Mav I, 1894.] THE TROPICAL AGRICULTURIST. 
779 
more land at Delgolla this Beaeon than the 60 re 
ferred to in the report (not 70) — that was to Baj the 
best eeleoted of the land under coconats, of the joint 
caltivation of which with cacao they had ample proof 
of BucoeBB in an adjoinin;^ district. At laabel it was 
proposed to increase the area of the estate sunewbafc, 
probably by 50 acrea. He tbought it would be very 
inadvieable to increase the dividend bnt rather to 
carry the balance on as proposed, 'ihe eerious fall in 
the prioea of cocoa was alone to blamo for the small- 
cest of the dividend which could neither have been 
anticipated nor prevented. 
Mr. W. FoHBEs Laurih moved the adoption of 
the Report, and in doing so said it would be well to 
bear iu mind that a large proportion of the product*) 
bad yet to come into bearing. For instance there 
could not be more than 40 acrea ooconnta in full bear- 
ing, so fully 350 acres have yet to come in. He 
considered anout 45 acrea would in futurs come into 
bearing yearly ; this ye«r 15 acres of cocoa gave its 
first appreciable crop and next year it would give more. 
There were 25 acres of Liberian coffee planted up with 
coconuts which bear first iu the coming season and 
80 acres in the following, &c Thus it was hardly 
necessary to write off particular amounts against 
wear and tear wlien every year something extra 
was cooling into bearing and the continual pro- 
gress in this manner showed an improved value 
virtually as good as a sum paid off, aad in other words, 
it seemed to him that a portion of the capital being 
thus temporarily noremnnerative mast dilute the 
profit paid to shareholders, and a reserve was 
ttus tifeoted, Perfonally he had considerable interest 
in the Company and intended to have more, for he 
had not sold a share iu tbe Company since its founda- 
tion, but was acquiring more as he had only recently 
again gone over the estate and felt that the perma- 
ncnfc value of the property was pretty well assured. 
Mr. Gordon Pspbb saoonded the adoption of the 
Report, which was carried. 
Statement of Accounts and Balance Sheet 
Approved and Passed. 
Mr. PrPER proposed and Mr. W.H. Bailey seconded 
and the motion was carried nem con. 
Proposed by Mr. A. E. Wright, attorney by W. D. 
Gibbon, and seconded by W. Forbes Laurie that divi- 
dend be declared at rate of 5 per cent and carried. 
Elkction of Directors. 
Mr. Gordon Pyper proposed and W. P. Laurie 
seooDiJed that Messrs. Fox and Buxton Laurie being 
eligible be re-elected.— Carried. 
Auditor. 
Mr. Boxton Lauru' proposed and Mr. Gordon 
Pyper secconded the election of Mr. Guthrie, ou 
same fee as before. 
Date of Gengral Meeting. 
Proposed by Mr. Bdxton Laurie aad seconded by 
Mr. W. H. Bailey that the ordinary genera! meeting 
should take place aunually on or about 21i4t April. 
Special Resolution on Election of Directorb. 
Moved froTti the Chair that clause No. 79 of the 
Articles of Assooiation be eo altered as to admit of 
only one Director retiring annually instead of 2 and 
carried men con. 
Use of Seal. 
Moved from the Chair and carried that no alteration 
should be effdotei. 
The meeting closud with a vote of thanks to the 
Chairman. 
The following is a copy of the Report whioh 
was submitted at the meeting : — 
Your Directors beg to submit the anucxod Balance 
Sheet and Profit and Loss Account for tlie season 
ending 28th February 1891, which have been duly 
aiulitod. 
The 8UIU at credit of profit and loss account show.s 
that a balance amount of R13,291'09 remains to bo 
disposed of, and your Directors propose to pay a 
dividend of 5 por cent on the capital of R201,UOO 
leaving a 'jalauco of R3,094'09 to be earned 
forward. 
