38 
THE  TROPICAL  AGRICULTURIST. 
[July  i,  1892. 
continued.  The  profits  for  the  year  amount  to 
.£8,799  14s  lid,  which,  with  the  balance  of  £387  5s  7d 
carried  forward  from  1890,  leaves  the  sum  of 
£6  187  0s  6d  to  be  dealt  with.  It  is  proposed  now  to 
pay  a further  dividend  of  13  per  cent,  making  a distri- 
bution of  18  per  cent  for  the  year,  to  place  £1,000  to 
reserve,  bringing  this  fund  up  to  £2,000,  and  to  carry 
forward  the  balance  of  £807  0s  6d  to  1892.  The 
company’s  estates  are  in  excellent  condition.  Lonach, 
the  purchase  of  which  I arranged  when  in  Ceylon  last 
year,  is  proving  a success,  and  when  the  factory  is 
completed  — and  it  will  be,  I hope,  during  1892— it 
must  prove  of  immense  benefit  to  us.  The  company's 
acreage,  with  its  analysis,  is  before  you  in  the 
report,  and  the  yield  of  tea  during  1891,  although 
fair,  has,  in  my  opinion,  far  from  reached  its 
limit.  The  prices  obtained  for  our  teas  are  above 
the  Ceylon  average  for  the  year.  As  to  coffee,  I 
fear  you  will  have  lit  le  more  of  it;  tut  the  compaDV 
possesses  some  fine  cinchona  waiting  for  a profitable 
market.  The  shareholders  may  notice  the  abserce  of 
any  debit  for  depreciation  on  factories  and  machinery, 
and , in  explanation,  I would  remind  them  that  the 
entire  expenditure  on  these  durirg  1 889— amounting 
to  £4.315— was  written  <ff  profit  and  loss.  Freeh 
capital  to  meet  tie  cost  of  recent  purchases  we  do 
not  require  at  present,  and  it  . s to  the  interest  of 
the  shareholders  to  delay  the  iseue  of  this  as  long 
is  pos'ible;  but  it  may  be  that  before  another  annual 
general  mret;ug  fakes  place  I may  have  to  eek  ycu  to 
corsiderthe  qurstion.  Our  proposed  vote  of  thanks  to 
Mr.  Kerr  and  hia  staff  has  bren  again  thoroughly  earned, 
anil  also  by  our  worthy  fetretaries  and  their  staff.  With 
your  percussion,  I will  read  you  a few  sentences  from 
Mr.  Kerr’s  letter  clour, g the  season  for  1891:  ‘‘In  con- 
clusion, I would  congratulate  cur  directors  on  the  feet 
of  all  thoir  estates  br  iug  thoroughly  healthy  • ud  in  go-,  c! 
heait,  while  the  improvement  noted  by  Mr.  Forbes 
cn  his  last  visit  has  been  more  than  maintained  ; and 
I would  also  lake  t Ilia  opportunity  to  thank  them 
for  the  very  cordial  support  and  kindly  cor  sideration 
which  I have  received  at  their  bands  during  the  year 
that  has  gone — relations  which  I shall  rndeaveurto 
maintain.  For  the  measure  of  success  which  lias  at- 
tended the  management  here  I am  indebted  to  the 
willing  and  harmonious  vrav  in  wh'ch  the  vark  us 
superintendents  have  carried  on  the  comp  ny’s  work.” 
Before  reading  the  resolution  I will  be  glad  to  answer 
any  queaticn  that  any  shareholder  may  desire  to  put. 
After  a few  observations  by  Mr.  Cooper,  the  Chair- 
man moved  : “ That  the  report  and  accounts  be 
adopted,  and  that  a dividend  of  13  per  cent,  (free  of 
income-tax)  bo  paid  i n and  nfter  this  date.” 
Mr.  John  Ander.-on  seconded  the  letolntion,  which 
was  carried  unanimously. 
On  the  motion  of  the  Chairman  seconded  by  Mr. 
Cooper,  Mr.  .Robert  William  Forbes  was  re-elected  a 
director  of  the  company  ; and,  on  tho  proposition 
of  Mr.  Andrew,  seconded  by  Mr.  Aibuthnot,  Mr. 
J.  B.  Lauiie  was  rt appointed  auditor  fir  the  ensuing 
year  at  the  remuneration  or  fifteen  guineas  It  was 
also  resolved  that  the  rtmuueratiou  cf  the  directors 
should  remain  on  the  same  scale  as  before  until  fur- 
ther notice. 
A vote  of  thanks  to  Mr.  Kerr  and  his  staff  in  Ceylon 
aud  to  the  London  secretaries  and  their  staff  was 
carried  nem.  con.  cn  the  motion  of  the  Chairman 
seconded  by  Mr.  Ferguson. 
The  Chairman  stated  that  that  was  all  the  business 
they  bad  before  them  ; but,  before  they  separated,  ho 
deshed  to  call  attention  totheseveie  loss  tho  Ceylon 
Tea  P antations  Company  and  the  I’lautiug  interests  in 
Ceylou  had  sustained  by  the  death  of  the  chairman  of 
that  company,  Mr.  David  Reid,  and  he  propo  ed  the 
following  resolution,  which  was  cordially  received  and 
passed:  “That  this  meeting  begs  to  express  its  sym- 
pathy with  the  Ceylon  T' a Plantati  i.s  Company 
Limited,  for  the  loss  thy  and  Ceylou  generally,  have 
sustained  by  the  death  of  their  chairman,  Mr,  D avid 
Reiu.” 
