82 
THE TRDP10«L SOratSW-TORIST. 
[August r, 1890. 
to incite to action a Government ■which, as we 
have said, stands in almost a parental relation to 
the people over which it rules ? 
In this particular case the assistance to be asked 
for is light, and the cost of it must be trifling. 
We want instruction as to the right method of 
utilizing the supplies so ultra-liberally provided 
by nature. This it should be neither difficult 
nor costly to obtain. But perhaps it may be 
said that before seeking such instruction we 
want enlightenment as to the prices such skins 
as we have referred to fetch in the markets 
of Europe. This, however, we think, might pro- 
bably be dispensed with, for we may be perfectly 
sure that those markets would not be supplied 
as they are unless a paying price was obtainable 
for the commodities. We may be equally certain 
that no country in the world produces these 
saurians and reptiles in more lavish abundance 
than does Ceylon, as also that their capture can 
scarcely anywhere be effected with a less expen- 
diture of labour or at less cost than it could be 
among our own people here. There is prima facie 
evidence therefore that the systematic collec- 
tion, preparation, and shipment of these skins 
should prove remunerative. What is wanted is 
only the knowledge of how to prepare them to 
suit the requirements of distributors at home. A 
reference through the Crown gents to those 
engaged in the trade in London would secure all 
the preliminary information necessary and at the 
satne time the services of an instructor competent 
to impart the required knowledge to selected indivi- 
duals among the natives, through whom again such 
training might be distributed throughout the island. 
We may be told that if the prospect of success be so 
assured as we hold it to be, it should rest with 
our mercantile community to inaugurate and be 
at the expense of the earlier trials. But it will 
be recognized, that a novel departure of the 
kind referred to requires some initiatory fostering, 
and we think this might well be officially given, 
at any rate to the extent of seeking information 
through the Crown Agents upon which further 
action might be based. 
♦ — 
THE CEYLON ESTATES INVESTMENT 
ASSOCIATION (LIMITED). 
Report by the Directors to the Sixth Ordinary 
General Meeting, to be held on Wednesday, the 11th 
day of June 1890, at 12 o’clock noon, within the Account- 
ant’s Hall, 106 West Nile Street, Glasgow. 
The Directors beg to submit herewith the Accounts 
for the year to 31st March, 1890, and they are glad 
to be able to report such very favourable results. 
The most of the Coffee Crop was, this year, sold 
in London, the average price being 101/8 per cw't., 
which the Directors consider very satisfactory. The 
Crop was, Glencairn 1,404 bushels, MacDuff 1,123 
bushels, or more than double the estimates. 
This year only 22,236 lb. Cinchona was harvested, 
on account of our only having taken the bark from 
dying trees. The good trees were not touched as re- 
commended by the Company’s Agents in Ceylon. 
The Tea Crop has again been very satisfactory, and 
the prices realised have been considerably better than 
those obtained the previous year. 
In consequence of the great increase in the Coffee 
Crop, and the high prices realised therefor, and also the 
increased prices obtained for the Tea, the balance at the 
credit of Profit and Loss Account, including ,f55 4s 5d 
brought forward from last year IB . . .. 113, 515 8 8 
The Directors think it advisable to rednce 
the euta appeariDg at the Debit ef the Tea 
1 ' — *~~ 
Machinery and Factory Account, and they 
propose to apply the above Profit; — 
1. In writing off that Account ..£1,000 0 0 
2. In payment of a Divident of 7| per 
cent free of Tax, .. *..£2,306 5 0 
£3,306 5 0 
Leaving a balance of £209 3 8 
to be carried forward next year. 
The addition to the Glencairn Factory, and the put- 
ting in of the Steam Engine and Boiler have been 
completed at a cost of £571 13s lid, and the Directors 
anticipate considerable benefit will accrue to the Com- 
pany therefrom, as working by waterpower was during ' 
the dry season very unsatisfactory, the supply Deing ' 
altogether iuadequate. 
The Directors authorised the conversion of the 
buildings on Macduff into a Tea Factory. The alter- 
ations have been completed and the necessary machinery 
put in at a cost of £447 5s 9d. The Tea, manufactured 
and sent home, has brought very good prices, and the 
Directors expect that this will also prove of great 
advantage to the Company, as a considerable sacrifice 
had to be made when the Tea was sold green. 
Prom the Balance Sheet it will be seen that the 
outstanding Debentures amount to £2,850. These all 
fell due at Whitsunday last, and have been repaid, so 
that the Company is now free of Debenture Debt. 
It will also be seen that the Loans over property in 
Ceylon have been reduced during the year by £1,798 
5s 9d. 
The prospects for the coming year are not so favour- 
able. Owing to the exceptionally large coffee crop 
this year, tne Directors are advised that they need ; 
not look for much of this product during the current I 
year. The estimate of the tea crop is, however, very 
satisfactory, and the Directors are hopeful the coffee 
crop may yet improve, and that a better yield than 
that now anticipated may yet be obtained. 
The Directors have to record, with regret, the resig- 
nation of Mr. Nathaniel Spens, on account of his haviug 
left Glasgow for London. Mr. Spens was appointed 
Chairman on the death of Mr. Brooks Wright, and 
all along took a deep interest in the affairs of the 
Company. The Directors elected Mr. Hugh Brown 
Crum, Stock-broker, to succeed Mr. Spens on the Board. j 
The Directors who retire at this time, in conformity ! 
to the Articles of Association, are Mr. Robert King 
and the Rev. Dr. Grand. They are eligible and offer 
themselves for re-elcetion. 
The Auditor, Mr. Moore, c. a., also retires, and ho 
is eligible to be re-appointed. 
J. B. Macbbayne, Chairman. 
Brown, Flkmnio & Murray, Secretaries, 
163 West George St., 
Glasgow, 2nd June, 1890. 
Balance Sheet as at 31st March, 1890. ■ 
Liabilities . 
£ B. a. 
Capital Account— 
15,000 shares of £4 each, £60,000 of which 
paid up £2 per share ... ... 30,000 0 0 
Debenture Account ... ,,, ... 2,850 0 0 
Interest on Debentures, &o., accrued but not 
due ... ... ... ... 55 19 11 
Sundry Creditors ... ... ... 1,272 17 5 
Profit and Loss Acccunt ... ... ... 3,515 8 8 
Assets, 
Glencairn and Macduff estates owned by the 
Association taken at cost price 
Loans over Landed Property in Ceylon 
Tea Machinery and Factory 
Interest accrued but not due 
Sundry debtors including outstanding Account 
Sales of Produce ... ... ... 
Produce on hand ... ... .,. 
Cash on Deposit and with Bankers 
at Home and Abroad £5,194 18 10 
Due by Secretaries 63 17 5 
£37,694 6 0 
£ 8. d. 
25,078 2 6 
2,114 10 0 
1,460 14 0 
45 11 3 
1,672 3 6 
2,064 8 6 
6,258 16 3 
£37,694 6 0 
