) coal, and it will be seen what a marked similarity there is in the composite of the seams.

Maitland (Australian) Coal.

Moisture

1.27 percent,

2.36 per cent.

Volatile Hydrocarbons

43.14 p.c.

41.72 per cent

Fixed carbon

49.91 p.c

51.50 per cent

Sulphur

1.00pc

0.77 per cent

Ash

4.98 p.c.

4.35 per cent.

Incidentally it may be mentioned that, owing to the conservatism and prejudice of users, it was for many years next to impossible to sell Maitland Coal. Now, however, its merit is fully recognized, and no other Australian coal can compete with it on equal terms, either as a gas, household, or steam coal. Being only 40 feet below the one above, it will not be possible to work the lower seam until sections of the upper have been worked out, and the roof allowed to fall. This will not be for twelve months yet. Ventilation. - Up to the present ventilation by natural means has been quite satisfactory; but the workings are extending, and it will soon be necessary to install a ventilating fan. The “ fan drift” is being driven, and we have an electrically driven fan ready for installation at the right moment. Pumping. - Very little pumping has been required until now, but a fairly large pump will be necessary in the near future. As with the fan, we have the requisite unit in readiness to be set up. Surface. - Much has been done in the way of erecting plant and buildings, excavating sites for machinery, cutting drains, filling swamps etc. Power House. - Excavation for the site has been finished, concrete foundations put in, and the generating sets erected. The brick building to cover the sets is well on the way to completion. Boilers and Boiler House - All the necessary excavations have been taken out, foundations finished, and the Babcock and Wilcox boiler and chain gate stoker put together. Bricking the boilers, making steam connections, erecting the covering buildings, and putting up the steel chimney are proceeding. Workshop- A small workshop has been built and equipped with a lathe and radial drill. Ordinary repairs can now be effected on the spot, and this is proving a great convenience. Electric Lighting. -The lighting set has run smoothly during the year and has been of great assistance for filling coal and loading the steamers at night. Wharf. - The new wharf, 256 feet long, and the approach thereto are finished. Our chartered steamers, which are 200 feet long, now have no difficulty in coming along side, and the time of loading has been cut down to one half. Coal Loading Bin. - An excavation has been made in the hillside, near the screens to accommodate a coal box with the capacity of 3,500 tons. Erection of the box itself has not yet started, but the bulk of the heavy timber necessary for its construction is on the ground. Hospital. - The new hospital building capable of accommodating 30 patients is finished, and will be a great improvement on the old arrangement. Bungalows. Two additional bungalows, for the European staff, making four in all were completed and occupied during the year. Another is at present under construction. Coolie Lines. - Three more large coolie lines have been put up, additions and improvements made to existing lines, and a number of small houses built for kranis and kapalas. Health and accidents- The health of all employees has been good. There were no fatal or serious accidents, and even minor accidents were very rare. The staff. - Members of the staff worked hard and well during the year and their efforts have been much appreciated.

 

The Straits Times, 1 May 1923, Page 10 .

