Dec. 1, 1898.] THE TROPICAL 
AGRICULTURIST. 
427 
To the Reserve Fund has been added i;l,200, made 
up as to £275 from the profitg of this year, together 
with the sum of £925 transferred from the amount 
of Timber profit held iu suspense, bringing the total 
of the Reserve Fund to X'7,200, 
Your Directors have to express their entire satis- 
faction with the working of the staff in the Company's 
ernploy. 
The Directors retiring by rotation are General 
Hopkinaon and Mr. H. St. J. Oscar Thompson, who, 
being eligible, oSer themselves for re-election. 
C. A. W. Cameron, Chairman. 
SCOTTISH TRUST AND LOAN COM- 
PANY OF CEYLON, LIMITED. 
Capital, £125,0D0 ; First Issue (fully sub.scribed), 
£75,000 ; of which paid up, £45,000 ; Reserve 
Fund, £10,000. 
Directors :— James Haldane, C. A., Edinbrn-gh, John 
Wilson, of Messrs. Honeymau & Wilson, Edinburgh 
and Henry Johnston, Q.O., Advocate Edinburgh. 
Secretary :— Francis A. Bringloe, C.A., 123 George 
Street, Edinburgh. 
Registered Office • — 12.3 George Street, Edinburgh. 
London Office : — Adelaide House, 52 Gracechurch 
Street, E.C. Wm. Bowdeu Smith, London Agent *. 
Agents in Ceylon : — Messrs. Cumberbatch & Co., 
Colombo. 
The following is the report of the Directors of 
the Scottish Trust and Loan Company of Ceylon, 
Limited, to tlie Twejity-first Ordinary General 
Meeting of Shareholders, held within tlie 
Company's Registered OHice, No. 123 George Street, 
Edinburgh, on Wednesday, tlie 26th day of 
October : — 
The Directors present their Twenty-first Report 
being for the year to Slst August 1898. 
Estates in the Company's Possession, — The past 
season has not been favourable for the flushing of 
Tea ; the estimated yield has nevertheless been real- 
ised, and the crop has averaged about 407 lb. per 
acre. The substantial rise in exchange, the fall in 
the price of Tea, and a reduced Coffee crop are 
answerable for the decreased returns as compared with 
the two previous years. 
The Comp.any's Estates now have 1,489 acres of 
Tea in bearing, 102 acres in partial bearing, and 3(54 
acres of young Tea which is coming on well. The 
remainia g Coffee land is being gradually planted up 
with PeA. 
Factories, Buildinss, and Machinery. — All the 
buildings have been maintained in thorough repair, 
and the machinery is in good working order. It is 
anticipated that it will be necessary this year to make 
some addition to the Anntield Factory, to provide 
more withering space for the increased quantity of 
eaf that has now to be manufactured. 
Mortgages held in Ceylon by the Company. — The 
loan of i;9,000 over Lawrence Estate was repaid in 
November 1897, and the proceeds applied in meeting 
debentures maturing at Martinmas, in capital ex- 
penditure during the year, and in reducing the 
temporary advance from the Company's bankers. 
Debenture Debt. — The debenture debt has now 
been reduced to j£l,000. 
Reduction of Capital. — The re-arrangement of the 
capital of the company referred to in last report was, 
during the financial year just closed, duly carried out 
under the sanction of the Court. Tlie shares are 
now of a denomination of £.5 each, with £3 paid. The 
reduction of the liability for uncalled capital to £2 per 
•hare, in the opinion of tlie Directors, materially 
enhances their marketable value. 
•Alas, that wo should have to say, the Agent is no 
more ; wa have not heard yet who is to be his suo- 
Accounts.— The Balance at the credit of Profit and 
Loss Account is £6012 18 9 
And the Directors propose — 
To pay a Dividend of 5 per 
cent, per annum, free of 
Income Tax, £2250 0 0 
Note.— Two and a half per cent. 
of this was paid as an Interim 
Dividend at Whitsunday 1898. 
And a Bonus of 5 per cent, free 
of Income Tax, 2250 0 0 4500 0 0 
Thus leaving . . £1512 18 9 
to be carried forward to next account. 
Since the close of the financial year, the Directors 
have sustained the loss by death of their colleague, 
Mr. J. H. Beilby,* who, for many years, was associated 
with the management of the Company, and whose 
sound practical judgment was greatly valued by 
his eo-Directors. They desire to place on record 
an expression of their regret and of their 
appreciation of the services which Mr. Br>ilby ren- 
dered while a member of the Board. 
'The Director retiring by rotation is Mr. Henry 
Johnston, q.c, who is eligible for re-election. The 
vacancy in the Directorate caused by the death of 
Mr. BcUby will be filled up at the Annual General 
Meeting of Shareholders. 
The Auditor for the current year;fall3 to be appointed. 
, Francis A. Bringloe, 
Edinburgh, Oct. 18. Secretary 
VOGAN TEA COMPANY. 
PROPOSED PLUMBAGO MINING. 
An extraordinary general meeting of the share- 
holders of the Vogan Tea Company of Ceylon, Ltd., 
■wa- hela Saturday afternoon (Nov. 12th) in the offices 
of Mes.srs. Lee, Hedges & Co. " to consider the ad- 
visability or otherwise of authorising the directors 
to spend money in mining plumbago on the 
Company's land." Mr. W B Kingsbury occupied 
tlie chair and the otliers present were the Hon. 
W W Mitcliell, Messrs. V A Julius, Gordon Bois 
(attorney for Mr. Henry Bois), G E Woodman, 
W E Mitchell, W N Ti.sdall and A L Kirk, 
proxy in favour of the Chairman. 
The Chairman having read the notice conven- 
ing the meeting said they had known for some- 
time that there was plumbago on the property, 
but their hands iiad been so fully occupied with 
extension.? in tea and one thing and another, 
that they had not had time to look into the 
matter closely until about two months ago, when 
the directors received such favourable reports of 
the possibility of obtaining plumbago in paying 
quantities that they decided to spend a sum of 
about Rl,oOO to R2,000 in experiments. The 
best thing he thought he could do now was to 
read tiie rejjort which had been received from 
the Manager ot the estate, Mr. Tisdall, and 
wliich would give them an idea of what had been 
done. The report was as follows :— 
The work was started the first week in September. 
The old exi.sting pit was abandoned as it was too 
wide for sinking a proper shaft. A new shaft whb 
sunk about 15 fget to the east side so as to strike a 
vein which appeared in the old nit. Work 
was continued in tho old pit ou some enrfaca 
veins, and about three tons of plumbago of an aver- 
ago value of RUG have been extracted. This work 
is still being carried ou and I anticipate getting 
several tons more of the same quality. To date, the 
new shaft, properly planked and supported vfith 
* We fear this must be a relative of a respected 
Ceylon planter of the samo name, aud if so, sjniiJathy 
'}i due,— Ed. I'.A, * * 