A vote  of  thanks  to  tho  chairman,  and  directors, 
proposed  by  Mr.  Cooper,  seconded  by  Mr.  Todd,  and 
carried  by  acclamation,  brought,  the  proceedings  to 
a close. — Financial  News,  May  20th. 
NOTES  ON  PRODUCE  AND  FINANCE. 
The  Makum  Assam  Tea  Compamy,  Lim. — The  ap' 
plications  for  shares  in  this  company  were,  we  uu' 
derstand,  considerably  in  excess  of  the  amount  which 
was  offered  for  subscription. 
The  Ceylon  Tea  Industry'. — In  a long  letter  to 
the  financial  Ncics  Mr.  J.  Ferguson,  of  the  Ceylon 
Observer,  gives  a review  of  the  position  and  prospects 
of  Ceylon  tea,  from  the  planter's  point  of  view.  The 
gist  of  his  letter,  which  may  be  taken  as  a reply 
to  that  of  Mr.  F.  S.  Hawes,  is  that  “ there  is  nothing 
in  the  tea  industry  of  Ceylon  at  present,  or  the 
mode  of  cultivation,  Ac.,  which  justifies  the  state- 
ment that  it  is  not  likely  to  be  as  stable  as  any  other 
industry.’’ 
Scottish  Ceylon  Tea  Company'. — The  directors  and 
shareholders  of  the  above  company  have  good  reason 
to  feel  gratified  at  the  dividend  of  18  per  cent,  which 
this  company  pays  during  the  third  year  of  its 
existence. 
The  Tea  Trade  of  Java. — In  the  report  on  the 
trade  of  Java  during  1891  the  acting  British  Consul, 
Mr.  S.  R.  Lankester,  referring  to  the  tea  industry 
of  the  island,  mentions  that  the  tea  crop  last  year- 
suffered,  in  sympathy7  will  all  others,  from  the  drought; 
but  this  has  had  a not  altogether  unfavourable  result 
for  the  trees  have  had  an  apparently  required  rest, 
the  result  being  that  after  the  rains  set  in  they 
grew  vigorously,  and  the  increase  this  year  will,  it 
is  expected,  more  than  compensate  planters  for  the 
small  quantity  they  could  pluck  during  the  spell 
of  dry  weather.  The  production  shows  a marked 
falling  off,  being  about  1,000,000  lb.  less  than  in  1890. 
One  or  two  new  gardens  have,  however,  been  opened ; 
but  against  these  have  to  put  those  chiefly  on  low 
lands,  which  have  been,  or  are  being  abandoned  in 
favour  of  Liberian  coffee.  The  exports  were  5,939,011 
lb.,  against  7,788,484  lb.  in  1890  and  7,710,225  lb.  in 
1SS9.  The  quality  of  the  crop  proved  satisfactory, 
and  some  estates  realised  good  prices. 
The  Position  of  Coffee. — It  is  extremely  risky 
to  attempt  to  foreshadow  the  course  of  any  market, 
but  it  is  useful  to  look  at  facts  and  endeavour  to 
deduce  conclusions  therefrom.  The  quantity  of  coffee 
in  hands  of  the  dealers  is  below  the  average,  and 
the  market  is  in  an  uncertain  state,  with  probabilities 
in  favour  of  higher  prices.  The  fall  of  from  5s.  to 
10s.  per  cwt.  established  during  the  first  five  mouths 
of  the  year  has  had  its  effect,  and  if  the  earlier  ship- 
ments of  the  new  season  go  readily  into  consumption 
the  chances  are  strongly  in  favour  of  better  prices. 
The  main  sources  of  supply  of  late  ha\’e  been  the 
East  Indies,  Costa  Rica,  and  Guatemala.  The  decline 
in  the  receipts  of  coffee  from  Brazil  and  Ceylon  has 
been  considerable 
The  Adulteration  of  Pepper, — Messrs.  Joseph 
Travers  arid  Son, Limi-ed,  call  attention  to  the  adul- 
teration of  pepper  Tit.  v say  “ the  common>  r quali- 
ties of  ground  white  pi  pper  are  being  at  present  exten- 
sively colonred  with  turmeric,  in  order  to  give  them 
a yellow  hu°.  A properly  ground  sample  of  the 
commoner  qualities  of  Penang,  Siam,  and  Singapore 
white  pepper  does  not  possess  this  yel  ow  tinge, 
which  is  only  to  be  found  in  the  finer  grades  of  decor- 
ticated pepper.  This  aduUetation  makes  pepper 
which  is  really  world  (Id  or  7d  per  lb.  bring  very  much 
more,  and  it  appi  ara  to  u-,to  tea  distinct  fraud,  and 
me  which  the  public  au  horities  should  put  a stop  to. 
So  far  as  w e can  getln  r,  a very  little  turmeric  is  added, 
and  wo  think  it  n u>t  be  in  the  grinding,  in  order  to 
make  the  colour  uniform.  It  is  to  the  int  rest,  of  the 
grocers,  in  our  belief,  to  use  the  utmost  vigilance  in 
such  matters,  which  in  no  way  benefit  them,  while  they 
enable  the  wholesale  griuder  to  palm  off  inferior 
qualities  upon  thtm  at  a highly  remunerative  profit. 
The  dyeing  of  tbe  pepper  also  can  answer  no  purpose 
whatever.  The  public  do  not  see  it  in  hulk,  as  they  do 
in  the  case  of  sugar  upon  their  tables,  so  that  the  yellow 
look  can  be  no  attraction  to  the  purchaser.  It  is  thus 
simply  a bait  held  out  to  the  retail  buyer,  in  order 
to  induce  h;m  to  buy  very  common  pepper  at  a 
