782 



tME TROI^ICAL AGHlCULTtJRlST. 



[May 2, 1887. 



PERAK SUGAE CULTIVATION COMPANY, 

 LIMITED. 



The annual general meeting of the shareholders of 

 this company was held at their offifci No. 3, Nanking 

 Road, Shanghai, on the 24th March. 



Report. — The directors have now to submit to the 

 shareholders their report of the working of the company 

 during 1886 ; the first year of practical results from 

 the Gula Estate. 



The principal evnts which have happened since the 

 last annual general meeting, held on 10th May, 1886 

 were made known to the shareholders at a special 

 meeting held on 8th October, and also by circulars 

 issued by the directors about that date. As the share- 

 holders are aware, the chief work of the directors 

 iu Shanghai has been to give effect to the sanction 

 to a debenture issue, as authorised by the shoreholders, 

 while at Gula the manager has been using his utmost 

 endeavours to carry on his work eiSciently despite 

 the absence of many necessaries required for the 

 proper equipment of the estate. 



The directors are happy to be able to report that 

 the endeavours in both quarters have met with fair 

 success. They have succeeded in issuing debentures 

 to Bu extent of about Tls. 30,000 and hope to be able 

 to procure the remainder of the Tls. 60,000 authorised 

 as it becomes necessary for the extension of cultivation. 

 The success which the manager has been able to 

 achieve is now given in the following report : — 



Canes have been cut from an area of 450 orlongs, 

 say 600 acres, producing piculs 12,040 of sugar and 

 realising (gross) $61,340 (including estimated value of 

 " Sugar in stock ' ' on 31st December) . The averages 

 given by these figures are : — 



Production per orlong piculs 26'75 



Average price per picul $5'09 



In comparing these figures with the estimates given 

 in the circular of 21st September, it will be noticed 

 that the area of production is 12^ orlongs less : these 

 12^ orlongs though technically " in cultivation," i. e., 

 cleared, drained, &c., have not so far been planted 

 with canes. The actual weight of sugar produced per 

 orlong is, on the other hand, slightly better than the 

 estimate. As to price, the average of the first six 

 months was not maintained in the latter portion of 

 the year ; this was primarily the result of a fall in 

 the Penang market, but was also in considerable 

 measure due to the straitened circumstances of the 

 estate, which prevented a full supply of labour being 

 maintained and proper cultivation of the canes during 

 their earlier stages — the result being sugar of a lower 

 quality. This trouble, however, has ceased and the 

 sugar now being made is fully equal to the earlier 

 standards. It should be mentioned that owing to the 

 absence of any appliances for dealing with the molasses 

 upwards of S7>000 has been lost to the estate during 

 1886. 



The average of piculs 2675 of sugar per orlong from 

 the estate in its first year is highly satisfactory and 

 confirms all the opinions given as to the excellence 

 of Gula soil for sugar cultivation. 



The failure to get money when first asked for in 

 May last year, and the consequent inability to procure 

 the labour required to cope with the cultivation, has 

 not only adversely affected the results of 1886, but 

 has interfered to some extent with the prospects of 

 1887, it having been impossible to carry on the work 

 of replanting the fields as they were cut; consequently 

 though the area of cultivation has been increased to 

 510 orlongs (=680 acres) the area planted for the 

 coming crop is not greater than in 1886. It is satis- 

 factory to be able to report that the condition of 

 the young canes is excellent, the "earwig" trouble 

 has, as the manager predicted, disappeared, and it 

 may resonably be expected that the estimate of piculs 

 28 per orlong, given in' the circular of 21st September 

 for the second year's crop, may be considerably 

 exceeded. 



With reference to the necessities for the equipment 

 of the estate as set out in paragraph IV., of the 

 21st September circular, it seems possible that the 

 expense of a " Still," which as the shareholders know 

 U desired to work off the molaissef, may be tmvQi ', 



negotiations are in progress which it is hoped may 

 re.'-ult in a market being found for the molasses, and 

 if these succeed there will be so much more money 

 to devote to the all important object of extending 

 the cultivation up to the capacity of the mill. The 

 other necessities are being provided for. 



Accounts. — The year's working shows a profit of 

 Tls., 1,961-41, which amount is carried forward ; and 

 amount of Tls. 2,500 is transferred from working 

 account to "Estate Cost" for 47^ orlongs added to 

 cultivation and for sundry expenses which have been 

 met out of income, but which ought to have been 

 provided out of " Capital." Amongst the liabilities, 

 that " Due to agencies " is nearly covered by "Sugar 

 in stock ;" the other outstandings have since been 

 cleared off. The " Debenture loan " which appears as 

 Tls. 24,560 h»s since been raised to Tla., 30,300. 



The Chairman said: Gentlemen, with your permission 

 we will take the report and accounts as having been 

 read. Since the date of the last report the news 

 from the estate is.extremly satisfactory. The returns 

 of last year, both as to quantity and quality of sugar, 

 were exceptionally good for the first year of a cane 

 estate. The damage done by insects to the estate 

 which is a common incident in first years on cane 

 estates has disappeared, as was predicted by the 

 manager at the close of the first year. There was 

 unfortunately a delay of about 5 months last year in 

 raising the necessary amount of additional capital 

 required to complete the estate and to carry out 

 extensions. This has thrown us back and the returns 

 on our crop last year will come in during the latter 

 half of this year. The danger which at one time 

 existed that we might lose possession of the estate 

 for want of suflBcient capital has been averted, and 

 there is now no danger of the company losing possession 

 and control of the property. All the work on the 

 estate is now going on very satisfactorily and there 

 is no cause for anxiety on any ground. Of the Tls. 

 60,000 debentures which the shareholders authorized 

 should be added to the capital, the Directors have 

 already issued Tls. oO,000 and as further applications 

 are now coming in the Directors wiU no doubt issue 

 debentures to the full amount, so that everything 

 that is necessary will be done for the estate. It is 

 a common Shanghai saying that "it is an ill wind 

 that blows nowhere " and it is therefore perhaps 

 necessary that I should mention to the shareholders, 

 in fact they are entitled to have the information, 

 that in the event of war breaking out on the conti- 

 nent, it must, of necessity, greatly reduce the supply 

 of bounty-fed beetroot sugar, and any stoppage of 

 that would be an immediate and immense advantage 

 to us, alike improving our position and prospects. I 

 do not think there is anything more to which I need 

 allude, but I shall be happy to answer any questions 

 you may wish to ask before putting any formal 

 resolutions. — Straits Times. 



FOOD FOR THE GODS. 

 The grateful mortal who first named the plant from 

 which we obtain a certain very delicious and very 

 wholesome berry theohroma must have had a keen 

 insight into tb* possibilities which lay undeveloped 

 within the rough exterior of the pods of the cacao 

 plant. Crude as mnst then have been the means of 

 preparing the rich, nutritious berry, there must have 

 been unmistakable evidence of its value, even in that 

 condition or so ambitious a name would surely never 

 have occurred to the mind of its discoverer. " Food 

 for the gods," was his verdict upon the fruit of the 

 cocoa plant — fit rival to the claims of the famed am- 

 brosia, a boon indeed to men. 



Nor, of a truth, now that civilisation has brought 

 its skill to bear upon the preparation of this cocoa, 

 does its pretentious name seem unwarranted by facta. 

 Under the separate styles of " cccoa" and " chocolate " 

 various preparations of the nuts of the cacao plant are 

 now made with such delicacy and skill that, whether 

 regarded as necessity or a luxury, iheohroma plays a 

 most important part in modern domestic economy, 

 Whether it is io the form of the cbeeripg, cotsfovtio0 



