June a, i8go.] THE TROPICAL AGRICULTURIST. 
PLANTING IN NORTH BORNEO. 
British Borneo Trading and Planting- 
Company. 
The third ordinary general meeting of the British 
Borneo Trading and Planting Company ("Limited) was 
held at the Cannon-street Hotel on the 30th ult. ; Mr. 
J. J. Dunn (chairman and manging director) presiding. 
There were three things which we proposed to our- 
selves, and hoped to accomplish. These were, first of 
all to increase the capital to bring ns within the re- 
gulations of the Stock Exchange : secondly, to get a 
quotation for our shares : and, thirdly, to pav a dividend. 
I am banpy to say that we have accomplished these 
three things, and our company is now in a very much 
better position than it was when we presented our last 
balance-sheet. The capital account now stands at 
£83,410, leaving a balance of nearly 17,000 shares still 
to be issued : and although we have amnio capital at 
the present time, I have not the least doubt that we 
shall find useful employment for the unissued capital 
in developing our estates later on. As stated in the 
report, we have issued the shares since last April at 5s. 
premium, and we hope to issue the balance at the 
same price, if not more. With regard to the nroperty 
account, you will notice that the estates stand at the 
same value as in the last balance-sheet — namely, £29,000. 
At the last ordinary meeting I stated that if our estates, 
which then amounted to 100,000 acres, were valued at 
the same price that other companies had naid for 
theirs, it would figure out at from £150.000 to £250.000. 
I think that estimate has been very fairly fulfilled, as 
in the meantime we have disposed of about 30.000 
acres at an average of nearly £3 per acre. Therefore 
I think we were fully justified in keeping the value of 
the balance of our estates of nearly 70,000 acres at 
£29.000. and not writing off anything further. In fact, 
if the 70,000 acres were valued at only half of what 
we have sold a portion at, it would still represent 
£105,000, which is a verv substantial asset. I mav also 
mention that the £29,000 includes the value of the 
fibre-machine rights for Borneo. As stated in the 
renort, we have formed two subsidiary companies, each 
with the nominal capital of £100,000, and as we hold 
over £63.000 in the shares of these companies, you 
will bo glad to hear what their position and prospects 
are. In forming these companies we agreed to act as 
agents and general managers. That position is very 
advantageous for them, and also for ns, as I am quite 
sure the planting companies who only depend upon their 
estate manager are at a disadvantage as compared with 
those who have outside firms or companies to act as 
their local agents. If they want coolies, stores or 
anything of the kind the estate manager is not able 
to leave the estate, and if be does so it is very detri- 
mental to its success. "With regard to the Suaulamba 
("Borneo") Tobacco Company (Limited), the capital was 
fully subscribed- The estate formed a Dortion of those 
formerly owned by the Chinese Sabah Company of 
Shanghai, and we have purchased this estate from 
the Government of British North Borneo, they having 
a mortgago over it. It had previously produced first- 
rate tobacco, which was exhibited at the Colonial 
Exhibition, but last year it was not under cultivation, 
so that this year we had to obtain a fresh supply 
of coolies and assistants for the estate. It was in- 
tended that Mr. Johnstone, our planting manager, 
should superintend this estate, but he has given it 
as his opinion that it is absolutely necessary the 
manager should reside on the estate, and that a visit- 
ing superintendent only will not do. He, therefore, 
engaged the services of an experienced man (Mr. 
Fockens) from Sumatra, and this gentleman went to 
reside on the e«tate earlv in the year. He had ex- 
cellent ti^ ,: monials, and Mr. Johnstone he s confirmed 
those bv stating that, in bis opinion, Mr. Fockens is 
quite as capable as himself, and does not need any 
superintendence. I am sorry to say there has been 
great difficulty in obtaining labour on this estate, 
owing f o tb" number of now Companies which wero 
formed at the bcggining of the year for planting 
tobacco. The brokers in Oliina formed a ring, and 
ran un the nrices, so that before von oould obtain 
a single coolie you had to pay §100, or over £ 15, 
for each man, and then you have to run the risk of 
bis running away, or his dying when he arrives at 
the estate. It is an almost prohibitory price, but 
the Chinamen saw their opportunity, and used it. 
