THE TROPJOAL AORfCULTli RiST 
March 2, 1891.] 
661 
THE HOREIaELLY ESTATE COMPANt, 
LTD. : ANNUAL MEETING. 
The annual general nueting of ehareholders was held at 
the Company’s office this day at 1-45 p.m., Mr. P.O. Loos 
in the chair, and there wore also present Messrs. A. 
Schulze, Stauifoilh Green, B’. C. L o-, W. B, Baring, 
F. J. DeSarani, E. W. Suhreu, V. A. Julius, Stanley 
Bois, Wm. Law, and K. L. M. Brown (Secretary). 
The followine: were represented by their attor- 
nies: — Henry Bois, W. J. Carver E. Cluistian, B. 
Daeudliker, F. W. Bois, Mrs. F. W. Bois, J. B. Alston, 
Alexander Gibson, W. G. Ingles and executors of the 
late Mr. E. Robinson. 
Tn-i! cii.'Vibman’s speech. 
The minutes of the last meeting having been read 
and confiroied, 
The Chaibjian said that shareholders would have ob- 
served from the report that the expenditure for last year 
had been somewhat reduced in comparison with tliat 
of the preceding ytar — the expenditure for the year 
1889 being R32, 448-77, while that for 1880 was 
1129,492 09. There haJ been a slight increase in 
the quantity of copra produced, but (here was a 
noticeable diminution in the quantity of coir fibre 
made — 43,358 ballots having been turned out fer 
1839, whereas the outturn for 1890 wa.s only 21,850 
ballots — the decrease of production being clue to the 
difficulty of finding an outlet for the fibre, which 
caused the ciuautity produced to show a large fail- 
ing-off. Tuere was one impertant matter connected 
with the estate which was wortliy of remark, and 
that was that the Directors had f r years pasc been 
applying manure to the different parts cf the estate, 
and they found that the return was commensurate 
with the aiimunt of money spent in applying this 
manure. The thing h'-id, however, not been done 
system-atically during the previous years, but from this 
year they intend doing this experiment syslematio.illy, 
and he had no doubt that tins statement would meet 
with the approval of thu shareholders. He needed 
scarcely remark that the more manure they applied 
to their estates, the greater would be the yield and 
the larger would be their dividend. With these remarks 
he begged to move the adoption of the Report. 
(Applause ) 
niVIDEND. 
The Chairman said that the next matter was ta 
declare a dividend, whereupon on the motion of Mr. 
V. A. Julios,- seconded by Mr. Wm. Law, it was 
resolved that a divideud of 5 per c-ent on the paid 
up caiiital 1 e declared. 
APPOINTMENT OP DIRECTORS. 
Mr. Barino moved that Mr. F. J. Do Saram be 
re-elected Director and Mr Percy Bois be elected in 
tlie room of Mr. P. Daendliker, the retiring Director 
— Seconded and carried. 
APPOINTMENT OE AUDITOR, 
The Chairman sail that they had to elect an 
Auditor in '.he room of Mr. S. T. RiobmoEd who was 
eligible for re-election. He had satisfactorily discharged 
the audits of his office and he begged to move that 
Mr. 13. T. Richmond be re-elected. — Carried. 
-rni'i company’s ubgolations. 
The Chairman said ihat before they separated he 
desired to draw the nttenliou of the members to the 
Company’s articles of a-soeiatiou, which required the 
attendance of 17 .shatehokkrs to form a q-iorum. The 
quorum was formed under the Joint Srock Companies 
Ordinance ; but he thought that seven or eight ehare- 
holders would be quite sufficient to convene a meeting. 
Ho intimated that ho w..-ul-l bring forward a special 
resolution on the subject for the purpose of mincing 
the quorum of sl-aroholder.s in view of the dif- 
ficulty sucli as they had --xperioneo 1 that day iu obt-ain- 
ing a quorum un U r the ordinance. 
This concluded the bu.sino^s of iho meeliug. 
Rei’Out op Directors. 
