Augsut I, 1887.] THE TROPICAL AGRICULTURIST. 
81 
Promt and Loss Account fob the year to 31st 
March, 1887. 
Assets. 
Glencaim and Macduff estates 
owned by tlie Association taken 
at cost price ... £25,078 2 G 
Amount at debit of Property 
Improvement Account at 31st 
March 1886 ... ... £221 17 6 
Amount expended during current 
year ... ... 390 0 3 
1511 17 9 
Loans over Landed Property in 
Ceylon 
Tea Machinery 
Hallowella Tea Seed 
Interest accrued but not due 
Sundry debtors including out- 
standing account sale of 
produce .,, 
Produce on hand — 
Belongiug to the Association £2,344 II 9 
Belonging to Crauley ... 1,776 4 8 
Cash with Bankers at Home and 
Abroad ... ... 6,914 10 2 
Less; Due to Secretaries... 10 3 11 
EE VENUE. 
By Balance from last year 
,, Profit on year's working of 
estates — 
Produce sold and on haud £4,498 1 1 3 
Less : Expenditure ... 2,527 9 9 
25,690 0 3 
12,917 5 6 
65 10 6 
70 2 6 
368 13 3 
869 16 
4,120 16 
6,904 6 3 
£51,006 11 
£.'45 16 6 
Deduct loss on realisation 
of 1885-6 produce 
By Interest on Investments ., 
,, Commission 
,, Registration and other 
fees ... 
£1,971 
1 
6 
42 
18 
4 
£1,92X 
3 
2 
986 
19 
1 
29 
0 
8 
10 
5 
11 
2,954 8 10 
£3,200 5 4 
Bhown & Fleming, C. A., 
Joint Secretaries. 
KliPOitT OF THE PROCEEDINGS AT THE ANNUAL ORDIN- 
ARY General Meeting of the Members of the 
Company, 8tu June 1887. 
The Third Ordinary General Sleeting of the Oeylou 
Estates Investment Association, Limitad, was held in 
the Accountants' Hall, AVest Nile Street, Glasgow, on 
8th June, 1887, for the purpose of receiving the 
Directors' Report and Statement of Accounts for the 
year ending 31st March 1887, and electing Directors 
and Auditor. 
The Vice-Chairman, Mr. Nathaniel Spens, c.A., 
presided in the unavoidable absence of the Oh airman, Mr. 
"Wright; and there were present : Rev. Peter Grant, 
d.d. and Messrs. J. B. MacBrayne, Kobert Davidson, 
William Bottomley, Jun. ; James M'Kinnon, George 
Duthie, Henry Knox Dick, Wm. Towers-Olark, and 
others. 
Mr. Brown, of Brown & Fleming, O. A., Secretaries, 
read the notice calling the meeting. 
The Chairman said — 1 suppose we may hold the re- 
port as read. I don't think we need trouble you with 
it. I regret very much that owing to illness, our ('hair- 
man, Mr. Brooks Wright, is unable to be with us today. 
I am glad to say that he is recovering, and I hope that, 
On another occasion, he will be able to take his place in 
the chair. (Applause.) It therefore devolves upon me, 
gentlemen, to move tho adoption of this, our second 
report. It is a great satisfaction to my colleagues and 
11 t hat wo should be able to meet the Shareholders 
with another statement showing another dividend, 
more particularly because this year we had to contend, 
&8 the report shows, with a very short coffee crop. As 
have not yet reached the stage of development of 
our ten, which makes us more independent of coffee, we 
were very glad indeed when we found that, by a rise in 
the price of coffee, and by our being able to harvest a 
considerable amount of cinchona, notwithstanding 
the very low prices we got for that product, we 
were able to maintain the results of last year. 1 
think, in this Company, we have now come to the 
stage when we may look forward to the estates 
bearing a large quantity of tea, and that, therefore, 
in the future we will probably be able to rely, from 
our three sources of profit— coffee, tea, and cinchona — 
on the results of our income being steadier, and, I 
believe, also considerably increased, as compared 
with anything we have experienced hitherto. 
There is one point about the Compauy to which I 
desire to refer, but which has, perhaps, more refer- 
ence to the past — to the days before we were turned 
into this Company. It is, as you will observe from 
the accounts, that our loans are being gradually, but 
surely and steadily, repaid ; and, I am glad to think, 
being repaid without any loss to the Association. 
(Applause.) The amount of the loans in the balance 
sheet stands at £12,917, and we expect that, within 
the next few months, they will be reduced, as you will 
see from the report, by somewhat over £5,000. The 
result will be that we will have a little over £7,000 
upon loans over two estates, and both of those are, 
in my opinion, about as safe investments as 
any company or society could have. With 
the reduction and the repayment of the two 
loans, mentioned in the report, your business will then 
become very much limited to working our two estates. 
In regard to these estates, it will probably be of interest 
to you to know that on the larger estate of Glencaim, 
the extent of which is about 592 acres, we have now got 
363 acres planted up with tea. We had last year a 
crop of tea of nearly 30 0 X) lb. The comiDg year we ex- 
pect to have about 50,000 lb., and ultimately we hopo 
we shall have, from that estate, nearer 100,000 lb. The 
advantage of the tea crop is — and it is one of consider- 
able importance, we think — that it is expected to prove 
a much steadier crop than coffee has been. That has 
been the experience of other companies, and we believe 
that there will be, for some time, a steady progressive 
increase in our income from it. I myself do not hope 
to see any much further extension of tea on this estate, 
as coffee is at present giving us fair crops, and, with the 
advancing prices, I thhik it will pay as well as tea. We 
cannot cultivate them together, but we have to choose 
between the one or the other. On the estate of Macduff, 
which extends to 221 acres, we have planted with tea 
nearly 100 acres, and it gave a yield last year of about 
7,000 lb. green leaf. This year we expect to have 
about 40,000 lb. green leaf. There is one point of 
interest to the shareholders, which is, that our Glen- 
cairn tea is being sold under the name of " Glen- 
cairn Tea." We make it ourselves, and in the re- 
ports of produce brokers the high quality of Glencaim 
tea has several times been remarked. I may 
mention that these brokers are not our produce brokers, 
so that it is independent testimony of the - good tea 
produced. (Applause.) In regard to Macduff tea, we 
have not yet sold it under the name of " Macduff 
Tea," not because we do not think quite as highly 
of it, but because a smaller quantity is being pro- 
duced, and we have not yet got the requisite machin- 
ery for manufacturing it. At present it is being sold 
on the estate as green leaf. I have no doubt it will 
be sold in London under its own name by-and-bye, 
and prove satisfactory. 
I think the shareholders will see from all these 
statements that we have reason to be satisfied with 
our property. There is no doubt that the repayment 
of our loans will deprive us of the income which we 
have had in the past from borrowiug upon debentures 
and lending at a little higher rate in Ceylon. Ou 
the other hand, the shareholders will be re- 
lieved shortly of any liability upon debentures, 
and a considerable first charge ou the incouiu 
will be cancelled. Your returns will depend 
upon what the two estates yield to you. Tin ^ 
cost you some £5,000 less than your paid-up capital. If 
we thought it unlikely that we should get a good re. 
turn, we would have to consider whether we should 
