172 
THE TROPICAL AGRICULTURIST. [September -2, 1889. 
THE ORIENTAL BABK ESTATES COM- 
PANY, LIMITED. 
Authorised capital ... £566,700. 
Divided into— 266,7000 Ordinary Shares of 
£1 each... ... ...£266,700 
Do. 60,000 Preferred Shares of 
£5 each... ... ... 300,000 
£566,700 
Directors : 
Alex. William Oiohton, Esq. ; Andrew John Mac- 
Donald, Esq.; William Cotton Rohde, Esq.; Grant 
Heatly Tod-Heatlv, Esq. 
London Office— South Sea Chambers, 07 & 98, Bishops- 
gate Street Within. E. C. ; Ceylon Office— Baillie 
Street, Colombo ; Mauritius Office — Place d'Armes, 
Port Louis. 
Beport of the Board of Directors : 
The directors have much pleasure in submitting to 
the shareholders their report of proceedings during 
the third year of the working of the Company. The 
net profit as shewn in th e audited accounts annexed 
hereto amounts to £25,803 16s lid (including 
£217 17s 5d brought forward) as against £25,841 0s 8d 
last year. An interim dividend of 3s 6d on the pre- 
ferred shares and of 6d on the fullv paid ordinary 
shares, and of ft proportionate amount on the 
partlv paid ordinary shares was paid in February last, 
and the directors now recommend the pavment of a 
similar further dividend making a total payment 
of 7 per cent per annum on the issued pre- 
ferred shares, and of 5 per cent per annum on 
the ordinary shares, in proportion to the capital paid 
np thereon for the year ended 31st March; 1889. The 
further dividend now recommended as above, will, if 
assented to by the Meeting, he pavahle on the 1st 
Anpust, 1889, at the London Office of the Company's 
Bankers. In accordance with the statement at the 
Extraordinary Meeting of the Company held in 
Eebruarv last, application was made to the Stock Ex- 
change Committee for a quotation of the Company's 
Preferred and Ordinary Shares, which was granted 
indue course. In M^rchlastthe Directors decided on 
issuing 4§ per cent. Debentures of the Company to 
the amount of £150, 000 The issue was made to pro- 
vide additional working capital to extend the business 
of the Company and fur the other purposes mentioned 
in the Prospectus. The Directors are glad to report 
that these debentures have all been subscribed for and 
a saving in the working expenses of the Company will 
be effected bv this additional Capital as the rate of 
interest payable will be less than that hitherto paid on 
the necessary advances required for upkeep of the Es- 
tates and the cultivation and gathering in of the produce. 
The expectations of the Directors wi+h regard to tea 
have been realized, as a large additional crop was 
secured, but. in view of the falling market they consider 
that the interests of the Company lie rather in the 
direction of increasing the yield per acre and im- 
proving the manufacture by judicious outlay and careful 
attention rather than in extending the cultivated area. 
With regard to coffee, the Directors have used their 
utmost endeavours to keep up this product whioh now 
commands such high prices, and they are happy to re. 
port that a marked decrease has been observed in its 
enemies, bug and leaf disease. As to Cinchona, 
although the price of hark has latelvruled very low, the 
Directors are led to believe that the large shipments 
which have for some time past come from Ceylon 
and depressed the market, cannot be main- 
tained for a lengthened period, and they anti- 
cipate that the principal source of supply of 
this article being thus diminished, the price of bark 
mi* show » food recovery within a corresponding time. 
T n e crop of sugar from the Company's estates 
during the year was a good one, hut the present 
ris" in the price of sugar came too 1 te to affect the 
Company's profits during tho year under review. It 
ia hoped, however, that, owing to the small stocks, 
a higher range of prices than usual as to sugar may 
be looked for during the coming season and that 
proportionate results may be attained. The Com- 
pany's estatos. both in Ceylon and Mauritius, are re- 
ported to be in excellent condition, and favourable 
accounts ! have been received from the managers in 
both islands of the prospects of these properties in 
the coming year. 
The Oriental Bank Estates Company, Limited. 
Balance Sheet to 31st March, 1889. 
Liabilities. 
Dr. £ s . d - . 
Paid-up Capital — 
226,572 Only. Shares £1 each fully paid ... 226,572 0 0 
1,690 „ „ „ „ 1/ „ ... 84 10 0 
40,902 Pref . „ £5 „ fully paid ... 204,510 0 0 
4J o/o Mortgage Debentures- 
Payments oh Application 
Sundry Creditors — 
Acceptances 
Accounts Payable 
Balance (as per Profit and Loss Account) 
Assets. 
Cr. 
£431,166 
10 
0 
6,475 
0 
0 
18,500 
0 
0 
99,683 
13 
0 
12,981 
19 
1 
£568,807 
2 
1 
£ 
s. 
d. 
Cost of Estates, Claims, Shares, &c, held by 
the Company as per last account 
Since purchased ... ... £24,868 3 8 
Less Sales and amount written 
off Machinery and Buildings 3,806 3 11 
410,911 1 
21,061 19 9 
431,973 1 5 
Stock of Sugars in hand ... ... 18,495 15 8 
Stock of Tea, Cinchona, Cocoa, Coffee and 
Cardamoms in hand ... ... 24,029 7 0 
Office Furniture, Stationery and Stores ... 2,220 12 9 
Sundry Accounts receivable ... ... 77,181 5 5 
Suspense Account (Stamps on Share Warrants) — 
Balance brought forward ...£4,000 0 0 
Less written off ... 1,000 0 0 
3.000 0 0 
Cash in hand ... ... ... 11,906 19 10 
£568.807 2 1 
Profit and Loss Account to 31st March, 1889. 
Dr. £ s. d. 
To Expenditure : — 
Upkeep of Estates and Charges in Ceylon, 
Mauritius s.id London (including amount 
written oft Suspense account and Allow- 
ance for depreciation on Machinery and 
Buildings) .. .. .. .. 89,725 13 10 
Interim Dividend paid in February, 1889 . . 12,821 17 10 
Balance .. .. .. .. .. 12,981 19 1 
Cr. 
By Income : — 
Balance of profit from last account ai 
payment of the dividend 
Produce in hand estimated to realize net 
Proceeds of Produce realized to 31st Mai 
1889, and profits arising from Age: 
Business, &c. 
£115,529 
10 9 
£ 
s. d. 
217 
17 5 
42, 525 
2 8 
72,786 
10 8 
£115,529 10 
Alex. William Crichton, ) ■,,•„„„„. -n-..„„+ „ 
William Cotton Bohde, j Managing Directors, 
Henry Greey, Secretary. 
Andrew John MacDonald, 
Grant Heatly Tod Heatly, 
Directors. 
THE NEW POSITION OF COCONUT OILS. 
The market for coconut oils has been entirely re- 
versed recently by marine acoidents which have pre- 
vented the arrival of expected supplies. The " Mohur " 
has been overdue some time and may not come to 
this port from Mauritius until September with her 
250 tens of Cochin oil and 600 tons of Ceylon oil. 
The next vessel to meet with delay on account of 
leakage is the Dalian bark " Fede e Speranza " with 
325 tons of Ceylon oil, and it is uncertain when it 
will come to hand. The early news about the "Queen 
of Nations" was more than confirmed by the cable 
reports from London on Monday which state I that 
the vessel had been wrecked on the African coast 
and that little if any salvage was left. The h.st un- 
fortunate event is very important to the trade if 
true, as the vessel contained within a fraction of 800 
tons of Ceylon oil. Still another is added to the 
chapter of accidents by the bark "Star of China'' 