1. — From tlio accounts for ItSlu no-w submitted it will 
be seen that the profit on the year’s working amounts 1 
to R;9,98G'I7. Depreciation of plant and machinery at the 
nsuel rate lies Iron deducted— viz., KS.Oog'O-t, thus, leaving 
(wiih tlio balano-i of 11119-lt broui^ht forward from 1889) a 
sura cf E18, 396-21 at the credit of profit and loss. 
2. —Tlio Directors recommend that a dividenci at, the rated 
five per cent on the pe.id up capKal he declared. This 
-will absorb El 7,567, and leave a jjalunce of B8’r9-24 to be 
ca.rried forward (o 1691, 
3 The Crop of the past year must be considered as 
satisfactory in view of the very short raiutall and pro- 
longed drought, while Ihe Directors are huipy to report 
that tlic prospects for 1891 p :-iut to an iucreastd yield over 
1890, if normal weather be experieend 
4- — The difficulty of finding an outlet for coir fibre has 
caused the quanhty produced to show a 1 rge falling off, 
but tlie pi-oducliou can at any time be increased as oppor- 
tunitie.s arise for He dispsoal. 
5. — The working of the two seft.sons, 1389 and 1890 compares 
as follows (the item of interest being excluded) ; — 
1889 1890 
Expenditure on estate and in Colombo 
Office... ... ... B32.448-77 29.492'09 
QuniUity of Copra produced ... Candies 80.5 941 
Do Coir Fibre m-ide .. Eallo'S 4.?, 318 21,85o 
Average price obtained for 
Copra per candy ... E39‘36 S9'94 
Ager.ipe price ol-lained for 
Coir Fibre per ou t. ... Ef -5i C'16 
Balance Sheet Made up to 31et Dec, 1890. 
Dr. 
Capital and LiabiliU.e?. 
T. To Capital — 
l,5±:i Shares at KlOO... 
- cO do 00... 
2,40S do SO .. 
- 1,000 
ir. Ta Debts and LiTbiliiies cf the Company — 
Loan on Mortjyage ... 
Balar.co duo for wa;^c^ to Cholies, Coutrac- 
tois, &;(?., .at Sist December ... 
SLUdry Cretlil Balances 
Diroctora* and Auditoi’a Fees ... 
VI. To Profit and Loss Account — 
Balance of this Account 
Cr. Property and Assets. 
Ill", By Property held by the Company- 
Immovable Properly : 
Laud under Cultivation and reserved 
Buildings and Pormaueat Works 
Movable Property : 
Plant and ilachinery 
Less written off for Depreciation 
Stock -in-Trade : 
26 Cattle on Eslato 
190 candies 38 1 lb. G.-pra 
8,238 ballots Coir and Bristle Fibre 
Sieel, Oil, Iron, &c. 
Manure account, crop 1891 ... 
Rice iu Store 
IV. By Debts owing to the Company— 
(considered good) 
For Work and Paymeuls on account 1891 
V. By Cash- 
In Bank of Madras on current aoccuut 
Iu Secretary's hands 
Ending 31st Dec. 1890. 
F.xpentlilure. 
Colombo Ollico Expeiuci — 
Directors’ Foes 
Managing Diroclc-r’s and Secretary's Fees 
Auditor's Fee 
Postages, Stationery, Advertising, <.t:c. 
R 
c. 
151,200 
00 
4,-500 
00 
191,640 
00 
861.340 
00 
75, COO 
CO 
1,469 
96 
181 
02 
1,433 
33 
7881 
312 
18,396 
4 
417,320 
• 5 
R 
c. 
306,400 
00 
37,958 
71 
314,3.53 
71 
S0.3G1 
97 
2. 009 i 04 
78,352 
93 
4.58 
00 
7,318 
17 
3,386 
25 
l.U>4 
76 
616 
41 
337 
00 
13,280 
62 
1,193 
63 
10,623 
90 
1 
77 
10,624 
67 
E447,320 
55 
THE Year 
E 
c, 
1,333 
8,3 
l,6ffi 
65 
luo 
00 
110 
31 
3,210 
29 