Malayan Collieries. Annual General Meeting At Kuala Lumpur. (From Our Own Correspondent.) Kuala Lumpur, April 27. The ninth annual general meeting of shareholders in Malayan Collieries, Ltd., was held at the offices of the secretaries, Messrs. J. A. Russell and Co., Hongkong and Shanghai Bank buildings, Kuala Lumpur, at noon to-day. There were present: Messrs. J. A. Russell (in the chair), A. Grant Mackie, Robert P. Brash, Adolf Alois Henggeler, (directors) J. Fraser Brown, F. C. Peck, H. Hopson Walker, Russell F. Grey. John Hands. W. A. Smith, E. Bartholomew, J. Bligh Orr and W. H. Martin. After the notice convening the meeting had been read by a representative of the secretaries, The Chairman’s Review. The Chairman said: - Gentlemen, I will assume that you will give me permission to take the report and accounts before you as read, and I will proceed to make a few explanatory remarks upon the balance sheet. The accounts are this year presented in an amalgamated form, covering both properties and are more condensed. We are advised that the amalgamation is the more correct method of showing the company’s financial position, instead of dividing its assets and liabilities up into two balance sheets, and also giving some figures in dollars and some in guilders, as was done last year. The actual position of the company is now shown at a glance. The condensation is not so much made for the sake of extra conciseness, but with the object of not giving away more trade figures than we are obliged to do to our competitors; some of whom by the way, also hold shares in the company. We have within the last month been approached by certain of our competitors with regard to fixing up an agreement covering the whole coal trade of the Straits Settlements and the Federated Malay States, and of agreeing moreover to keep out of Hongkong and Manila, or of laying ourselves open to an intensive and cut-throat competition. Certain questions were also recently put to one of our staff as to our present and our probable future working costs, our profit per ton, our financial resources, and whether or not we had any hidden reserves. I may, therefore, here perhaps remark that we are not afraid of competition, and, although we are not anxious to join in a price cutting war in Singapore, we certainly do not fear the result, nor shall we be deterred from entering other markets. We are, of course, always prepared to join in any mutually beneficial, honest and fair trade agreement or arrangement; but these particular competitors of ours must realise that it is of no use their attempting to threaten us nor, I may add, of their attempting to obtain inside information from our staff or from other sources regarding our internal economy. The Company’s Finances. The amount under the heading sundry creditors of $237,830.44 is about $8,000 more than the total of the corresponding accounts appearing in the last issued balance sheet. This small increase is not due to the company having needed or obtained any greater credit facilities. On December 31 the company becomes liable for payments which cannot be settled until the following accounting period, and our liabilities are consequently always at the end of the year temporarily increased. The account includes a comparatively small provision for contingent liability, with the exception of which sum the whole amount appearing as due to sundry creditors has since been discharged. At the end of the year several dividend warrants posted to shareholders in Europe had not been cashed by their owners, which fact accounts for the liability standing under the heading of unpaid dividends. These warrants have since been practically all presented and paid. Mine amortization has been automatically increased by reserving the sum of $37,500, and the total of this reserve and the general reserve now stands at $1,243,750. The reserve for staff leave and passages has been increased by a further $10,000, bringing this reserve up to $25,000- a figure more in keeping with the company’s actual liability on this score. Leaving alone for the moment the item “profit and loss”, and turning to the asset side of the balance sheet, I have nothing very much to say, except to remark that as a large proportion of renewals is paid out of revenue, and rapidly wearing plant is treated as stores consumed in operating the mines, the amount written off assets in depreciation of railway sidings, buildings, plant and machinery, and the steamer Pamoekang, of $121,956, is quite a safe figure. Our high priced material having by now mostly been consumed, nothing this year has had to be written off stores, which account now stands at $197.152.14. Development increased by a further $227,269.02, and the total of this account is now $499,472.44. You will be recommended, however, to write off a further $200,000 from this sum, which will mean that development will only stand in the company’s books at an increase of $27.269.02 over last year. Coal stocks stand at $83,137.55, and have since all been sold at the value estimated, although a parcel of smalls comprising part of these stocks has not yet been delivered to the buyer. Sundry Debtors at $417,984.37 shows a reduction compared with the figure in the previous balance sheet. Against these debts the sum of $60,000 has been allowed, which is $10,000 more than reserved for this purpose last year. Deducting this reserve sundry debtors is therefore only rated in the balance sheet as being worth $357,984.37 I may say that a reserve of $60,000 for bad debts is ample, and it is not anticipated that anything like this amount will be required. For the year under review the bad debts actually incurred and written off were $15,720.27, so a provision of $60,000 for our existing outstandings should more than cover all contingencies. Profit and Loss. Looking now at the profit and loss account, you will see that the cost of operating our mines during the year was $1,613.249.71 but that of this amount the sum of $227,269.02 was, as I have already said, spent on development, leaving $1,385,980.69 as the actual cost of winning the coal. We paid a further sum of $473.483.23 in transporting the coal and $118,106.93 in royalties. We also gave rebates of $62,306.82 upon certain long contracts entered into with