6o 
THE TROPICAL AGRICULTURIST. 
[July i, 1893. 
to be not only a credit to the designer, Mr. David 
Kerr, but it is now one of the landmarks of Cejlon. 
You will reoolleot that, about this time laet year, 
when we had the pleasure of meeting yuu here. 
I stated it might be possible, before the next aonual 
meeting wia due, we should have to call you together 
again to attend an extraordinary general meeting 
with reftrenoeto an issue of preference shares. Such 
meetiog has been faeld, and, as you know, those shareB 
have been iesued, and were very much over>applied 
for, and the board regret that they were unable to 
grant the applications made by the various shareholders. 
The prospects for this present year 1893 are exceed- 
ingly good. The prices of tea are certainly cot very 
high, but against that we have a very low exobauge 
and abnormally low freights, and, given a good sea- 
son, I see no reason why this present year should 
not be one of the best that we have ever experienced. 
You will join with me, I am snre.in expressing our high 
appreciation of the services reodered to the company 
by both our Ceylon and London staffs, and this gives 
me the opportunity and the pleasure of introdaoiug 
to yon Mr. David Kerr (our Ceylon manager) 
who will be very glad to give you any further in- 
formation as regards the estates, which he only left 
about a month or six weeks ago. Both be and 
I, before the resolution for the adoption or the re- 
port is pnt, will be pleased to answer any questions. 
Mr. Oooper : How is the reserve fund invested ? 
The Chairman : In Kupee paper aud Midland 
four per cent preference 6tcck. 
Ms. Cooper observed that it was necessary that 
the reserve fund shonld be invested in something 
that was as good as ready money, and ioqaired 
how Bnpee Paper was affected by the markets. 
The Chaitmao, in reply, said that Rupee Paper 
waa affected rather badly ; but the directors had 
invested in it as a sort of hedge, as, when the 
company's profits went down up would go Rupee Paper. 
The first £1,000 of the reserve fund was invested in 
Rupee Paper and the second £1,000 in Midland four 
per cent, preference stock, and the £1,000 that was 
uow to be invested would be put into something 
similar. The Chairman then proposed : " That the 
report and accounts be adopted, and that a dividend 
of 10 per cent., free of income-tax, be paid on and 
after this date." 
Mr. D. Kerr seconded the] lesolation, whioh was 
DUanimonsly adopted. 
The Chairman : I now propose : " That Mr. John 
Anderson be re-elected a director of the company." 
Mr. R. W, Forbes seconded the proposition, which 
tvas carried. 
Mr. James Anderson moved and Mr, D, Andrew 
seconded the reappointment of Mr. J. B. Laurie as 
auditor, whioh was agreed to. 
The Chairman next proposed a vote of thanks to the 
Ceylon and Loudon staffs. The company's main suc- 
cess, he said, was not here, but in Cejlon; what was 
done in Ceylon was done well, and what was done in 
Ceylon came here and was done equally well. 
This was seconded by Mr. R. W. Forbes, and carried. 
Mr. Kerr, in returning thanks for the staff in Ceylon 
Btid that the men nnder him there were all that 
could be desired ; bnt he would also like to say that 
a great deal of their snooess bad depended upon the 
great enconragement they had received from the 
London directorate. All matters in connection with 
the Ceylon staff had been so thoroughly understood 
at home that he had had no difficulty in getting along 
and working smoothly. 
The Chairman said he bad omitted to mention that 
at a board meeting previously held Mr, D. Kerr had 
been elected to act on the board during bis residence 
in England, a step of which be was sure everyone 
would highly approve, as Mr. Eerr had kindly under- 
taken to render every assistance while he was in this 
country, 
Mr. Cooper, in proposing a vote of thanks to Mr 
Forbes (the managing director), said it mnst be 
gratifying to him that, notwithstanding the bad year 
that bad been encountered, he had been able to 
vmm\ BO Bfttisfftotor; a report. At first eight be, m 
an oatsider, thought the estimated prodactlon of tea 
was very far oat ; but be now underetood that the 
calculations were made so long beforehand that no 
one was to blame. Another point on which be wished 
to ooDgratnlate Mr. H. L. Forbes was the great 
success that attended the iisae of the preference shares 
some time ago. 
