SEt>T.  2,  i8cj5.j  the  troEical  agriculturist. 
199 
l)e  the  case;  hut  tlio  explanation  is  probably  to  be 
found  in  the  disinclination  of  buyers  of  the  luesent 
time  to  pay  the  jirices  of  a byegone  af^e.  In  ebony 
furniture  more  tlian  one  century  old,  one  can  find 
none  of  that  loosening  and  gaping  of  joints 
that  is  said  to  characterize  the  work  of  modern 
manufacturers.  Why  this  contrast  should  be 
observalile,  it  is  dilKcult  to  account  for,  save 
under  the  supposition  that  the  present  rage  for 
cheapness  renders  it  impossible  for  the  careful 
work  to  be  done  that  is  noticealde  in  the  mas- 
terpieces of  some  of  the,  older  cabinet-making 
celebrities.  As  the  result  we  learn  that  ebony 
and  many  of  the  ornamental  timbers  are  going 
out  of  fashion  at  home.  The  beautiful  carved 
work  of  Bombay  is  for  the  same  reason  largely 
ignored,  while  for  cabinet  work  of  two  centuries 
back  almost  fabulous  prices  are  still  given.  It 
cannot  be  denied  that  the  tools  fitted  for  working 
in  these  hard  woods  have  greatly  improved  in  qua- 
lity, and  are  at  the  same  time  much  lower  in  price 
than  they  were  when  these  antique  specimens, 
so  eagerly  .sought  after,  were  made. 
A safe  conclusion  is,  therefore,  that  the  reason 
for  tile  change  in  fashion  which  tells  .so  seriously 
upon  the  prices  obtained  for  many  of  our  hard 
ornamental  woods  is  more  due  to  inferior  work- 
mansbl])  than  to  any  other  cause.  Imjirovemcnts  in 
mechanical  workingfail  to  compensate  forthat  labo- 
rious ami  loving  work  that  characterized  the  furni- 
ture of  a century  or  so  back.  Even  the  best  ma- 
chinemade  watches  fail  to  compete  with  the  hand- 
work of  some  sixty  or  seventy  years  ago.  One 
critic  says  he  has  in  use  a chronometer  worn 
by  himself  and  his  father  before  him  for  over 
sixty  years.  It  never  varies  from  its  regulated 
speed,  and  from  year’s  end  to  year’s  end  it  never 
requires  alteration.  No  modern  machine-made 
Avatch,  however  costly,  gives  such  results.  Ana- 
logous reasons,  it  is  believed,  are  the  cause 
for  modern  hard  wood  ornamental  furniture 
failing  to  find  its  former  demand.  Ebony, 
owing  to  the  peculiarity  of  its  grain,  cannot  be 
satisfactorily  fashioned  by  any  mechanical  process. 
Each  separate  piece  reiiuires  to  be  dealt  with 
separately  and  intelligently.  The  art  af  doing 
this  does  hot  remain  among  even  the  most  skil- 
led workmen  of  this  age.  In  this  fact,  is  found  the 
reason  why  of  late  years  there  has  been  a marked 
falling-off  in  the  demand  for  furniture  made  of 
this  class  of  woods,  and  for  the  failure  to  obtain 
prices  for  ebony,  satinAVOod,  tkc. , eiiuivalent  to 
those  of  even  a ([uarter  of  a century  back.  Un- 
der all  the  conditions  of  our  time,  Ave  fear  the  de- 
mand can  .scarcely  be  likely  to  rise  again  to  its 
former  level. 
ORIENTAL  ESTATES  COMPANY  : 
THE  CAUSES  WHICH  HAVE  AFFECTED  THE 
COMPANY’S  REVENUE— THE  OUTLOOK 
FOR  SUGAR. 
The  ninth  annual  ordinary  general  meeting  of  the 
Oriental  Estates  Company,  Limited,  was  held  yester- 
day, at  Winchester  House,  Old  Broad-street,  E.C., 
under  the  chairmanship  of  Mr.  Quintin  Hogg. 
The  Secretary  (Mr.  Henry  Greey)  having  read  the 
notice  convening  the  meeting. 