us during the period of high prices. Our total revenue was just short of three million dollars, or to be exact, the sum of $2,999,923.59, and our nett profit was $764,869.65. To this profit has to be added the balance brought forward from the previous account of $148,907.98, making a total of $913,777.63. Out of this latter amount the company has already paid two interim dividends of 5 per cent. each, absorbing $310,000, and leaving available a balance $603,777.63. Your directors recommend the distribution of a final dividend of 7 ½ per cent., making a total of 17 ½ per cent for the year, which final distribution will absorb $232.500, and that the sum of $200,000 be written off development. The auditors have rendered their account for $2,000, and you are requested to sanction a sum of $12,000 as directors’ fees. These appropriations will leave a balance of $157,277.63, which amount subject to the payment of a bonus to the staff, your directors recommend should be carried forward to the 1923 account. The amount of the staff bonus your directors ask you to leave to them to fix in consultation with the general manager Mr. Barr; this method of granting and distributing a bonus having hitherto been the practice of the company, and having worked well. I do not think there is much more for me to add, except perhaps to say that your property is in a sound condition. The Batu Arang property is to-day in a better state of efficiency than it has ever been before, and is in a position to turn out much larger daily supplies of coal as soon as there is an increase in demand. Owing to a higher standard of efficiency the mine is being operated at present upon an eight hour basis, instead of a sixteen hour one as was formerly the case, so that in the matter of working an extra shift there is alone ample scope for greatly increasing the output. All new workings are now being sand filled, while the old exhausted workings are also being hydraulically stowed, so that in time the whole of the space from which coal has been extracted will be entirely replaced with sand. This replacement will render it possible to work the pillars of coal left behind, and thus will more than double the life of the property and the extractable quantity of its coal contents. With sand stowage we now have at a very minimum thirty million tons of workable coal practically in sight. Due mainly to sand filling we have also been able to cope with the spontaneous fires which formerly were so great a danger to the mine. With the present system we have control so well in hand that the possibility of having permanently to abandon any large area of the workings no longer exists, and no fire could now do more than temporarily inconvenience us. Improvements, even if small ones, in methods of mining, in the system of operations and if in organization generally, are always being effected, and progress is noticeable each year. At the present moment, for instance, we are putting in a further half mile of sidings for operating sand filling, which addition will relieve the congestion on our existing coal sidings, and also enable our locomotives to be used more economically and to greater advantage. As a matter of interest, I might add that the company contributed during the year to the F.M.S. Government in Railway freights, royalties, quit rents, etc., a total sum of $420,624.61. Progress at the Colliery Development at Pamoekan Bay Colliery, owing to labour troubles, was temporality suspended at the beginning of the year; and a great deal of the labour was shipped back to the F.M.S. Work was resumed in late March, and has steadily progressed ever since. The erection of our plant, and the power and boiler houses, and the installation of coal cutters will be finished during the current year, and our underground workings will be sufficiently advanced to allow of coal cutting machinery being employed, when we shall pass from development work almost pure and simple to what may be considered as proper coal mining. Our coal loading plant will probably not be fully completed until about Christmas, but we have already reduced the length of time taken to load our present colliers from seven to five, and from five to two and half days; and when the work in hand is done we shall be able to load them in sixteen hours. We are now negotiating the charter of a third collier, and hope by the end of the year to acquire still another. We have great faith in the property, which is one we expect eventually to be a larger and cheaper producer than Batu Arang. The coal that we are at present marketing is meeting with a good deal of competition. Since we commenced putting bigger and regular supplies of Pamoekan Bay coal upon the Singapore market, the price of our principal competitive coal has been reduced from $15.50 to $13.25 a ton ex ship, a reduction which is a considerable one. We are however, not afraid of competition, for when Pamoekan Bay is fully developed it will be able to land coal in Singapore at a cost which we are confident none of our competitors will be able to touch. We are now planning to open up the second seam upon the property, which seam contains coal of considerably higher quality than that at present being worked. This seam has hitherto been untouched, but we are arriving at a position where we can get at it, and within about a year’s time from now we hope to be able to place quantities of this superior class fuel upon the market. I cannot conclude without referring to the services of your general manager, Mr. James Barr, and his staff. The directors desire to record their appreciation of the general manager’s valuable work for the company, while he has already in his reports referred to the whole-hearted co-operation which he has received from those under him. The company can congratulate itself upon having the services of so good a general manager. I now beg formerly to move that the report of the directors produced, together with the statement of the company’s accounts as at December 31, 1922, duly audited, be now received and approved, and adopted, which motion I will ask Mr. A. A. Henggeler to second; but before putting it to the meeting I shall first endeavour to answer to the best of my ability, and If I can do so, questions which shareholders