September 2, 1889.] THE" TROPICAL 
AGRICULTURIST. 
197 
that of others, of orops of the annual value of more 
than £200,000 — we have been obliged for a consider- 
able part of the year to borrow large sums by way 
of advances, and these advanoes could only be ob- 
tained at the high rates of interest current in the 
colonies. But now, with this fresh and cheap, 
because well-secured-capital, we shall no longer stand 
in need of advances, and no longer, therefore, have 
to bear the burden of the heavy rates of interest 
heretofore entailed upon us. It is in view of the 
faot that the interest on these debentures will not 
be so heavy or so large in amount as that on the mere 
temporary advances, while the financial condition of 
the company will be incomparably more secure, that we 
have carried out this issue of debentures, and we 
have done so with success and economy. (Applause.) 
Turning now to another subject you will see from 
the report that we look for a recovery in the 
price of oinohona bark in the not distant 
future, and this we base on the fact that supplies 
on the present scale cannot be contiuued, at all events 
at present prices, for any length of time. The con- 
sumption of cinchona bark is very large, and is in- 
creasing year by year, although it is somewhat re- 
tarded by the high price charged for it — I mean 200 
to 400 per cent, profit by the retailers — and this often 
amounts to a denial to the poor of this excellent 
drug. Great discoveries have reoeotly taken place with 
regard to the action of quinine in cases of malaria 
fevers, which we all know cause suoli injury 
to health and suoh great loss of life almost through- 
out the world. This discovery has been confirmed, 
and is admitted by the scientific world, and it is that 
there is a microbe invariably concomitant with the 
malarial fever and, therefore in all probability the 
cause of it, and that this mocrobe is attacked imme- 
diately and destroyed by the administration of quinine, 
and that is proved to ocular demonstration. (Hear, 
hear.) The microbe infests the blood of the pa'ient, 
and in an article in the Nineteenth Century for June, 
the observation of the microbe in the blood of the 
patient, and the effect of quinine upon it are described 
as follows: — ' It is necessary i or really good observa- 
tions to draw the drop of blood from the finger of the 
patient " — that is, the drop of blood to be examined — 
before quinine has been administered. This drug is 
so powerful a specific that it soon destroys the microbe 
at a mature stage of its existence, leaving the crescence 
only to disappear later. That this particular organism 
is the direct cause of the terrible changes which take 
place in the blood there can be little doubt, as the 
symptoms prove grave or slight according to the amount 
of destruction occasioned by its presence. Moreover, the 
progress of the disease can be checked by quinine directly 
influencing the life of the parasite." (Applause.) 
Here, gentlemen, is a remarkable triumph for quinine. 
No other drug is in the same position. But it is not 
only on account of the excellence of the commodity, 
but from the fact that while the consumption is in- 
creasing the supply has a tendency to decrease, that 
we are warranted in saying that you have in your large 
oinchona plantations a property of great value and 
importance. (Cheers.) With regard to the Mauritius 
properties, you will, perhaps, remember that they 
have been managed on our account ever since we 
have been in possession, by Messrs. Ferguson and 
"Weymss, who were, and are, the agents for the official 
liquidator of the old Oriental Bank Corporation. These 
gentlemen have been in charge of the interests of 
the liquidation all along, and they were, therefore, 
well acquainted with the circumstances and the pecu- 
liarities of our estates, and, consequently, it was de- 
sirable that they should remain in charge of them, at 
all events, for some time. But now we find that they 
are so much, and increasingly occupied with the es- 
tates and affairs of liquidation, and with numerous 
other matters, that we have thought it better that 
someone should be placed in charge of our business 
who was able to devote his whole time and attention 
to our interests, and !Uansrs. Ferguson and Weymss 
themselves ooncur in thinking this advisable. In 
September last, therefore, wf> sought the servioes 
of Mr. Frederick William Nash. He has had a 
life-long experienoe and knowledge of the sugar 
trade, both in London and abroad; he has 
been in actual charge of a good sugar estate in the 
West Indies, and there he not long ago superintended 
the erection and successful working of new plant 
and machinery, embracing the modern improvements. 
We have received the highest testimonials in Mr. 
Nash's favour, and we believe him to be, without 
doubt, a person of great experience, ability, anil high 
character. (Applause.) Mr. Nash studied the ques- 
tions and accounts relating to Mauritius with us for 
some time, and then proceeded to Port Louis, where he 
assisted our agents and took over the m tnag- nient 
from them at the end of March. He has already won 
respect and confidence there and we h >pe that his 
counsels will be of benefit not only to this company, 
but to the interests ©f sugar generally in the island, 
(Oheers.) An important proposal has been made to 
us, through him, by the Mauritius Government — for 
the Government takes much interest in planting 
matters — that certain improvements in the manu- 
facture of sugar, from which considerable addi- 
tional profit is expected, should be carried out 
on one of our estates under Mr. Nash's super- 
vision, and the Government making an advance of 
money for the purpose. (Hear, hear.) Mr. Nash starts 
on his new career under the best auspices, for the 
next crop promises to be an unusually abundant one, 
and as I said before, the price is likely to be much 
above the average. Indeed, in looking at the produce 
market, we cannot bat think the "prospects encoura- 
ging. Sugar, tea, and coffee all seem to be on the rise, 
and to command excellent prices — the prices of tea 
are improving with every report. In conclusion, gentle- 
men, I would remind our old shareholders, and I would 
point out to such as have lately taken interest in the 
undertaking, that the history of this company has been 
one of continuous progress. Starting at a time when 
things were involved in the difficulties of liquidation 
the old shareholders came together, and on such in- 
formation as was supplied to them they chose these 
estates, out of the numerous properties of the old bank, 
as likely to yield about the best results. There have 
been — of course, in considerable undertakings, there 
will always be — difficulties and anxieties ; but 
they are being overcome, economy is being euforce.d, 
the cultivation and methods of manufacture are being 
improved, and the condition of the estates is being 
everywhere perfected ; and, notwithstanding the ex- 
penditure on all these things you have had a good 
return. It is by persevering on these lines with 
energy and determination that we trust to add further 
to the success and prosperity of the company. (Oheers.) 
There being no discussion, 
The Chairman than proposed the following resolution : — 
" That the directors' report the statement of accounts 
to March 31st, 1889, now submitted be and are hereby 
adopted." Seconded by Mr. Grant Heatly Tod-Heatly, 
and carried unanimously. 
It was proposed by the Chairman, seconded by Mr. 
Rohde, and carried : — ■ 
" That in accordance with the recommendations of 
the directors a dividend of three shillings and sixpence 
per share on the issued preferred shares, and of 
sixpence per share on the fully paid ordinary shares, and 
of a proportionate amount on the partly paid ordinary 
shares (making, with the interim dividend of a similar 
amount paid on February 1st last, a total payment 
of 7 per cent per annum on the issued preferred shares, 
and 5 per cent per annumn on the ordinary shares 
in proportion to the capital paid up thereon for one 
year, ended March 31st, 1889), to be paid on and 
after the first day of August, 1889, upon the shares 
on the company's register at March 31st, 1889." 
" That the retiring direotor, Mr. Grant Heatly Tod- 
Heatly ba and is hereby re-elected," w is proposed by 
the Chairman, seconded by Mr. Macdonald, and carried 
unanimously. 
The auditors, Messrs. Quilter, Welton & Co., were re- 
elected, on the motion of Mr. C. F. Thomas, seconded 
by Mr. G. Field. 
The meeting then terminated with a voto of thanks 
to the Chairman, proposed by Mr. Field, seconded 
by Major Speed, and briefly acknowledged. — L. and O- 
Express, July 19th. 
