l82 
THE TROPICAL AGRICULTURIST. [September 1891* 
and at tho time wheii produce was h>-in&, brought by 
thousands of tons into Port Louis — that market was 
in a state of panii;, and buyers, beiug cut off as they 
were by want of telegrisphic commmiicatiou with the 
rest o{ the world, nud bewildered by the reports re- 
ceived by every fresh mail, completely lost all their 
spirit and coDfidence. This, therefore, was cue set of 
difficulties with which we had to contend. And then, 
again, secondly as to tJeylon. The report itself ex- 
plains to you how the expense of t!ie maintenance of 
our estates there was increased by the high price of 
silver remittances from Europe to the east. The average 
cost o( the rupee was much above that of late years, and, 
consequently, except for any provision we coukl make 
by financial matiapement; to counteract this source of 
loss, the cost of laying down the rupees to provide for 
the upkeep of the properties was enhanced. If any 
further explanation is required of these matters, I 
cannot do better than to read to you an extract from 
an able address lately delivered on the fame sub- 
ject : — "The yehx under review has been an excep- 
tional year as far as (hocrop is concerned. It looked 
promising for a considerable period, and it was only 
when the crushings took place that the result was 
found to be not only below the estimate, but con- 
siderably below the average. That was ooe of the 
ciroumstances we had no abeolute control over, and 
the next to combine with it was that at the particular 
juncture when our sugars wore sent to the market, 
there were violent fluctuations and nncontrollable con- 
tortions of the silver market. This, gentlemen, 
coming exactly at the moment when our sugars were put 
upon the market, was of course most eerioue. I do 
not propose to go into the vast and wide questions 
connected with silver, but I will only point out to you 
that the effect of these fluctuations upon the result of 
the working of the year to us was this, that the ex- 
pense in planting and maturing our crop and bringing 
it to the market was as though we had paid with 
half-crowns, and when we had to sell, we haid to sell in 
florins.". That, gentlemen, expresses tho situation very 
clearlj', and in conneotioa with this there are some 
points to which I may advert in the balsuce-thea*-. In 
that account, after the statement of capital, which is 
the fame as last year, come the acceptances which are 
less by Bomef4,000 or £5,000 than previously ; but the 
accounts |;payable on the other hand are more. This, 
however, is amply accounted for by the slow realisa- 
tions of sugar fi oiii our own estates and those estates 
with which we are connected. Money vvas every- 
where going out, and very little is coming in ; 
but, bes'des this, if you look at the assets 
side of the account, you will see that the 
liubility is fully counterbalanced there by the value 
of the stocks of sugar, tea, cinchona, coco», cnffee, 
and cardpmcms in hand, amounting to about £49,000. 
With I'esard to this I may here mention that wo 
have placed the values of the stocks of 6ugar, tea, 
cmchona, &c.s togelhtr this year instead of saparat- 
iog them in order to compare at a glance the values 
with the values put in the profit and loss account 
below under the head of " Produce in hand." With 
regard, then, to the much larger stocks of produce 
unsold and in hand this yestr than at the corres- 
ponding date last year, the state of things in the 
market in Mauritius amply accounts for iti The surplus 
produce consisted of stocks of sugar which could not 
till after some delay be reaiiseii, except at a great 
sacrifice. By waiting, as our manager baa done, a 
great part has been satisfactorily sold, and soon very 
little sugar will remain unsold in Mauritius. I may also 
inform you that these stocka have been taken at very 
low prices, so that there is no doubt whatever as to the 
most Batisfaotory rcalisatiOQ. Not to detain you 
longer, the account closes with a balance of 
£15,222, as against ilS.SOO last year._ _ And 
oucot this we recommend you to declare a dividend 
at tho rate of 7 per cent on the preferred shures and 
5 per cent on tho ordinary sharen, in proportion to the 
amount of capital paid up. Turning back Cor a mnnient 
to the reporr, it is Batisfnctory to notice that the 
increase in the company's tea has fully carried out 
the untioip»tioD8 wh'oh w?to i»!*d6 in the forecast 
placed bef re you some years ago, Atjd also it is 
satisfactory to note that the position of the company's 
tea with reference to the produce of other estates in 
Coylon has been well maintained. We also mention 
improvements in manufacture. On our Britannia 
estate additional evaporating power has been added, 
and a large amount of canes can be treated other than 
the produce of the estate itself. The advantages of 
the system of the central factory are too well-known 
to need more reference. With regard to the other 
estates in which we are interested, yon will be glad to 
learn that an exception to the common deficiency of 
the sugar crop, to which I have alluded, w»s presented 
in the case of the Beau Sfijour Company's estate. 
That company usually makes a crop of sonriethiug 
under seven and a-half million pounds of sugar 
per annum ; but last year, that is, in the 
year under review, it made 8,800,000 lb. find it is 
expected that their crop will be a very good one this 
year. In closing these remarks upon sugar, gentle- 
meii, I may point out to you the paragraph in which 
we mention that, after receiving the resignation of 
Mr. M>>cdonald, we elected Mr. James Shaw, lately 
connected with the firm of Messrs. Parry & Co., of 
Madras, to fill the place on our board. I have no 
doubt that his name is well known to many of you 
as that of a prominent member of the Indian fri&ncial 
world, and also of the firm to which I have alluded. 
As such he has been interested for many years in 
the management of Eastern estates, and he is also 
conversant wi'h sugar manufacture and with the details 
of sugar machinery We expect the company will 
d'^rive great btnttit from his advice and assii-t ■•nee. 
In conclu,sior!, gentlemen, the reports which we 
have received from our estates show that they 
are all in excellent condition, and that the mana- 
gers are very hopeful bb to the yields during 
the coming season, and I trust that a year of fair 
prices and good crops is before us. I now beg to 
move that the directors' report and statement of ac- 
counts to March Slst 1891, be, and they are hereby 
adopted. 
Mr. James Shaw seconded, 
Mr. Field asked for some explanstion with regard to 
the entry of £2,000 on the debit side of the profit and 
h sa account put clown as " Balance of su^ipeuse account 
(stamps ou share warrants) written off." 
The Chairman said the cost of the ehure warrants had 
been placed to a suspense acd unt, which they bad 
been gradually writing off. Th- item ot £2,000 now 
showed the writing off of the wholo balance of that 
fusrense account. They would be longer troubled with 
it henceforward. They were now quite free from the 
charge. 
Dr. Lloyd a-ked if the directors c uld give the share- 
holders a list of the estates and details of the profit and 
loss each year. 
The Chairman said he did not think it would be 
desirable in the interests of the company to give such 
information which might be made use of by competing 
compsnies. 
A shareholder wished to know in the interest of 
the preference shareholders how much remained to be 
carried forward after the payment of the 7 and 5 per 
cent dividends. 
Tbe Chairman : The amount carried forward is £2392, 
Mr. Setoa said the eharehohlers would be (ila; to 
have an expression of opinion from the chairman as 
to the future prospects of tea in Ocyion. Those 
interested in Indian tea were regarding with some 
uneasiness the enormous increasing piod.iction o' tea 
in Ceylon. It would be interesting to tho shareholders 
to know what ihe chairman thou.;ht about thequesiion 
of over-production. He was quite aware that China 
tea was falling off, but the production of the Indian 
article was lapidly increaning and Coylon was coming 
on, and it seemed to him that unless new markets 
were opened up the result of all this production would 
be to cauee a heavy fall in prices. He invited the 
chnirmau to express his Opinion on tbe subject. 
The Chairman said he thought the invitation 
g(ven him to say a words ou this subject was one 
whi?h he should not Eiccept it he tPPk the aclvice 
