THE TROPICAL AGRICULTURIST. [Nov. i, 1893. 
and the produce of wbioh appears 00 tbe credit side 
of the aooouut ; and in the third place, it itioludcB 
that oonsiderable Bum I mentioned of £9.800, wbioh 
we have written oS owing to fall of ezobtnge, and 
wbioh is to harmonise the valaes in oar bulauce 
eh set with tbe low rate of exchange now had in view. 
It may be said that as thU low exchange is not 
detrimental to oar busineBS, but, on the contriiry, 
that DO provision need be made for it ae yet. I am 
qaite sure howeTer, we are taking the muat houest 
and prudent oourse. Aa to tbe division of ozpenees 
between Oeylon and Mauritius, as that is a question 
we have been asked, I will mention it general.y now, 
although we are quite prepare 1 to give any figures 
which are required. In ordinary years the expenses 
of Oeylon and Mauritius are about equally divided. 
In this year the expenses in M«uritiou8 are abont 
£12,000 beyond those in Oeylon, because there is 
added to them that allowance for the deprec ation 
by the fall of exchange which I have alluded to, 
and also there is added the amouat which repce- 
cents the molasses, which were utterly destroyed by the 
hurricane. Bat I would point oat to you, in justification 
of oar manager in Maaritins, if these extra ordiouary 
ohargoB, tbe barricane ezpeinea and tbe loss by tx- 
change, were removed from the Mauritius expouaes, 
it would ba found to be greatly reduced and much 
below the Ceylon expenses. Qenerally aa to the 
profit and lose scoount, tbe key of tbe email balance 
in oar favoar will be found to be the reduction io 
the value of the produce in hand on March Slst lait 
as compared with the preceding March 3l8t, attribu- 
table to tbe hurricane, for on Morch Sist last the 
produce was only valued at £28,900, ai against £69,800 
on tbe preceding March 81st, a diif urenoe of no less than 
£30,000. The account closes with a balance of £1,454, 
which, however little advantageous from the point ot 
vietr of dividend, is, I would submit, not so vety uusa- 
tisfaotory if joa oompireit with the reports of similar 
oompaniea doing business in Mauritius daring that 
year. You will see that the most respectable and 
influential companies made a loss of £40,000, or 
£60,000 ,and in one case there was a loss £100,090. This 
concludes the consideration of the balance-sbeet, but I 
must still detain yon in order to give yoa the details asked 
for at the last meeting with regard to Oeylon. They ate 
principally as follows :— From tbe tea (States, which 
now inoluda about 4,000 aorei in bearing, we made 
1,363.7141b. of tea, and, In addition to that, we 
manufactured for other persons 156,797 lb. of tea. Tbe 
cost of oultivation and manafaoture to f.o.b. Colombo 
varied with different estates from 6d to 7'36d per 
lb. of made tea. The cocoa crop amounted to 1,417 
owt. from about 600 aorea in bearing, and realised 
gross, 110 abillings per cwt. Tbe company's agents 
appear to be well satisfied with tbe general condition 
of the estates, although they recommend that tbe 
caltivation of the tea shonld be extended to those 
places which were left avilable by the deciy of the 
oofCee and cinchona, which is, I think, common to all 
estates in Ceylon. With regard to the direction of 
the company, Mr. Shaw, as I think you are aware, 
has resigned hia seat at the board, aad in conse- 
quence of this we elected Mr Henry K. Kutherford, 
chairman ot tbe Ceylon Tea Plantations Company. 
Few persons, I believe, have a better knowledge 
or judgment with regard to the management of 
tea eatates in Ceylon than Mr. Rutherford, and 
I think the company is fortunate in obtaining 
the benefit of his advice and co-operatioo. In 
conclusion, we have every reason to believe, from the 
increase ot our crops and from the good prices we 
are obtaining for part of it, at all events, that a 
prosperous year lies before ns. Owing to the meeting 
being held later, we can speak on this point with 
greater confi«lence than usual; We sincerely trust 
that at oar next meeting oar hopes and calculations 
may be found to be realised and fulfilled.' I have 
now to move that the directors' report and statement 
of accounts to March 31, 1893, now submitted, be 
and they are hereby adopted. 
