708 
THE TROPICAL AGRICULTURIST. [April 1, 1904 
and thia it ia proposed to appropriate as follows :— 
Amount as above £2,205, 8s Sd, Dividend at 6 
per cent for the year (free of Income Tax) on 
£18,765— £938 5s, to write off Buildings and Machinery, 
£800.— £1,738 5s. Leaving a balance to carry for- 
ward of £467 33 5d. In accordance with the Articles 
of Association Mr R Porter retires from the Board, 
and, being eligible, offers himself for re-election. 
Mr J B Laurie, c.a., also offers himself for re-elec- 
tion as Auditor. G. W. Paino, Chairman. 
16, Philnot Lane. London, E.G., 9th March, 1904. 
THE NYASSALAND COFFEE CO., LTD. 
(In Liquidation.) 
A meeting of the Shareholders was held at the 
registered office of the Company, Australia Build- 
ings, York Street, Colombo recently for the 
following business, viz:— I. To authorise the 
Liquidators to transfer to Messrs Carson & Co. or 
their assigns the Company's estate situated at 
Mlanje, British Central Africa, consisting of 3,500 
acres more or less, together with any balance of 
cash available ifter payment of all expenses in- 
curred on account of the liquidation in satisfaction 
of their claim of R44,606 90 against the Company. 
2. To fix the remuneration payable to the Liquida- 
tors. 3. To appoint an Auditor. 
The Liquidators have made the following state- 
ment which was issued to the Shareholdets : — In 
reference to the above notice, the Liquidators beg 
to intimate that they are now in a position to 
render a final statement of account which will be 
placed before a meeting of the Shareholders to 
be specially called for that purpose. They 
regret that such an extended period has elapsed 
before they have been able to lay before the 
Shareholders particulars of the liquidation, but this 
has been unavoidable owing to the time taken in 
communicating with British Central Africa, and 
also to the fact that the gentleman, (Mr C Metcalfe 
of Messrs The British Central Africa Company, 
Limited,) who was appointed to represent them in 
that locality was summoned to England by his 
principals before he was in a position to render final 
accounts showing the result of the realisation of 
the Company's assets there. After payment'of 
all outstanding debts and realisation of the 
Company's assets in British Central Africa, a 
balance remained at the Company's credit of £52 
163 6d., which has been remitted to the Liqui- 
dators, and they now have a sum of E860*64 at 
credit in the National Bank of India, Ltd,, out of 
which will have to be paid the final expenses on 
account of the liquidation. On the other hand. 
Messrs Carson & Co. have a claim of K44,606'90 
against the Company, and it is proposed that any 
cash balance in hand after providing for the 
liquidation expenses should be handed over to 
them, and that the Liquidators should also tiausfer 
to them the Company's Estate in British Central 
Africa. Efiorts have been made to dispose of the 
Estate both in the country itself and in London, 
but owing to the failure of Coffee cultivation, land 
in this part of the world is at such a discount, 
that no reasonable offer has been forthcoming. 
E R Williams, W Shakkspeabe, Liquidators. 
—Colombo, 14tli March, 1904. 
There were present at the meeting Messrs W 
Shakespeare, E li Waldock, Carson & Co , 
(through Mr W Shakespeare), and G J Jameson 
by his attorney Mr E R Waldock. 
The notice of the meeting was read and the 
first and second resolutions were then moved by 
Mr £ B Waldock and respectively seconded by 
Mr G J Jameson's attorney and carried — the re- 
numeration of the Liquidators being fixed at R250. 
On the motion of Mr Shakespeare, seconded by 
Mr Jameson's attorney, Mr F W Waldock was 
appointed to Audit the Liquidator's final state- 
ment of accounts. 
MOUNT VERNON CEYLON TEA COMPANY 
LIMITED. 
REPORT OF THE BOARD OF DIRECTORS. 
Presented to the Shareholders at their Second Annual 
Ordinary Meeting, held at the Office of the Company, 
16, Philpot Lane, London, E.C., on Monday, 28th 
March, 1904, at 11-30 a.m. 
The Directors have pleasure in submitting to the 
SharehoWers the Report and Accounts of the Com- 
pany for the year ending 31st December, 1903. The 
net profits for the year amount to £3,207 133 8d to 
which has to be added i£200 Is 6d brought forward 
from the previous accounts, thus giving a total to be 
dealt with of £3,407 15s 2d. Aa Interim Dividend of 
4 per cent, free of Income Tax, paid in September, 
1903, absorbed £1,600. It is now proposed to pay a 
final Dividend of 3 per cent, free of Income Tax 
(making 7 per cent, for the year) £1,200. To add to 
Reserve Account £400. And to carry forward to next 
Season's Accounts £207 153 2d.— Total £3.407 15s 2d. 
It ia a matter for regret that the profits for the 
Season now closed have fallen shore of those for the 
previous year, and that consequently the distribution 
to Shareholders has had to be reduced by one per 
cent. The estimate of crop for 1903 was 380,C00ib, 
but owing to very unfavourable weather during the 
greater part of the year the total out-turn secured only 
amounted to 327,191 lb of tea equal to a return of 433 
lb per cultivated acre, as against 466 lb per acre for the 
previous season. Estimate for the new year have 
been carefully prepared by Mr J C Dunbar, under 
whose able management Mount Vernon Estate is 
maintained in a high state of efficiency so that it may 
at once respond to more favourable climatic condi- 
tions, and it is hoped that 1904 will prove a more 
satisfactory and profitable season than its predecessor 
has been. The Mount Vernon mark continues to hold 
a leading position in both the London and Colombo 
markets. In accordance with the Articles of Associa- 
tion, Messrs J G Chrystal and R F Barclay retire 
from the Board at this time, and these gentlemen 
being eligible offer themselves for re-election. Messrs 
Cape and Dalgleish, C A, also offer themselves for re- 
election as Auditors. By Order of the Board, -J AS. F. 
ANDERSON, Secretary. 
THE JAPAN TEA SUBSIDY. 
END OF A WASTEFUL POLICY, 
The Government tea subsidy not having been 
renewed, owing partly to the sudden dissolution 
of the Diet last year, and also to the protests of 
foreign firms, members of the Japan Central Tea 
Traders' Association will probably apply tor the 
renewal of the subsidy through the next Diet 
if it is not considered that the opening of war 
is an inopportune time to make application for 
such assistance. It is worth while at the present 
moment to consider the actual results of the sub- 
sidy. The subsidy enabled Japanese tea exporters 
to consign tea to the care of their fellow-country 
men in America, but it is very doubtful if it would 
not have been far better for exporters to have 
dealt with foreigners, the latter having more 
practical experience and enjoying greater con- 
fidence in the trade. In forming a connection with 
foreign tea merchants in the American 
market, Japanese exporters would have found to 
good and lasting medium through which they 
would have disposed of their consignments a 
