June 2, 1890.] 
THE TROPICAL AGRICULTURIST. 
839 
passed to Profit and Loss, and from the balance 
at credit of this account, £2,014 10s 8d, the 
proposed dividend would be provided. After 
payment of dividend and income tax, there will 
remain only a nominal sum to carry forward to next 
account. The Directors quite recognize the desir- 
ability of establishing a reserve fund, and now that 
all heavy outlay on capital account has been in- 
curred, the commencement of a reserve will be made 
on the first opportunity. I would point out that 
10 per cent, at least, has been added to the value of 
the Company's property by the capital expenditure 
already referred to, and consequently the shares in 
the Company have increased in value 10 per cent. 
It is satisfactory alike to vendors of the estates, and 
to the Company, that while the expenditure comes 
within £10 of the estimate, the receipts of produoe 
show a very large increase on the estimated quanti- 
ties. The items of those increases over estimates 
are tea 34,277 lb., coffee 1,170 bushels and cinchona 
bark 4,073 lb. I have no wish to prophecy what 
future results are to be, but I may, at least, state 
that the position is a thoroughly sound one, and 
with care and economy in London and Ceylon, if 
the Scottish Ceylon Tea Company does not pay 
well in the future, it will be a poor lookout for 
the now prosperous island of Ceylon. It is fitting, 
and I may add a pleasure to me, to ask the share- 
holders to record their thanks to the manager and 
staff in Ceylon who have the interests of the Com- 
pany at heart, and who have conducted its affairs 
with energy, ability, and judgment saving where 
outlay could be wisely avoided, but omitting no work 
nor improvements likely to enhance the value of 
the Company's property, or increase its returns. 
The shareholders are also indebted to the Secretaries 
in London for their efforts in the interests of the 
Company. I will now propose the following reso- 
lution : — ' That the report and accounts, as presented 
to the shareholders, be adopted, and that a dividend 
at the rate of 4£ per cent (free of income tax) 
be declared and paid on and after this date.' Before 
putting this resolution, if any shareholder desires 
lurther information, I will be glad to answer any 
query to the best of my power." 
Messrs. Cooper and Todd made a few remarks 
laudatory of the Company's economy in working, 
and Mr. Todd put some questions as to items of 
account which were replied to satisfactorily. 
The resolution was then seconded by Mr. Cooper 
and carried unanimously. 
The next business of the meeting is to settle the 
remuneration of the directors for 1890, and any 
proposal aB to this had better come from some 
shareholder. 
Mr. Andrew proposed and Mr. Todd seconded 
the following resolution: — "I beg to propose that 
the remuneration of the directors for the current 
year be on the following sliding scale to be by 
them divided among themselves as they think fit in 
accordance with the Articles of Association of the 
Company : — 
If no dividend, or a dividend of under 4% £50. 
If a dividend of 4% and under 5% 100. 
of 5% „ 7% 150. 
of 7% ., 8% 200. 
>, .1 of 8% or over .. 250 
which, on being put to the meeting, was carried 
unanimously. 
ELECTION OF AUDITOR. 
Mr. Jas. Anderison proposed and Mr. Cooper 
seconded the following :—" That Mr. J. B.Laurie 
be re-eleoted auditor for 1890 and that his re- 
muneration be fixed at £10 10s." 
On the motion of Mr. Cooper, seconded by Mr. 
Todd, a vote of thanks to the Chairman and 
directors was carried by aoolamation, 
THE EASTERN PRODUCE AND ESTATE 
COMPANY LIMITED. 
Coffee, Cacao, Tea, Cinchona, Cardamoms. 
Directors : — Ralph A. Cameron, Esq., Managing 
Director. Norman W. Grieve, Esq., O. J. Lindsay 
Nicholson, Esq., David Reid, Esq., Christopher B. 
Smith, Esq., Edward AVahab, Esq, 
The Directors herewith submit Keport and Balance- 
sheet for the second year's working, ending December 
31st 1889. 
The profit for the year has amounted to £18,513 14s 
lOd and, after providing £11,749 13s for payment of 
Interest on Debentures, and the Preference Share 
dividend, there remains a balance of £6,764 Is lOd to 
be carried to Reserve Fund in terms of the Articles 
of Association. Including the balance of £435 13a lOd 
placed to this account last year, the Reserve fund will 
now amount to £7,199 15s 8d. As the Shareholders 
are aware, the profits of the Company must be applied 
to the further increase of this Reserve Fund until it 
reaches £10,000, and thereafter to the annual redemp- 
tion of £3,000 of the Debenture debt before a divid- 
end can be paid on the Ordinary Shares, such dividend 
then not to exceed 3 per cent, per annum, until the 
Debentures are reduced below £50,000. A favourable 
season for coffee in 1889 which has resulted in a bet- 
ter yield of crop, as compared with the previous year 
from the limited area of the Company's properties re- 
maining under this cultivation, coupled with the high 
prices ruling for this article, has been a material as. 
sistance to the year's profits. As exhibited in the 
schedule annexed, the Company has 9,306 acres under 
tea cultivation, of which about 4,700 acres are over four 
years old. About 190 acres more are being planted 
during the current year. The yield of tea in 1889 waa 
1,108,000 lb., and the average gross price obtained 
including purchased leaf, was Hid per lb. The crop 
for 1890 is estimated at l,365,000ib. The Shareholders 
will learn with satisfaction that the liquidators of the 
Ceylon Company, Limited, with the sanction of the 
High Court of Uhancery, have compromised the lone- 
standing suit with the representatives of the late 
Mr. R. J. Corbet. The arrangement has not involved 
any money payment on the part of the liquidators 
but it has included the surrender of tne mort- 
gaged pioperties and the Company's undivided half share 
of Maiuuckwatte Estate. All legalprocee dings, with their 
attendant risks and expenses, have consequently ter- 
minated both in Ceylon and in this country ; and the, 
last hindrance being now removed, the completion of 
the liquidation of the old Company will be carried ou* 
without delay. 
The Directors regret having- to announce the death 
of their colleague, Mr. Ohas. H. Stewart. In accordance 
with the Articles of Association, two of the Directors, 
viz., Mr. Nicholson and Mr. Cameron, retire from 
office, and bemg eligible offer themselves for re-election 
Ihe retiring Auditors' Messrs. Welton, Jones & Or, * 
also offer themselves for re-election. C J f 
NicholsoD, Chairman. ' * 
27, Clement's Lane, Lombard Street, E. C, 
Schedule of the Company's Estates 16th ' 
Arapolakaude ; Algeria and Maddawella ■' Bulat 
watte Bladdawella; Belgodde; Oolonna (Let o „ itase) 
Condegalla; Dandukelawa ; Doombagastalawa ; Dromo- 
land. G.gran E la; Ho t ,e; Ingurugalla and Berro- 
wella; K,rnmitt,a ; Koladenia; Kumaradola; Labook- 
ell.e; Meddecoombra ; Montetiore. Norwood Koths- 
child; Sinuegodde and Bellevue (Let on leaseV W 
amma; Vollaioya; Wevekellie; Woodslee ' ' g " 
8,410 
Under Tea 
,, Tea (with some remaining 
Coffee) S9 6 
Coffee.. .. 9 -3°6 
Cocoa. " 
J', Cinchona, CardamomVand S uudries 446 
„ Forest, Graesand uncultivated Land 6,074 
Acres. 
Total 17,275 Aores- 
