Jan. i, 1895.] THE TROPICAL AGRICULTURIST. 
461 
COCONUT PICKINGS AND CROPS. 
A coconut planter writes : — " You made a mis- 1 
take in your coconut article in speaking of quar- 1 
terly pickings. There are supposed to be 12 I 
blossoms in the year, and there should therefore ! 
be 12 pickings. On economical grounds, the rule ; 
is to have 6 pickings, in alternate months ; but j 
for financial reasons a few pick monthly. I should , 
be content with 50 nuts per tree over my whole | 
acreage. There are few places of 200 acres or I 
upwards which average that, I fancy. There 
must be something wrong about the 200 to 300 
spoken of by Lushington — unless people deliber- 
ately choose to plant kora pol — the small or 
lighting variety — over extensive tracts." 
THE UDUGAMA TEA AND TIMBER CO., LD. 
BEPORT OF THE DIRECTORS. 
Though^the estates were only taken over on January 
1st, 189-1, the company was incorporated on October 
2nd, 1893 ; and it becomes necessary, therefore, in 
compliance with the ordinance, to close the books 
to September 30th, and hold the annual general meeting. 
Saw Mills. — Owing to difficulties about the titles 
to sites available at Gintota, the mill was not ready 
for regular work before September 30th. The mill 
is now in working order, and a large stock of timber 
has been cut and floated down from the forest. Sawing 
i in full swing, and the only further delay in turn- 
ing out tea boxes in quantity will be due to the 
necessity of thoroughly seasoning the timber. The 
Directors consider that the shareholders are to be 
congratulated upon the progress already made, as 
all difficulties have now been overcome. 
Land. — The directors have secured on lease, with 
the right of purchase, and on terms which make the 
amount of rent dependent on the dividend paid, a 
part of the land belonging to the vendors referred to 
in the prospectus ; and they have made such arrange- 
ments with regard to the balance of the land that 
they can take it up if required. 
Tea. — The tea estates haye been worked at a pro- 
fit of about R5,000 for the nine months, after pay- 
ing cost of manuring. The manure is only now 
beginning to have its full effect, and will tell on the 
profits this season. More manure will be applied. 
Accounts. — A copy of the accounts is annexed. The 
Directors think that in the saw-mill and machinery 
as they now stand they have full value for the 
money spent, and have treated them accordingly in 
valuing their assets. The profits from tea estates, 
and a small credit for interest (in all R4,898'67), 
aro available to cover the office expenses and to 
set against part of the preliminary expenses ; and 
the Directors recommend that the office ex- 
penses, amounting to R2,870'20, be written off ; and 
that of the preliminary expenses, amounting to 
R4,217'32, the sum of Rl,717'32 be written off, leaving 
a balance of K2.500 00 to debit of this account, and 
carrying forward a balance in profit and loss account 
of R31V15 to next year. 
Directors. — Mr. Dobree, having left Ceylon, retires 
from the board, and it will be for the shareholders 
to elect another Director in his place. 
Auditor. — The shareholders will have to appoint 
an auditor. 
Directors' Fees. — As the company practically only 
commences its main business of tea-box-making from 
October 1st, 1891, and as there have been hitherto only 
tho small profits divided from the tea, tho Direc- 
tors have not drawn any fees at all. They hope, 
however, that tho ensuing year may be a success- 
ful one ; and, if so, they propose to draw out of the 
profits fees duo them for tho past year, during which 
they have bad a great many meetings and done a 
a great deal of work. 
Estimates for 1891-95 will be submitted at tho 
goneral meeting. 
Mr. J. N. Campbell moved the adoption of the 
roport. Ho said that the tea had brought a bettor 
income than was expected and ho hoped for still 
W 
better results for the next year. The estimates for tho 
manufacture of tea boxes showed a fair profit but 
if larger orders were received better profits could be 
obtained. 
Mr. TJnwin, Attorney of R. W. Rowlands, after a 
few questions in connection with the making of tea 
boxes, seconded the motion, and the report was 
unanimously adopted. 
Mr. R. D. Kershaw was elected as a Director in 
the room of Mr. T. S. Dobree, who had left the island. 
Mr. Hercules Scott was elected Auditor and tho 
meeting terminated. 
CURRENT TOPICS. 
I have some recollection that the Ceylon Observer, 
about a couple of years ago, expressed alarm at tho 
rapidity with which 
TEA COMPANIES, 
were being formed, and at the quick transfer of shares 
from hand to hand. To be sure there is nothing per 
se alarming or vicious in the formation of Joint Stock 
Companies, or in the sale and purchase of shares. 
Association with limited liability has been most help* 
ful in the promotion of agricultural and industrial 
enterprise here, and it has long been recognized as 
a most legitimate agency in the advancement of 
commerce all the world over. Especially in setting 
on foot some great enterprise which is beyond the 
means of most individual capitalists, or in taking 
over some grand concern which has outgrown the 
personal or family energy and capacity which had 
brought it into being and developed it into unwieldi- 
ness, has cooperation been a feature of the age. 
The same principle has been invoked with equal 
success in small matters ; and this island, in com- 
mon with other civilized countries, has benefited by 
the system. 
To the legitimate use of the cooperative system, no 
reasonable objection can betaken; but it is against 
its abuse that an honourable Press should be very 
watchful, lest ulterior public advantage be sacri- 
ficed to present personal gain. It would be idle to 
deny that joint stock enterprise is liable to abuse. 
Some of the most gigantic frauds in the history 
of the world have been perpetrated under cover of 
it — not only in the misappropriation of profits legi- 
timately earned, but even in the very initiation 
of associations which never had any right to public 
confidence or claim to public support. 
It is in regard to the latter abuse — the floating of 
rotten concerns, or of concerns not worth half the 
money for which subscriptions are asked from a con- 
fiding public — that special care must be taken. Once a 
company is registered, the shareholders should have it 
in their power by taking an intelligent interest in 
its working, by strict scrutiny of accounts, and es- 
pecially by the election of capable and trustworthy 
Directors, to guard against any mismanagement and 
malversation. But there is unquestionably a tendency 
to go beyond due limits in " helping a poor fellow," 
by persuading oneself — and others — that some pro- 
perty which bad never paid its owner might be made 
to pay its many owners. Then, there is the danger 
of overvaluation ; and the limitation of liability lends 
its, It to casuistical reasoning in favour of the heads. 
I-win-tails-you-loso principle, which woidd never bo 
accepted in a personal or small partnership concern. 
Then, again, the unwary may be misled by a guaran- 
tee of stated profits for a certain term offered by 
the vendor who can afford to offer it, or much 
more, out of the exorbitant price at which he parts 
with his interest. So with the stipulation of a re- 
tention of interest in the concern by accepting a cer- 
tain number of shares. 
For the very reason that these are indicia of 
the true metal, are they adopted in the pre- 
sentment of counterfeits; and so tho rapid dis- 
posal of shares at par — and may bo at a premium- 
soon places the sharp promoters out of danger. The 
word6 of warning spoken, or rather written two JWN 
