July i, 1890.] 
THE TROPICAL AGRICULTURIST, 
15 
COFFEE PEOSPECTS. 
■ Mr. Anton Hvistendahl in his review dated on 
February 19th thus summarizes the position of 
coffee : “ Although I have every reason to believe 
that my estimate of the Brazil crop, 1889-90, will 
not be realized, I do not see that any good pur- 
pose will be served by reducing it. Assuming that 
4,600,000 bags be marketed from Brazil during the 
present season, we have to face, for the year 1890, 
a minimum deficiency of 1,000,000 bags from Brazil, 
and 250,000 bags from other countries as compared 
with 1889. When the prospects of the next Java 
crop, which is reported to yield only one-third of 
the quantity harvested last year, or, say a deficiency 
of fully 600,000 bags are taken into consideration, 
the outlook as regards supply is gloomy indeed... 
After a very careful examination of all the circum- 
stances bearing on the case, I have come to the con- 
clusion that an advance of at least 10 per cent in 
coffee is not only necessary but imminent, and that 
such advance only will be maintained, but carried 
further, provided there hereafter should be good 
reason to assume that the present Brazil crop will 
not exceed 4,000,000 to 4,250,000 bags . — llio News, 
EASTERN PRODUCE AND ESTATES 
COMPANY, LIMITED. 
Coffee — Cacao- -Tea. 
(From the Money Market llevieio, May 3rd.) 
The third ordinary general meeting of this company 
was held at the ofBces; 27, Clement’s Lane, on Thurs- 
day ; Mr. O. J. Lindsay Nicholson presiding. 
The Secretary (Mr. Douglas K. Smith) read the 
notice convening the meeting and the report was taken 
as read. 
The Chairman said : Gentlemen, in rising to pro- 
pose the confirmation of the report of the second 
year’s working of the Eastern Produce and Estates 
Company, the directors hope you will agree with them 
that the results show a marked improvment upon last 
year. The directors have been anxions at times 
throughout the year as to the results, but they are 
very glad that in the report now before you they are 
able to show that the profit for the year has amounted 
to £18,513 against something like £12,000 last year, 
and that after providing £11,749 for the payment of 
the interest on. debentures and the preference share 
dividend there is a balance of £6,704 Is lOd to be 
carried to reserve fund in terms of the articles of 
association, so that the reserve fund will now amount 
to £7,199 15 b 8d. The results have been improved 
by some of the produce doing better than we 
expected. The prices of tea, as you are all aware have 
been slightly lower in 1889 than they were in 1888, but 
as we point out to you, our coffee, which we really had 
despaired of doing very much in quantity, has during 
the past year resulted so well that it has, as we state 
in the report, been a material assistance to the year’s 
profits. If you kindly turn to the balance-sheet now, 
I will briefly allude to the alterations, such as there are. 
On the debit side you will find that the estates reserve 
account, realisations and recoveries, amount to £5,050. 
That is a small increaso, caused by the realisation of 
certain machinery. The other items on that side I do 
not think call for any comment. On the credit side 
you have the amount represeutiug landed and other 
property acquired at January 1st, 1888, under the 
agreement fanctioued by the Court of Chancery, dated 
October 10th, 1887, which still stands at £436,117. The 
outlay ou tea extensions and the acquisition of land 
has increased to £22,717 11s 3J, and this will probably 
increase as occasion arises, although not very materially. 
The balance of the outlayjor machiuery and buildings is 
now £4,692 IGs 9.1. The produceon hand is £27,377 lls 
9d, and while ou that point I may say that, really at ^‘lio 
present moment, with the exception oi a very small 
amount, the whole of the produce has been sold. Tho 
advances against produce and supplies for estates 
amount to £14,511, against £9,000 last year. 1 do not 
think there is anything else in the accounts that I 
have to refer to. As to the cultivation of tea during 
the year, you will see that the company has now 9, .306 
acres under cultivation, against8,600 last year, of which 
about 4,700 acres are over four years old, against 3,600 
last year. The yield of tea in 1889 was not quite up 
to our estimate, but amounted to 1,108,000 lbs., against 
986,000 in the previous year, and the average gross 
price obtained, including purchased leaf, was ll|d per 
pound, as compared with Is in the previous year. We 
have to ask you to join with us in thanking our repre- 
sentatives in Ceylon for the care with which they have 
brought the tea to market. We have often said that 
it really depends more on them than on any 
directions from here, and I think I may say 
from this side of the table that we have 
the greatest confidence in our representatives 
and recognise that they equally with ourselves are 
endeavouring to bring this company to a successful 
is.sue. We have to regret the death of our colleague, 
Mr. Stewart. If there is anything else I can add to 
these remarks I shall be very pleased to do so. I will 
now formally move “ That the report of the directors, 
dated April 16th, 1890, be received and adopted, and 
that a dividend at the rate of 5 per cent per annum 
for the year ending 31st December, 1889, on the capTal 
paid up on the preferred shares he declared and made 
payable, free from income-tax, on the 30th April.” 
Before putting this to you, gentlemen, I shall be very 
happy, if it is in my power, to reply to any questions 
you may wish to ask. 
Mr. Norman W. Grieve: I have great pleasure in 
seconding this resolution. I do not think our chair- 
man has left very much for me to add, but perhaps 
a few words from me on the subject of the manage- 
ment of the estates might be of interest to the share- 
holders. The chairman has alluded to the great im- 
portance of having a thoroughly good and efficient 
staff of managers on our estates. As you may be 
aware, before I took my seat at this board I had the 
privilege and pleasure of vi.siting all the company’s pro- 
perties, and carefully reporting to the board upon them. 
I am. therefore able to testify to the thoroughly effi- 
cient men that we have in charge of our estates. I 
have had experiences in other companies besides this, 
and I can safely say that oar men bear very favourable 
comparison with those of any other company in Ceylon 
and that I consider to be a very great advantage to us. 
We are also, as time goes on, building up a valuable 
agency business in Colombo, which we hope in course of 
time will be of great assistance in increasing the pro- 
fits of this company. In seconding this resolution it 
is therefore a satisfaction to me to be able to assure you 
that we are doing all in our power to bring the affairs 
of thi.s company to a successful issue. 
Mr. C. Lawrie said he observed that a company 
had been formed to search for gems in Ceylon. He 
would like to know whether there was any chance of 
any being found on this company’s property. It 
struck him as rather an anomaly that they should have 
such a large balance at the hankers and have such a 
small amount of preference shares. With regard 
to the cultivation of coffee it seemed that it had 
nearly been given up altogether ou account of 
the green bug, and he would like to know if any- 
thing could bo done to remedy this state of matters, 
and again increase the cultivation of coffee, as it seemed 
to pay so well now. He understood that a machine 
had been invented to destroy the green bug. 
Mr. Lowe asked what the advances against produce 
unii supplies for estates consisted of. 
The Chairman, in reply, said the directors had re- 
ceived information from Mr. Starey, their represen- 
tative, who was at present in this country for a short 
holiday, to the effect that none of the Company’s lanj 
was in the gem-bearing districts. They had receive 
various offers for land, but up to the present iiohod'^^ 
had distinctly applied for land with the idea of gemy 
ining there ; indeed, most of their land was more- 
suited for tea than for producing gems. With reference 
to Mr. Lawrie’s other inquiry as to the balance at 
the hank and why they did not pay off the preference 
shares, the lion, proprietor might not remember 
that they were bound to keep those treference 