The  Chairman  said : In  moving  the  adoption  of 
the  report  and  accounts,  I should  like  to  give  you 
a sketch  of  what  has  been  going  on  both  in 
Ceylon  and  in  Mauritius,  the  good  we  have  met 
with  and  the  evil  that  we  have  had  to  contend 
against,  and  the  results  of  our  stewardship.  Let  me 
begin  with  Ceylon.  The  weather  there,  tliough  not 
very  adverse,  has  not  been  very  favourable,  and 
the  result  has  been  a slight  diminution  in  the  out- 
turn of  the  estates,  which  however,  is  not  of  import- 
ance. It  amounts  to  about  40,0001b  in  the  pro- 
duction of  tea  but  that  has  been  met  by  a more 
than  corresponding  economy  in  the  cost  of  produc- 
tion. This  cost  is,  I think  a fraction  below  that 
on  other  large  blocks  situate  somewhat  the  same  as 
ours.  The  price,  which  in  July  last  year  had  fallen 
to  a very  low  ebb  indeed  gradually  rose  until  it 
showed  an  advance  of  nearly  2d  per  lb.  This  year 
there  has  been  a gradual  decline  again  until  we 
have  nearly  reached  the  figure  ruling  last  July.  One 
element  in  the  low  prices  hist  July  was  the  heavy 
stock  with  which  we  commenced  the  year,  and  the 
Erice  obtained  for  tea  to-day  is  by  no  means  helped 
y the  rumours  which  come  to  hand  from  more  than 
one  quarter  of  very  considerable  extension  in  India 
of  tea  plantations.  It  seems  that  we  can  take  here 
something  like  120,000,0001b  of  Indian  tea  80,000,000lb, 
of  Ceylon  and  40,000,0001b.  of  China.  If  there  should  be 
a fall  in  price,  it  is  not  unreasonable  to  expect  that  some 
of  the  lower  qualities  of  China  tea  may  fail  to  come 
here,  and  they  may  be  further  supplanted  by  the 
lower  qualities  of  Indian  and  Ceylon.  It  is  difficult 
to  foretell  what  may  occur  ; but  there  seem  to  be 
reasonable  grounds  for  that  hope.  Those  of  you  who 
haA’e  for  some  time  followed  the  conditions  of  our 
Ceylon  estates  have  noticed  that  there  has  been  a 
considerable  amount  of  land  under  cultivation  which 
has  not  yet  come  into  bearing.  The  policy  of  the 
board  before  I joined  it,  which  was  recommended  by 
Mr.  Rutherford  and  approved  by  you  here,  was  to  ex= 
tend  and  get  into  cultivation  all  the  land  fit  for  that 
purpose  that  you  possessed.  There  are  about  1,200 
acres  which  are  opened  and  under  cultivation,  and 
which  give  us  no  return.  When  these  areas  come 
into  bearing,  our  general  cost  of  tea  will  be  re* 
duced.  Then,  again,  we  have  had  not  infrequently 
during  the  past  to  erect  a factory  at  an  expense 
of  several  thousand  pounds,  and  although,  as  we 
carry  on  such  a large  business,  we  may  expect  in 
the  future  to  have  some  small  items  of  machinery 
and  extension  to  provide  for ; yet  we  hope  we  shall 
not  have  to  erect  a new  factory  or  to  spend  so 
much  as  during  the  last  few  months.  The  lines  laid 
down  by  Mr.  Rutherford  have  been  satisfactory  to 
the  board,  and  have  worked  out  very  well ; I hope 
they  meet  with  your  approval  also  by  their  results. 
Noav  let  me  turn  to  the  Mauritius  potion.  I 
stand  before  you  somewhat  envious,  because  it 
is  much  more  hopeful  to  grow  sugar  in  a siU’er 
country  than  in  a gold  country.  What  Mauritius  would 
be  witn  a gold  standard  I cannot  think ; but  by  paying 
your  wages  in  silver  there  you  have  a much  better 
chance  of  weathering  the  storm  than  in  the  bulk  of 
English  colonies,  where  paying  wages  in  gold  means 
paying  almost  double.  For  many  estates  last  year, 
with  its  extraordinarily  low  prices  and  most  disastrous 
fall,  is  the  worst  I have  known  in  my  business  career. 
I had  only  one  estate  that  did  not  lose  considerably. 
On  your  estates  you  lost  a comparatively  small  sum. 
I suppose  there  are  few  sugar-cane  estates,  Avith 
the  exception  of  thosesilver  countries  and  with  virgin 
soil  and  special  reasons  for  cheap  production,  which  can 
show  anything  like  an  even  balance-sheet  this  year. 
The  great  fall  occurred  in  1884,  and  we  have  had 
nothing  approaching  it  since,  but  in  1894  we  had  a 
fall  below  the  lowest  point  yet  reached,  both  beet  and 
cane  going  loAver  than  ever  before  in  the  history  of 
sugar.  Though  this  was  a-seinous  matter,  and  involved 
a loss  of  T4  a ton  on  low^p^iced  sugars  and  of  £3  a 
ton  on  the  better  classes,  the  trouble  was  aggravated 
by  two  other  minor  matters,  which  we  should  not, 
however,  under  ordinary  circumstances,  have  looked 
upon  as  being  minor  ones.  I refer  to  the 
weather,  Avhich  in  Mauritius  was  not  at  all 
favourable,  and  also  to  the  cane  disease.  At 
the  last  meeting  I told  you  there  was  a slight  loss 
from  cane  disease.  No  provision  had  been  made  for 
it  in  the  previous  estimates,  as  our  manager  did  not 
think  it  would  amount  to  anything  very  serioii.s  ; but 
last  year  in  estimating  for  the  crop  about  AA'hich  we 
are  talking  today  he  did  allow  on  one  estate.  It  is 
not  one  of  the  company’s  estates,  though  you  practi- 
cally control  it.  The  alloAvance  made  was  ,500,000 
lb.  out  of  5,000,000  lb.,  which  we  thought  was  not 
unreasonable;  but  the  misfortune  was  that  it  waa 
only  gne-third  of  what  ought  to  have  been  allowed 