Mr. Todd seconded the motion, which was passed 
unanimoosly. 
THE CEYLON TEA COMPANY, LTD. 
GENERAL MEETING. 
Minutes of proceedings at the seeend ordi- 
nary general meetiog of the sbarebolders in the 
Ceylon Tea Company, Limited under the patronige of 
the Planters' Arsociation of Ceylon held within the 
registered office of the Company, Mo. 42, King Street, 
Eandy, on Thursday, the 8tb Juoe, 1893, at 3-30 o'clock 
in the afteroooD. 
Present :— Hon. L. H. Kelly, M.L.C., Chairman, 
Ceylon Tea Company Ltd., Messrs. Giles F. Walker, 
(Chairman, Planters' Association of Ceylon), W. D. 
Qibbon, J. Munton, A. Philip (Secretary, Planters' 
As'ooiation of Ceylon) and A. E. Wright by his At- 
torney W. D. Gibbon. 
The notice calling the meeting was read. 
Letters regretting unavoidable absence were sub- 
mitted from Mr. J. H. Ronton of Messrs. Bosanqaet Sc 
Co., Colombo, Mr. A. Thompson of Messrs. Wbittall & 
Co., Colombo, Mr. T. C. Owen of Hatale Estate, 
Wattegama, Lieat. E. de Frisob, Vioe-Consul for 
Russia at Colombo ; also from Mr. E. Hamlin, Oriental 
Back Estates Company, Limited, who bad hoped to 
attend. 
The minutes of proceedings at the first Ordinary 
General Meeting of the shareholders of the Ceylon Tea 
Company Limited (under the patronage of the 
Planters' Association of Oeylon) held within the re- 
gistered Office No. 42 King Street, Eandy, were read 
and were confirmed. 
The statement of the income and expenditure and 
a balance sheet made op to March 31st, 1893, together 
with the Director's Report were snbmitted as follows: — 
Report of the Directors of the Ceyloo Tea Com- 
pany, Limited (under the patronage of the Planters' 
Association of Ceylon), presented to the Shareholders 
at the Second Ordinary Annual General Meeting of 
the Company held within the Registered Office of 
the Company.— 
St. George's House, 42 King Street, Kandy, on 
Thursday, the 8th day of June, 1893, at 3-30 p.m. 
The Directors beg to submit the Second Annaal 
Report of the Ceylon Tea Company, Limited. 
In view of representations made by shareholders 
and as likely to be convenient the Directors have 
decided to close the accounts of the Company an- 
nnally at 3 1st March instead of at 30tb Juce. 
The statement of income and expenditure and tho 
balance sheet made op to Slst March, 1893, laid 
before the shareholders are accordingly on this oeea- 
sion for a period of nine months only, while the 
profits shown have accrned between 16th August 1892 
and Slst March 1893. 
The sum of R511-91 shown to debit of profit and 
loss account results by including, it will be observed, 
the following items aggregating B1413'74 partially 
liquidated out of profits from 15th Angust, 1892, to 
Slst March, 1893, viz., Manager, Tea Kiosk (H. B. 
Millar) additional lots on working Tea Kiosk np to 
15th Angust, 1892, R675 93 ; advertising account 
R275'06, a portion only of which should be charged 
against the working of the Company during the 
brief period nnder review ; Registration of Trade 
Mark (in Ceylon) R102-64, an item which will not 
again occur, and Sign Boards al Railway Stations (on 
acoonnt) RS60'11 ; property obargeable to property 
moveable, and which when the ooatract for this work 
is completed will be so treated, a reasonable snm 
only for depreciation being debited to Profit and 
Loss satiBfactory therefore on tbe whole as thesa 
etatemeota of acooanti itre the Directors bars u^ji 
