THE TROPICAL 
AGRICULTURIST. [February i, 1882. 
sold at Mauritius, and by the latest estimates the crop is 
likely to be about 6,000,0001b. against 4,3G2,8041b. last year, 
1S80-1. Prices are, on the average, slightly higher, and, as 
the disbursements are rather less, it is now confidently hoped 
a credit balance of some amount may this year come to profit 
and loss, instead of the adverse balance of last year. The 
small lawsuit in Mauritius, which the directors considered 
at an end, has been revived on appeal, but it is' likely 
to come to a trial soon, and the amount involved is not of 
great importance. 
7. — It is not customary or possible at the half-yearly 
meeting's to report much upon the accounts. The following 
statement may, however, be interesting to the proprietors : — 
The amount of mortgages and other 
securities at Mauritius which in 
the last report was ... £64,026 3 3 
Is now ... ... 43,025 19 5 
Being a reduction in amount of 
investments in Mauritius of £21.000 3 10 
The Directors have also sold 
property in Ceylon for about £900 0 0 
The amount of debentures on 
31st March, 1881, was ...£78,238 10 0 
On the 1st January, 1882", it 
will be ... .. 60,500 0 0 
Reduction ... £17,738 10 0 
The calls that have been made 
in 1881 amounted to ... £S8,781 
Of which there has been received 75,349 
Leaving arrears 
The arrears for calls in 
amount to 
Making the total arrears of calls on 
shares not otherwise dealt with £20,044 
Since the 31st March last, the direct- 
ors have forfeited 450 shares," 
upon which capital had been paid 
And in connection with these for- 
feited shares there has been a 
surrender of 232 fully paid shares 
upon which capital had been paid 
Making thu 
£8,020 to be applied 
in the yearly account 31st March, 1882, to the credit of the 
account estimated deficiency in value of assets. 
Ah the remaining over-due Calls are receiving constant 
attention. 
7. — The directors have again warmly to thank the pro- 
prietors for the general promptitude with which the calls 
have been met and it is with regret that they find it will be 
necessary to make a call of £1 per share in April next. 
George Sxtakt Simpson, Chairman. 
THE CEYLON INVESTMENT ASSOCIATION, 
(LIMITED.) 
Report by the Directors to the fourth ordinary general 
meeting of the Company, to be held on "Wednesday, the 
14th day of December, 1881, at twelve o'clock, within 
the Accountant's Hall, West Nile Street, Glasgow. 
The Directors submit herewith the accounts of the 
Company for the year ending 30th September 1881. 
In view of the continued difficulty in finding suitable 
investments for the Company's funds, the Directors have 
not deemed it expedient to press for debentures during 
the past year, consequently a sum of only £11,830 has been 
added fco this account, while a sum of £500 has been retired. 
The investments made by the Company during the past 
year amount to £16,333 fis 8d, whilst there had been repaid 
.£\<.m lis Id. A very large number of applications for 
loans have been received since the date of last report, 
but the security offered in many cases did not admit of 
their being entertained. 
The directors are glad to be able to report that the 
security for the invested funds of the Company continues 
satisfactory, and that the interest on all Bonds has been 
punctually met, with the exception of £800, which the 
directors have every reason to except will be settled shortly. 
The Board obtained much benefit from the information 
received from their Secretary, Mr. Kirwan, as the result 
of his visit to Ceylon. While in the island, this gentle- 
man made a careful inspection of all the estates in which 
the Association is interested, and his report may be held 
as extremely satisfactory. 
Prospects in Ceylon are reported to be slowly, though 
steadily improving. The cultivation of new products is 
being rapidly extended, and the success which has already 
attended the growth of these promise well for the eventual 
rise in the price of land in the colony. 
The Directors have to report with much regret the 
resignation of their late managers, Messrs. Grahames, Crum 
& Spens, owing to a change in the rules of the Glasgow Stock 
Exchange, whereby members thereof are prohibited from 
holding the appointments of managers of Public Companies. 
The election of a new manager has been left to the 
first statutory meeting of the new Board, meanwhile Mr. 
Kirwan continues to act in that capacity. 
By the Profit and Loss Account, it will be seen that the 
balance at the disposal of the Company amounts to 
£2,837 15 11 
The Directors advise that the sum should 
be applied, viz. : 
(1.) In payment of a dividend 
at the rate 6 per cent, to the share- 
holders £1,800 0 0 
(2.) In writing off the whole 
balance of expenses in connect- 
ion with the debentures issued 
during the year, 51 9 5 
1,851 9 5 
Leaving a balance of £986 6 6 
of which it is proposed to place £800 to a Reserve Fund, 
and to carry forward the balance of £186 6s 6d to next account. 
The Directors falling to retire at this time are Messrs. 
King and Aitken. 
The Directors regret that Mr. Aitken, owing to the distance 
of his business from town, is unable to continue his seat 
on the Board. 
The Board recommend that Mr. King be re-elected, and that 
Mr. Nathaniel Spens of Messrs. Grahames, Crum & Spens, late 
Managers of the Company, be elected to fill the vacant seat. 
It also falls to the Shareholders to elect Auditors for 
the current year, Messrs. Alexander Moore, C. A., Glasgow, 
and David Cowan, C. A., Edinburgh, are eligible and offer 
themselves for election. 
J. Bbooks Weight, Interim Chairman ; 
J. Maitland Kirwan, Secretary. 
Balance Sheet as at 30th September 1881. 
Dr. Liabilities. 
Capital Account; — 
15,000 Shares of £10 each— £150,000— 
of which paid up £2 per share ... £30,000 0 0 
Debenture Account, ... 67,540 0 0 
Royal Bank of Scotland — in temporary loan, 7,800 0 0 
Interest on Debentures, accrued but not due, 1,310 4 1 
Sundry Creditors, 71 16 2 
Profit and Loss account for balance ... 2837 15 11 
£109,559 16 2 
Or. 
£S7,H4 12 10 
Interest accrued, and £800 of interest in arrea, 2,821 4 11 
Balance and Expenses in connection with 
issuing debentures, applicable to future 
years, 
Sundry Debtors, . . 
Funds :— 
At credit with Bankers, £19,141 5 4 
Cash at Office, ... 24 2 7 
At credit with bankers (abroad) 353 9 5 19,518 17 ■ 
£109,559 16 2 
Assets. 
Loans over Landed Property in Ceylon 
51 9 
53 11 
