August i, i8go.] 
THE TROPICAL AGRICULTURIST. 
99 
estate by a small stream. It is exactly the same 
kind of land in all particnlars as our own, which 
should give exactly the same yield. I also mention the 
lianow estate ; they have gone through exactly the 
same difficulties and troubles as we have; they had 
a great deal of sickness there the first year, and the 
first crop was not very successful, I believe. They 
are now growing their fourth crop, which is so far 
good. The first crop was only a small experimental 
one;'tbe second, grown after the formation of the 
company, returned no dividend to the shareholders. 
Last year the crop vvas good enough, I believe, 
to return a small dividend, and this year they have 
the crop, a description of which I have just read 
to you, (Cheers.) So good is the crop that they 
talk in Borneo of a return of 50 per cent, or even 
more to the shareholders, Now, I wish to point out 
that there is no reason why we should not have e.v- 
nctly the same results— (hear, hear)— in the same 
space of time as the Kanow estate. You will see in the 
report that we, the directors, have thought it wise to 
limit the cultivation of the fields to fiOO fields. We have 
done so because the openii.g of fresh eshates seems inse- 
parable with the sickness of the cjolies. and the lose 
of money. We shall keep opening out fresh estates, 
therefore, on as small a scale as possible. The coolies 
that we had last year were not very satisfactory; 
we have had to put up with some of tl e worst coolies, 
I hope we shall be able to adopt some better way 
in the future. We are completely in the bands of the 
coolie contractors in Hong Kong and Shanghai, who 
practically charge us what they like, and send out the 
coolies at so much per head. I am glad to be able to 
state that an organisation is being started in Borneo 
amongst the planters to try and get the coolies them- 
selves' firsthand, and not deal with the middlemen at 
all, it that can be adopted. We shall watch with great 
interest the trial of this plan, and if successful it will 
place us in a more favourable position in the fuluie 
with regard to the coolies than we have been. 
We expected from the natives considerable help ; that 
is one reason, perhaps, why we have not done so well 
as we hoped to do, for the natives have not given us 
the help that we expected. The Borneo Government 
would, no doubt, had they not been harassed and 
troubled with a small war, have been able to help us 
by getting natives to work for us, and the natives 
would probably nob have suffered, iu opening up the 
ground, from jungle sickness and other sickness in the 
same way as imported labour. In one direction the 
natives have been a di.stinct hindrance to us. 1 believe 
that some of them told the Chinese coolies that if 
they would pay so much per head, they would promise 
to lead them back to Singapore. Having got so much 
per head, they led them into the thickest part of the 
jungle, and then left them, and went back to our 
managing director, telling him that they knew where 
the runaway coolies were, and claiming so much per 
head as the rewards offered for their recovery. 
(Laughter.) I think that those natives who get on 
the “ windy side ” of both a Dutchman and the Heathen 
Ohineo have a future before them. (Renewed laughter.) 
The coolies that we have got now are of a great deal 
higher stamp than they were last year, but I am sorry 
to say that we have had to pay more for them. Labour 
iu Borneo is generally very plentiful, but, of course, 
when the demand increases very suddenly, the supply is 
not always (luitc up to the mark. I have no doubt in 
the future that the supply of coolies will be quite equal 
to the dera and, and that all the labour required will be 
forthcoming at a Very moderate cost. Perhaps some of 
you may a.sk about the prices given now for tobacco, 
liecauso so many new companies have started since our 
meeting of last year practically on the same lines as 
our oivii. Some of you may want to know, therefore, 
if the jirice is likely to fall. Well, there is no reason 
whatever to believe that, unless there are very much 
larger supplies than at present, the price is at ,all 
likely to fall. The demand increases year bv year for 
this class of tobacco. Then the number of smokers 
iu the world increases year by year. I .see Mr. Chambers 
iu the room, perhaps he will tell us something by-and- 
by about the prices for tobacco. (Hear, hear,) 
The price during the past year has been satisfactory. 
You must always remember that Borneo tobacco is 
rapidly increasing in favour with tobacco manufacturers. 
(Cheers.) I should now like to refer to one or two points 
in the accounts. First of all, these accounts are for 
sixteen months. On reference to the profit and loss 
accounts, you will see ^694 2s promium op reissue of 
the 210 ordinary shares not taken up by the original 
allottees. Now, there were some gentlemen in Java 
who wished to have shares, and they v/ere applied for, 
Before we allotted one of the gentlemen died, and 
the other was unable to take them up, and the result 
was, under the advice of our solicitor, we considered 
that the shares belonged to the company, and we sold 
them, as you see, at a premium. (Cheers.) You will 
see in the balance-sheet, “ Remittance to Borneo for 
the development and cultivation of the estate, £36,138 
17s 8d.” Of course, that is up to date (December 12) ; 
hut up to October 1 last £21,000 had been spent on 
the estate, and of that £21,000 a very large propor- 
tion was for what may be called capital expenditure. 
Now, before I sit down 1 would like to say a few 
words about the land. The British North Borneo 
Company have already raised the price for their land 
to $6 per acre. That makes our laud worth about 
£25,000 ; but our land is not like ordinary tobacco 
land. It is picked land — the best in Borneo. In fact, 
I may tell you that I cannot get 26,000 acres anywhere 
else in Borneo like it for tobacco planting. I may 
tell you that at the present moment we could sell 
a large portion of that land at S12 per acre. (Cheers.) 
This land, which we think is worth £40,000 to £50,000 
at the present moment, has not cost a farthing of 
our money. We do not pay for this land until we 
ourselves has received 10 per cent, for our money. 
Now I think that there is no other company in such 
a favourable position as that. (Hear, hear.) We have 
the whole of our capital for the encouragement and 
growth of tobacco itself. There is no portion has 
to be put by for preliminary expenses, as the expense 
of floating the company was extremely small. I hopes 
with such a favourable position as that, our share- 
holders will not be disheartened by some little diffi- 
culties at first starting, but that they will hold tight 
to their shares. (Hear, hear.) If there are any question, 
I shall be happy to answer them, and I now beg to 
move : “ That the directors’ report and accounts from 
the formation of the company to December 12, 1889 
be received and adopted.” (Applause.) 
Mr. Thomas Palmer Chapman seconded. 
Mr. Joseph Cross said that he understood that the 
directors were not yet in a position to state to the 
shareholders with regard to the remittances of £36,000 
to North Borneo for the development and cultivation 
of the estate. What proportion of that sum was on. 
capital account and what proportion was on revenue 
account. 
The Chairman said that up to Oct. 1 £21,000 had 
been spent, but more money had been spent since. 
Mr. Joseph Cross said that he wished to divide 
the capital from the revenue expenditure. 
The Chairman said thst they were not in a position 
to show this at the present moment. They had 
had some accounts over, but they had not time to 
analyse them. — L. 4' C. Eayress. 
-♦ 
AUSTRALIAN PRODUE FOB CEYLON AND 
TEA BACK FOR AUSTRALIA. 
Anil ex-Ceylon resident writes to us by this mail : — 
“ New South Wales, June 5th. — By the next 
Orient steamer my son is sending to Messrs. J. 
Auwardt & Co. a trial shipment of Australian 
produce, including butter, bacon, cheese, apples and 
calf skin leather, all, excepting the apples, being 
the produce of the famous ‘ Illawarra ’ district. 
Australian butter, to keep well, must be made in 
the winter : this is unfortunate for exporters, for 
the price of butter in the winter is often nearly 
three times as muoh as it is in the summer. It 