Mr. W, C. Bobde seconded, 
pir. Bev?ikt oomplaioed of tbe way io which tbe 
accoants had been presented,' alleging that thry were 
cbaracterieed by a policy of nc D-dieoloaure. He tbought 
that separate bguree bhould be given for the charges 
ill Ceylon, Mauritias, and Loudon, acd that they 
should not be lamped together ae in tbe preeeot 
profit and loss account. Uulees the directora would 
undertake to give the information he would move 
the appointment of a committee of sfaareholdera to 
investigate the affairs of the company. 
Geaeral Massey said he would second that. He 
quite agreed with tbe previous speaker ca to the lack 
of information contained in tbe aoc^untr. 
Mr. WeltoD, the auditor, said there would be do 
inconvenience in separating the upkeep of Ceylon and 
Mauritius and in giving more delailij, and be hoped 
tbe directora woold adopt that course. 
Mr. Liurence asked tbe chairman whether he would 
give the separate figures tor Ceylon and Maaritiat. t>0 
that they miitbt know exactly where the loss occnrred. 
In tbe course of further discussion, Major Bpeed 
criticised the managetnent of the directors in Oeylon. 
The Obairman, in a general reply, said the only 
reason why tbe aeconuts bad cot been rendered in 
the way suggested waa that the directora felt that it 
might be prejudicial to their business to do ao. There 
was no de»ire whatever to ktep any information 
from the shareholders. With regard to tbe London 
expenses they only amounted to £2,800 which was 
a comparatively small amount for anch sn exteasive 
basinesB. The produce from Ceylon was valaed at 
£63,906 38, and the expenditure £48,541. The valaa 
of tbe produce in Mauritius was reduced, owing to 
the harrlcaue, to £38,639 19s 4d, and the expenditure 
£18,303 9a 4d, including the hu-'ricane expenses, leav. 
iug a deficit of £9,663 10s. The directors would 
circulate a printed paper amongst the sbareboiders, 
giving all the details asked tor, 
nir. Hewitt expreased himself satisfied with tbe chair- 
man's B'atement, and withdrew his amendment with 
regard to the appointment of a committee of share- 
holders. 
The resolution for the adoption of tbe report and 
accounts was then put, and cariied unaDimously. 
Mr. Kormun W- Grieve was unauimonsly elected a 
director in the place of G. H. Todd-Heally, who 
retired, and did not offer himselt for re-election. 
Mr. Hewitt proposed tbe re-election of the auditors, 
Messrs. Welton, Jones & Co. General Macse/ 
seconded, and it was carried unaLimous'y. 
A vote of thanks to thn chairman terminated the 
proceedings. — L. and C. E-^presi, Sept. 29. 
CACAO PLANTING NOTES. 
Matale, Oct. 14. 
Although we had rain since Saturday last, sufficient 
to put away all further apprehensions concerning tbe 
drought, it is not exactly what may be called plant* 
ing weather as yet. Two or three days of bright 
hot sunshine waited on us daring last wtea, enough lo 
have scorched out any tender plant brought ou 
of a nursery where it had been used to regular 
watering. However, the steady rains are not far off 
and let us hope to have a good planting season, now 
that we have seen tbe last of one of the severest 
droughts we have bad for some years past. 
If it was impofigible to make a ceriaio estimate 
while the drought was on, tnen tbe ceittinty that 
is left as now ie that tbe best part of tbe young 
crop has been burnt off', as may be gathered from 
the innumerable little pods a week or two old, 
withered and black, banging on to the branches. 
This year's crop depends therefore chiefly on the 
already matured pods which when tbe drought came on 
were hardy enough to have withstood it. One 
might venture to gness that by the end of the year 
most estates will eee the balk of their present crop 
out. 
The drought was bo intense that on some estates 
acres upoa acres of cacao had, at great cost, to be 
actaally watered, tosave tbem from the fire. They 
were Dot nareliDge either, bat venerable ccop*i)eateT 
