254 
THE TROPICAL AGlilCULTURLST. [Oct. 1. 1898. 
patliy of evfcryons interested in t)ie development of the 
Malay Stati;=. In this, as in oth'r Stfttes. they aio 
agitaletl by the question of how to c ue their cofleo 
so as to put it upon the TjoncVn miiUet under the 
most favourable conditiouK. Only a very fi-w, who 
hfivo formed conipani^^s with lar^e cupital would be 
ablo to incur any extcneive outlay in preparing their 
own coffee, aud may nppenr to favour the construc- 
tion of a coflf e-curiuK establiHhmeiit nt, Port DicksoJi. 
Some i=aph centralising fchcnje ^^i^, I trust, meet with 
general encouragement, since it is to be feared that in 
many cases planters liave opened arcis for which 
their capital and labour force a'e inadequate. The 
scheme for assisted immigration will prove a boon, 
but it is co-operation rat!i«r than external litlp th:it 
Roeuis to bo required. It is often rrmailied of our 
I'lantcrs that, notwithstandinj; their Associations anl 
United AssGciatiou, their motto is rather ijtwl homines, 
foi sciitcnliic. 
THE CONSOLIDATED TAX AND LANDS 
COMPANY, LIMITED. 
The second annual ordinary general meeting o( 
the shareholders of this company was held at the 
offioo of the com pauy, 22, West Nile Street, Glasgow, on 
Friday lasl, Sir John Muir, IJart, presiding. 
The Chairman, in moving the adoption of the 
report, said : We have now the pleasure to sul)- 
mit the accounts and directors" report for the 
year ending November liOth, 1897. You will be 
pleased to see that the result is verv satisfactory, 
disclosing a profit of £103,340 3s OJ. This, with 
the amoaat of £li,23u 53 ii brought forward from 
last ye.ar, enables us to pay full dividends on the 
lir.st aud sscoud preference shares, a 10 pec cent 
dividend on the ordinary share?, and to carry for- 
waid a bibince of £2(5,93.') <ls 3d to the next year. 
This result has been obtained iu a year which has 
been a most trying one to the tea industry, as ex- 
plained in the report, find it is a matter of 
congratulation to us all that our company has 
Bttood the test so well— a result which cannot 
bat give us even greater confidence than be- 
fore ill future. On the wliole, oar staff in 
India has worked well ; and it is particularly 
gratifying to report that, in several important 
instances, a distinctly superior quality of tea 
has baeu attained. This, as you ax-e aware, has been 
the consta,nt aTin of the directors, an'i it wil! bj kept 
prominently before our managers. There is an im- 
pression in the London uiArket that there is a posti- 
bility of too large a quantity of low-qnality tea being 
produced. The obvious remedy i-, lo a considerable 
extent, in planters' hand.s. By closer attention to the 
details of manufacture, by improved factories and 
•withering accommodation, by up-to-date macliiucry, 
and a full labour force, a great deal may be done 
to secure improved quality, and your directors will 
not relax their efforts in this direclion, as the matter 
is ona of the first importance. Yon will n:):icethat 
we have opened up further land dnrius the year, to 
the extent of .'i,f72 acres, of which 720 acres are 
planted with cjconuts and oocoi. It is the policy 
of the board to. encourage, wherever possible, the 
pro6table growth on the company's estates of these 
and other products, as well as tea. This, we are 
confident, is a wise policy, and one which will greatly 
strengthen the company. We have arranged to ex- 
tend a further area of H,l7d acres during the current 
year. A great portion of tliese extensions will be on land 
capable of producing high-quality teas, for which, we 
believe, there will l3e an increasing demand. You 
will be glad to hear our extensions in Upper 
Assam have been most successful, aud we have an 
exceptionally fine property there, from which we ex- 
pect very satisfactory results. The exfceusious made 
iu the Dooars are on the finest lands, and are reported 
to b3 even better than the best parts of the older cul- 
tivation.. The extensions to the Nakhati and liuuga- 
muttee Divisions have been specially satisfactory. 
