260 
THE TROPICAL 
AGRICULTURIST. [Oct. 1, 1898. 
F. Baker, and Messrs. C. A. Hutson and T. 
W. Hall, Mr. F. J. de Sarani was present as 
attorney for Messrs. Taylor and Noble. 
Tlie notice calling the meeting liaTing been 
read by Mr. Bakijr ami tlie minutes ot tlic pre- 
rious meeting conlirnied, 
TIIH RI-.PORT 
was submitted as follows : — 
Directors :— Messrs. Thomas Mackie, A. Cantlay, 
and Mr. J. W. Vanderstraaten. 
ACREAGE. 
Tea in bearing over 6 years 
old • • acres 511 1 
planted 1892 . . „ 291 > under leaf 1897-8 
, „ 1893 .. „ 124 J 
1895 .. „ 7-2 will be lightly 
' plucked 1898 9 
„ 1896 .. „ 12 
„ „ .1898 .. „ 20 
1,0(58 acres in Tea. 
Timber Trees .. 20 „ 
Forest 27 „ 
'Grass, &c-, not available 27 „ 
Total 1,134 acres. 
The Directors have the pleasure of presenting to 
the Shareholders the Report, Balance Sheet, and Pro- 
fit and LossAocoHiH for the year ending 30th June, 
1893, and to congratulate them upou the result of 
the Company's operations duiiug thiit period. 
The crop harvested amounted to 3tj7,509 lb. of tea, 
against an estimate ot 3.55,000 lb., of which quantity 
296,999 lb. have been sold in London at a net average of 
65 cents per lb., and equally good returns raiiy be antici- 
pated from sale of balance of the crop. The previjus 
year's crop yielded 53 cents per lb. with the advantage 
of a lower rate of exchange and a higher Ceylon tea 
average than prevailed during 1897-98, clearly indicat- 
ing the improvement of qualiiy and manufacture of 
tiie Company's prodnce durmg the past season. 
The coat of manure and its application has beea 
R9, 173-72, and the acreage treated 206 acres. 
The balance at credit of profit and loss is shewn at 
Rl01,475-90, and after payment of the interim divi- 
dend of February last at the.rate of 8 per cent., there 
remains a balance available of R69,723'90. 
The Directors now recommend the declaration of a 
final dividend of 12 per cent., which will absorb 
R45,360, making '20 per cent, for the year, and that the 
balance of B24,3ti3 90 be carried forward. 
The estimated crop for season 1898-99 is 390,0001b. 
of made tea, at an expenditure of R118,637'76. In 
addition to this, it is proposed to e.^Jpeud K5, 460-24 oa 
Capital Account. 
The Visiting Agent's reports can be seen by 
Shareholders at the Company's office. 
Mr. Thos. Mackie retires from the board by rotation, 
and is eligible for re-election. 
The Shareholders are invited to elect an Auditor 
for the ensuing year, and Mr. Guthrie again offers lug 
services. 
By order of the Board, 
Bakf.i? & Hall, agents and Secretaries. 
Colombo, 3rd Aug. 1898. 
The Chairman said : -Gentlemen, I have now 
the pleasure to submit the accounts and report 
for the season 1897-98 for adoption by you. You 
will all doubtless have perused these accounts 
and I presume they may be taken as read. The 
report and accounts give full details of the year's 
working ; and I tliink we may congratulate our- 
selves oi; the satisfactory results, in a year such 
as the past, when smaller profits and lower 
dividends are the order of the day. I do not 
think there is any occasion for nie to detain you 
longer, but before sitting down I should like to 
state that in your Director's opinion the satis- 
factory results" are in a great measure due to the 
able management of Mr. Rollo and his staff of 
ftssisbants. (Applause.) With these remarks, 
Gentlemen, I move the adoption of the report, 
and should any one have any qiiesUocs I sliai: lie 
hapny to reply them as well as I cau, and Mr. 
Hollo who is present will, I am sure, be ivilling 
to assist me, should I fail. 
No questions were aske<(. 
Mr. BuBT seconded the Cliairman'it proposal 
and the report was unanimously a<lopte<l. 
The next business was the declaration of a 
UIVIOKNU. 
Mr. H. Cre.vsv proposed that a flnal dividend 
of 1-2 per cent, (making 20 \>er cent, for the ye»r) 
be paid forthwith. 
Mr. Vander.straaten' eeconded and the motion 
was carried ntin con. 
ELECTIOS OF DIBKCTOR.S. 
Mr. ROM-O proposed that Mr. H. Creasy b« 
elected a director iu place of Mr. Thos. Mackie 
who had left the island. 
Mr. BuRi' seconded. 
Mr. Dk Saram moved that Mr. Mackie be 
reelected. 
Mr. Van'dkr.straaten seconded. 
On a show of hands being taken it was found 
that each nominee had three v(»tes. 
It was staled that the Cliairmaf. could ex- 
ercise his riglit nnil give a casting vote. 
Mr. KoLl.u then said that for liimse't he woukl 
withdraw the noniinalion of Mr. Crea>y. 
Mr. .Mackii; was thereupon declared re-elected. 
Mr. Blkt saiil that this would leave only two 
directors to do all the work. 
In the course of some conversation it was stated 
that the shareholders could elect five diiectors, and 
that as one of the three who now held ollicc was out 
of the island— Mr. Mackie might not return for nine 
©r ten months— it might be advisable lo elect 
another director making four altogether. 
Mr. UoLLo proposed that Mr. 11. Creasy be 
elected the additional director. 
Mr. BCUT seconded. 
Mr. F. J. De Saram proposed that Mr. John 
Pater-son be elected, stating that he had no 
objection to Mr. Creasy if they were going to 
have five directors. " 
On a show of hands Mr. Creasy was elected 
by 3 to 2. 
auditor. 
On the motion of Mr. Vanderstraaten, seconded 
by Mr. Kollo, Mr. J. Guthrie .vas re-elected auditor. 
This was all the business and the proceedings 
terminated with a vote of thanks to the chair, 
proposed by Mr. Burt. 
interim DIVIDEND.S. 
Afterwards an e.vtraordinary general meetinf; 
was held for the purpose of considering and pass- 
ing the following resolution : — 
" That to the 76th clause of the articles of Association 
of the Company the following words be added:— 'and 
the directors may from time to time pay to the share- 
holders such indrim dividends as in their judgment the 
position of the Company justifies." ' 
Mr. VANDERS-t-RAATEN explained that the arti- 
cles of Association did not give jiower to the 
directors to declare an interim dividend. For the 
last four years tiiey had been declaring rich difi- 
dends, and at the general meeting such dechv 
ration had been confirmed by the shareholders. 
Doubts had been raised as to the power of the 
directors in the matter and therefore he proposed 
the resolution given above. 
Mr. Crea.SY seconded. 
The resolution was unanimously adopted. 
Mr. Baker stated that another meeting would 
be held a month hence to condrm the resolutioot 
The proceedings then terminated. 
