The Lungla (Sylhet) Tea Company Limited Report by the Directors 31st December 1949

to the rupee it was deemed inadvisable in view of the uncertainty of the position to carry the resulting surplus to the credit of Profit and Loss Account; this surplus (£74 173) has accordingly been shown in Exchange Suspense Account for the time. [...] The question of the balance payment due by Government on account of the requisition of the Kannyhatti estate has not been lost sight of and the claim is being pressed from a new angle. [...] Your Directors gave careful consideration in consultation with the Company's Auditors to the question of the rate of exchange to be employed in preparing the Accounts which are now submitted to you and it was decided that the old rate of 1 /6d. [...] In our opinion and to the best of our information and according to the explanationsven us the said accounts give the information required by the Companies Act 1948 in the manner so required and the Balance Sheet gives a true and fair view of the state of the”'s affairs as at 31st December 1949 and the Profit and Loss Account gives a true and fair view of the profit for the year ended on that da [...] for the following purposes:— To receive and pass the Directors' Report & Accounts for the year ended 31st December 1949 To declare a Dividend To elect Directors To fix Auditors' remuneration and to transact the ordinary business of the Company.