3;h§tma lestjensiou 9l 380ftore3 ja progreasin Sylhet 
is with a vltw of improving the health \\ k- 
iiig force. It ia liot our ioteiiticii, in l! 
to add ru)it'.'ri<iliy to the exi tiog iu«ii oi >ii 
in that district. Our present uiiii is mui. r lu iti- 
crease our i)laatr.!ions in A<'sam, an we Uii k ihiiiwill 
Beture better average results for lb ■ ny. la 
addition to the ebtates il}s cc. ■•e'toa. 
you are aware we have a con . inveft- 
tnont in tlie Knnan D.-vm ILlis Pt-..,ja'e Cjmpnny, 
Viniited. We continue to have most t-ncourapin^ 
reports of this lirge. property, which will gr^a-lly 
increase in value when the n»ce=sa'v connec ing roitds 
now in progress ftre completed. The Kn. u l)-van 
Hills Con;p itiy has given us this vear tht ' ■ •.\ 
jn-ofitof l':V2S3 lis. Id. This 'was m . 1 
from the company's As^am property, li .. iwi 
years yet hefjre the Travancore Estfttoa begin to 
cnru dividends, as they are at present young, but 
after that time we confidently txjwct lajf/e profili 
from them. It is necessary to provide fniid^' {^^r the 
Kaaan Djvar; Company, and also for i ur Asskin 
cxteusione, and aa conteuip'atcd in the prospeotns, 
and stated in the present report, it is now our intention 
to issue the remainder of the ordinary capital— vii., 
20,0(X) shares of 110 each. Th s will bu called up 
gradually, as required, and within a pf>riod probibly 
not exceeding four years Irom date of this new iFsoe, ia 
the same manner as tho original issue o'. ordinnry 
capital. Some sliareh Iders have already applieil 
for allotments, but it is the dirictors ' inten- 
tion to give all bhaieboldera an cqaal 
oppoitunity of taking an iater.-st in this issue, and 
they will endeavour, so far as is possible, to Riva 
efft^ct to the wishes of applicants. A pro'ofcctus will 
be iss-red to shareholders tomorrow. The shares 
will be offered to them at par. You will observe 
with satisfaction that our eff iris in onening up new 
markets continue to be snccegefnl. We ore combin- 
ing wi h the Am<ilg<tmat('d and Kanan Divan Com- 
jianies in this work, which will be prosecuted with 
vigour and energy wherever in oor judemcnt eaitable 
openings occur. In addition to h«viDg materially 
increased our connections in the United Statea of 
America and Canada, we have made arraugemenla 
for pushing the trade in Russia, and more recently 
still in Turkey and Persi v. Wc h ive every confid- 
ence that our primary object— viz., the introduction 
cf our teas to new fH:\rk^ts — will be succcBsfuUy at- 
tained. Bat, in addition lo tlii'', wo aniicipsle that 
we shall succeed i'l establishing profitable businesses 
in the countries where we operate, whi^^h wiil be a 
strength to the company, and an imporlxnt factor 
in adding to our dividends. Of coarse, the estab- 
lishment .of such businesses takes lira;?, but we think 
it w.ll worth our whili: to eocourage them in every 
way. and you may depend upon them ri'ceiving our 
constant attention. I do not tliink I need not de- 
tain you any longer. I will cmclade by exprp8sin({ 
a hope that we may hrve an equally e.itisfactory 
report tj give you next year. I beg to move: ' 
That the balance-sheet and profit and loss 
account for the year ending Kovember 30th, 
1897, with the Auditors' cerlifi'.;ate and the Direc- 
tors' reuort tliereon, be and the same are hereby 
approved and adopted; that the dividend of 5 per 
ce it, less income tax, paid for the year to November 
30ih, 1S97, on the first preference shares of the 
company, and tho dividend of 7 \)er cent, less 
income tax, paid for the year to November 30th, 
1S97, on the second preference shares of the company, 
be and the same are hereby confirmed ; that the 
k interim dividend at the rate of 10 per cent per 
annum, less income tax, for the six months to May 
31, 1S97, paid December 2?,, 1S97, on the amount 
paid up Oil the ordinary shares of the company, be 
and the same is hereby confirmed ; and that a final 
dividend at the rate of 10 per ceut. per annum, less 
income tax, payable August 12, for the six months 
to November 30, 1897, be now sanctioned and 
declared out of the balance of the profits for the 
year on the amount paid up on the ordinary shares 
of the Company, aud the balance of £26,905 4s 3^ 
parried forward to nest year. 
