Nov. 2, 1903.1 THE TROPICAL AGRICULTURIST. 
347 
8. EuLEg,— If the Planters' Association were to take 
np the acbeme, its sncoess would be assared, for with- 
out their patronage it could not be carried 
through. The rules for its working would be very simple 
and theseshouldbe drawn up by a Committee appointed 
by the Pareut Association. Each District Association 
ehould keep a register of all the members of the 
confederation. 
9. Penalty. — Any member accused of a breach 
of the rules would be tried by the Confederation 
Committee; and if found guilty.his name is to be posted 
up as a defaulter in all the P. A. Eooma of the 
different districts in the island. 
Conclusion. — This is the whole scheme and I think 
it is workable if it can be cu-ried through. It is all 
fair and square. It places the interests of all the 
parties concerned on a firmer and rounder footing 
than they are on at pre.?ent. It would cause conster- 
nation at first amongst the kangania to find the 
nsuil door for renewed and inexhaustible credit closed 
against them, but they would soon fall in with the 
changed and inevitable situation. 
Note A. Exemptions.— As the non-federates would 
have the run of all the confederate estates to recruit 
fro n, it would be quite in order on the part of the 
confederates to i-ecruit from the non-confederates. 
Also it may happen that a confederate B. was short 
handed and another confederate C. had more labour 
thin be could employ. In such a case it would be to 
the advantage of B. to take on C's surplus labour 
o-i payment of their debts : both would be mutually 
benefited and the transaction would not constitute a 
breach of rules. It might and probably would happen 
that coolies on one estate would wish to join their 
relations on another estate. 
Such cases would be exempt — provided always that the 
Superintendent of the estate, on which the coolies who 
wish to leave are employed, consents to discharge 
them. This would hold good also in cases of coolies 
leaving to be married on other estates. 
DI.SCUSSION. 
The termination of the reading was followed 
with applause, in the midst of which Mr C P 
Hayes remarked:— I should say the first thing 
that would happen would be that the kaugani will 
go bankrupt and we will stand a very good chance 
of losing ail our coolies. 
Mr D J MacGeegor:— I should think not. We 
would only lose the kangaai. If the unexpected 
happens, and the kangani loses the money due to 
him by his coolies getting scattered, the kangani 
would leave the estate and very probably he would 
not be employed anywhere else. 
Mr C P Hayes:— And the Superintendent may 
get the sack. 
Mr MacGregor. — Very probably. (Laughter.) 
Mr C H Hood; — Do I understand that it is 
proposed to form a New Labour Federation? If so, 
we had better wait perhaps till the old one is 
finished with and dissolved. 
Mr D J MacGregor: — Yes. A new Labour 
tichcmc is what I propose. But there need not be 
any hurry about it. We can wait till February. 
The Chaiem.\n expressed scepticism as to join- 
ing hands efiectively in any scheme whatever. 
The penalty suggested would not be of the 
slightes*". use 
Me MacGregor referred to public opinion. 
The Chairman said it would do for men of 
standing, but never meet the cases of black sheep. 
Mr MacGregor — on being asked— said he ouly 
wanted his scheme published at present, in order 
to give all planters an opportunity of considering 
it,- This was minuted. 
THE PERNLANDS TEA COMPANY. 
THE REPORT. 
The Chairman moved, seconded by Mr F W 
A Pett that tiie report and accounts as published 
be adopted. — Carried. 
The report is as follows : — 
DntECTOHs:— Messrs. E E Green, P W A Pett, H. 
Bgan and G H Alston, Estate Superintendent: — Mr. 
H li Egan. 
AcKEAGE :— Pernlands. — Tea in full bearing 219 
acrej, Grass and Jungle 52 acres. — Total estate 271 
acres. Eton. — Tea in full bearing 164 acres. Carda- 
moms 20 acres, Cardamoms in partial bearing 20 acres. 
Grass, Jungle and Scrub 46 acres. — Total estate 250 
acres. Grand total 521 acres. 
The Directors have pleasure in laying before the 
Shareholders the Accounts for the Season ending 30th 
of June, last. The Crop amounted to 169,971 lb of tea 
realising a net average of 45'47 cents per lb as against 
Crop last season of 162,248 lb, net average 44'40 cents. 
4,182 lb Cardamoms were -secured and sold at a net 
average of 91 cents per lb. The Profit on the year's 
working amonnted to E,26.928'89, equal to 9"76 per cent 
on the paid up Capital of the Company, to which has to 
be added the sum of R2,155'44, brought forward from 
last season's working, less E537' 79, short realised on 
the estimated value of Crops unsold on 30th of June, 
1902, making a total of R28,546-54, at credit of Profit 
and Loss Account, An Interim Dividend of 2 per cent 
was paid on the 18th of February last, absorbing 
K5,500, and the Directors now recommend the trans- 
fer to Depreciation Account of the sum of E2.500, and 
the payment of a Final Dividend of 6 per cent, making 
8 per cent for the year, leaving a balance to be carried 
forward to the current season's working account of 
E4.046'54. The estimates for the current season are 
16.5,000 lb of tea and 5,000 lb of Cardamoms on an 
expenditure on working account of E58.864, while 
E5,000 will be expended on Capital Account for the 
erection of a new Oil Engine on Fernlands Estate. In 
terms of the Articles of Association Mr EE Green now 
retires from the office of Director, but ia eligible for 
re-election. The appointment of an Auditor will rest 
with the meeting. By order of the Directors, 
WHITi'ALL & Co., Agents and Secretaries. 
THE CONSOLIDATED ESTATES- COM- 
PANY, LIMITED. f!sinv7 
twelfth ANNUAL REPORT. 
To be submitted to the Shareholders at the 
General Meeting, to be held at 34, Great St. Helena, 
E.C , on Wednesday, October, 17th, 1903. at ll'SO a.m. 
The General Managers have the pleasure to submit 
their Twelfth Annual Report and balance sheet, 
together with statement of accounts for the crop year 
ending 30th June, 1903, 
The Profiit and Loss account shows a balance finclnd- 
ing £582 8s 5d brought forward from last year) of 
£7,539 183 2d, after paying Interest on the Debentures, 
and an Interim Dividend of 4 per cent, on the Pre- 
ferred Shares. 
Out of this sum the General Managers propose — 
To pay a Balance Dividend of 4 per cent. 
on the Preferred Shares, making 8 per 
ceBt. for the whole year, which will 
absorb .. .. £1,560 0 0 
* To set aside for redemption of 5 per 
cent, of the Debentures at 103 ... 2,472 0 0 
To pay a Dividend of 5 per cent, on the 
Ordinary Shares ... .. 1,950 0 0 
To place to Reserve Fund . . 500 0 0 
Carrying forward the Balance, viz : — 1,057 18 2 
£7,539 18 2 
* By the Articles of Association it is provided that 
no Dividend can be paid on the Ordinary Shires 
in any one year unless five per ceut of the D,;beu- 
turea have been redeemed for that year. 