The Directors consider it is advisable to carry 
forward so large a balance as the produce ia not as 
yet wholly rea ized. It is a matter for regret that 
the low prices ruling for cocoa has prevented the 
possibility of a dividend being secured equal to that 
of last year. The yield of the estates is not at 
fault, but the unexpected and heavy fall in the prices 
of the principal product grown on the estates, for 
Delgolla estate gave in tho twelve months 412 cwt. 
cocoa against 335 cwt. of the 14 months including in 
the previous season's accounts. 
OocoA.— The estimate for the season upon Delgolla 
was 400 cwt. and realized 412 cwt. Isabel estimate 
was 200 cwt. and 155 cwt. were secured. The estates 
have passed through a rather dry north-east mon- 
soon, and it is difficult to conclude with absolute 
certainty what the spring crop may be, but the Report! 
from the Visiting Agent and Superintendent show 
that the trees are in good heart, and everything in 
favour of a fair crop for the coming season. The 
Directors are alive to the advantages of manur- 
ing, and a considerable area has been so dealt with. 
LiBEBiAX Coffee. — The crop fell somewhat short 
of the estimate, 58^ cwt. secured as against estimated 
crop of 70 cwt. ; this deficiency the manager accounts 
for by the continuance of dry weather retarding the 
ripening of crop prior to or before close of finan- 
cial year. 
Coconuts.— The number of nuts gathered was 
74,194 against an estimated 105,000. This has been 
disappointing, but the comparative failure of the 
blossoms, owing to dry weather, was not confined to 
this locality, and the prices were a little better in 
consequence, and to a certain extent compensate 
for the deficiency. 
Clearings. — The 60 acres reported as having been 
felled last year has proved a very successful clear- 
ing, planted with cocoa, Liberian coffee and coconuts, 
and the growth of the shade here has been re. 
markably good. 
Out of an area of about 120 acres of coconuts, 
about 70 acres were reported by the Visiting Agent 
and Manager to be well adapted for cocoa cultivation, 
and it has been decided to plant it up with cocoa, 
and keep it thoroughly weeded, serving the double 
object of increasing the extent of cocoa, and quicken-, 
ing the growth of the coconuts. 
Isabel Estate.— .1 small block of Crown land 
11 acres, in the vicinity of this estate has been 
purchased from Government and has now to be added 
to capital ; adjoining pieces will probably be required. 
Capital. — To provide for extension and other re- 
quirements, the Directors find it desirable to call 
up the remaining capital. 
The following Directors retire in accordance with 
the Articles of Association :— Messrs. E. S. Fox 
and Buxton Laurie, but being eligible offer themselves 
for re-election. 
It rests with the meeting to elect an Auditor for 
the current year. By order of the Board. (Sgd.) 
J. MuNTON, Secretary. 
THE AMSTERDAM CINCHONA- 
AUCTIONS. 
Our Amsterdam oorrespoudent writing on Maroh 
29th last, says:— "The .inalyses for the Java oinoboca 
to be offered at auction here on April 5th have been 
completed. The manufacturing bark conlaina 23 tons 
sulphate of quinine, or 5- 12 per oenton tbe average. 
About 23 tona contain 2-3 per cent sulphate of 
quinine; 94 ton*, 3-4 per «»nt ; 118 tons, 4-5 per 
cut ; 96 tons, 5-6 per cent ; 64 tons, 6-7 per cent • 
50 tons, 7-8 per cent ; 6 ton», 8-9 per cent. No 
analyses have been maile of a few lots damaged by 
water." Tbe periodical auotious (our correapomteac 
telegraphs) were held today— Thursday — AM^ pack- 
ages finding buyers at an average unit i\ oants per 
hslf-kilo, or eay about 4-5lh d per lb., showing • 
very steady market. Manufaoturing b*rk in whole 
aod broken quill realised from 9 to 44 oenti (=^lJi 
to 8d per lb.), ditto reot from Hid to 33 cents (=21 
to Sjid per lb ), and druggist o bark from 14^ to 67^ 