This has interfered seriously with the development 
to the estate as we intended — in fact, not only our 
estate, but every state in Borneo has suffered in a 
similar way, from it being impossible to get the 
number of coolies required. Mr. Fockens and his 
assistants have suffered from fever a great deal this 
year, but both Mr. Fockens and Mr. Johnstone are 
of opinion that as soon as a larger area of country 
is oppned up this will disappear. With regard to the 
SagaUud estate, it was under cultivation last year, 
and 'herefore had the advantage of having seasoned 
cooli"s. Such men are more easily dealt with than 
stran^" men, especially Chinamen, and, that being 
so, this estate has got on more favourably than the 
Suanlamba. From the reports of our general manager, 
and from official sources, we learn that the Sagaliud 
estate is the most flourishing and forward in all Borneo 
of anv tobacco estates. Mr. Johnstone, writing home 
recently, stateR that be estimates from it alone 600 
piculs of tobacco as the crop from it. That is a very 
fair crop, and bears out our estimates as to what the 
prospects of the company would be. Our general mana- 
ger — Mr. Hughes — writes home that he is proposing 
to open two new estates next year, and he has already 
commenced fe'ling timber for clearing the estates. It 
will be a question with us whether we shall develop 
these estateg with our own canital, or form them also 
into subsidiary companies. The chairman went on to 
say that the company had obtained the services of a 
medical advi«er — Dr. Parsons — who had gone out with 
hi« wife and family. He was now residing at Sandakan, 
and would act also for the tobacco companies. As to 
tobacco planting generally, the crops on this company's 
estates, as well as those of other companies, went to 
show that there was not the least doubt that Borneo 
would compete successfully with Sumatra as regards 
the quality of the tobacco. It was a question of man- 
agement and labour, and he believed they would soon 
be able to overcome every difficulty in that respect. 
Tbev bad sent some of their assistants to India to 
obtain labour from that quarter which would cost 
about a fourth of the cost of Chinese labour. The 
Dutch Government in Sumatra had endeavoured to 
obtain this Indian labour, but it had been refused bv the 
Indian Government, and as there could be no objection 
to Indian coolies going to a British colony, there was 
every hope that, with Indian labour they would be 
able to work much more cheaply and advantageously 
than in Sumatra. As to the sa wmill department, the ac- 
counts not having been sent., have prevented his giving 
the shareholders as much information as they would 
have liked. This was chiefly to the breakdown in health 
of the accountant sent out in the beginning of the year 
who had to return home. This caused some confusion 
and delay before be could be replaced. At the same time, 
he was able to give some idea of the business from the 
letters and reports they had received. Mr. Boultby, 
whom he left in charge of the mill in December last 
year, was going to ship 1,000 logs to China, and had 
received another order for 2.000 logs for the same 
quarter. Letters subsequently received informed them 
tbat the vessel chartered to take those 1,000 logs to 
China was only able to load a little more than half that 
quantity, owing to a miscalculation. On the arrival of 
the cargo in China the merchants to whom it was con- 
signed stated that in their opinion the timber was not 
'ufficiently seasoned, that being also th« general opinion. 
The board thereupon wrote to Mr. Boultby to stop 
shipping hard wood until it was properly seasoned. 
Some timbpr bad been sold here, and it was put down 
in the balance-shee* at an average of £5 a ton. A small 
portion had realised at the rate of £17 10s. a ton, and 
from what they had seen of the timber here there 
was not the least doubt that if it was seasoned and sent 
home in proper condition, there would be an unlimited 
de" °nd for it, and it would show a very good profit. 
The mill had been largely engaged during the past 
six months in executing an order for a local company, 
for cutting timber supplied by Messrs. Abraham and Co. 