present may care to put upon the report and accounts. A Shareholder’s Questions. I have as matter of fact received from Mr. Lim Cheng Law a letter addressed to me personally asking me to reply at this meeting to nine questions. This is a very unusual request and although I will on this occasion reply to them I do not intend making a practice of this in the future. The questions and answers are: - Question 1. - What was the reason for the increase of liabilities under sundry creditors, viz., from $191,767.51 in 1921 to $237.830.44 in 1922 (an increase of about $46,000) as compared with the total amount for the previous year? I suppose this item includes trade, bills payable and advances to mine contactors and also for wages, if so, please give the figures under each item, as was done in previous years. Answer. - The increase is not $46,000 but a little over $8,000, and I have already referred to this in my speech. The amount does not include the item of bills payable appearing in the previous years accounts because we are now meeting all drafts upon presentation. It also of course does not include advances to mine contractors, for these are included in the account sundry debtors, and not as Mr. Lim Cheng Law appears to think under sundry creditors. It does, however, include trade accounts and wages, and other accrued liabilities. Question 2. - Cash at banks, in transit or in hand $201.841.54 shewn in the balance sheet under assets, should be shewn separately and not in a lump sum and why not state amounts standing at banks, on fixed deposit, on current account and also in hand as was done during previous years. Answer. - There is no need to enter such details. The amount in cash stated and certified by the Auditors as such is shown in one amount for the sake of brevity. In order to satisfy Mr. Lim Cheng Law’s curiosity, I will add, however, that the total was made up as follows: - On Deposit. - Hongkong and Shanghai Bank, K.L. $115,000 current A/c. Hongkong and Shanghai Bank K.L.$56,201.96, dividend A/c. Hongkong and Shanghai Bank, K.L. $3,383.24, in hand at head office and at Batu Arang, $617.94, in hand at Pamoekan Bay, guilders 5,742.84, in transit to Pamoekan Bay, guilders 25,000 with the company’s agent in Java, guilders 5,003.23. The last three items are equivalent to $26.638.40. Question 3. - Why has not such an important though usual item of current expenses including salaries, bonuses, commission and other charges been shewn in the profit and loss account for the year ending December 31, 1922? Answer. - These details were not shown in last year’s account. Salaries are of course part of the working costs. The amount of the staff bonus is shown as an appropriation from profit and does appear. Question 4. - What was the amount incurred by the company for legal expenses in the suit of Mr. F. C. Peck against the company? Answer. - This case being still sub-judice owing to Mr. Peck having lodged an appeal the company’s lawyers have not yet rendered their account. Question 5. - Does the property known as Pamoekan Bay Mine really form a portion of the company’s assets, and if so, why should not the documents of title be in the name of Malayan Collieries, Limited, up to now or when will the transfer be made to the company? Answer. - The Pamoekan Bay Mine does form a portion of the company’s assets. In accordance with Dutch law the titles are registered in the name of Dutch company, the Mijnbouw en Handel Maatschappij Goenoeng Batoe Besar, the whole of whose capital is in turn held by Malayan Collieries, Ltd., and the whole of the share certificates of which Dutch company are in the unencumbered possession of Malayan Collieries, Ltd. The titles will not and cannot be transferred to the name of Malayan Collieries, Ltd. Question 6. - Under the heading of assets $197,152.14 for stores. Is this the cost price or was any margin made for depreciation? Answer. - I have already mentioned this question of depreciation of stores in my speech. The stores are taken at cost at Batu Arang less amounts formerly depreciated and at landed value at Pamoekan Bay less amounts formerly depreciated. Question 7. - Are the managing agents and secretaries paid any salary or remuneration or have they been charging the company any commission for the sale of coal or purchase of stores for the company, as no items of salaries or commission have been shewn in the account. Answer. - The secretaries and managing agents’ fee is as in the previous year $2,500 per mensum. They do not receive any commission either on purchases or on sales. Question 8. - The directors propose to write off $200,000 for mine development account. How much is for Batu Arang and how much is for premia, and survey fees on mining leases? Answer. - As during the year under review development was confined to the Pamoekan Bay Colliery, it may be said that this amount is written off the development of that mine alone. Development account naturally does not include any premia or survey fees on mining leases. Question 9. - How many meetings have been held by the directors during the year 1922 and have the directors been paid any fees for such meetings? Answer. - The Board held 10 formal meetings during the year and number of consultations and conferences and had besides a considerable amount of work to do in matters connected with Mr. Peck’s agitation and his subsequent litigation. No fees have yet been paid to the directors for the year 1922. Mr. Hengeller seconded. The motion being put to the vote was carried by a large majority. The Chairman proposed that a final dividend of 7 ½ per cent making a total of 17 ½ per cent for the year be declared forthwith. Mr. Henggeler seconded. – Carried. The directors’ remuneration of $12,000 was put to the meting and passed. Messrs. A.A. Henggeler and Chew Kam Chan, the retiring directors, were re- elected as were also the retiring auditors, Messrs. Evatt and Co. Before the meeting terminated the Chairman said he would like to pass a vote of thanks to the general manager of the company and his staff for their good work and pass a bonus, the figure to be left to the judgment of the board. Dr. Crago seconded. - Carried. A vote of thanks to the chair terminated the proceedings.

Malayan Collieries Report, Accounts and A.G.M. 1923