Dec.  2,  1895.1 
THE  TROPICAL 
THE  NEW  DTMIH'LA  COMPANV,  IJMITEl). 
Report  of  Proceedings  at  Eleventh  Ordinary  Gen- 
eral Meeting,  held  at  No.  Graeechurch  Street, 
London,  on  Wednesday,  ‘23rd  October,  1S95.  H. 
Brooks,  Es(|.,  in  the  Chair. 
The  Secretary  having  read  the  notice  convening 
the  meeting,  and  the  minutes  of  the  last  meeting, 
held  ojr  October  2-lth, 
The  CuAiiiMAN  said  : — I have  now  to  move  that  the 
report,  balance  sheet  and  accounts  as  presented  by 
the  Directors  be  received  and  adopted  I tbink  j’ou 
all  have  copies  of  the  report  and  accounts  which  art' 
in  their  usual  form,  and  I hope  are  intelligible  to 
the  Shareholders.  Your  Directors  have  much  pleasure 
in  meeting  you  again  with  such  a satisfactory  report 
of  the  operations  of  the  Company  tor  tiie  past  year. 
The  Statement  of  Accounts  you  will  see  shows  that 
in  spite  of  receding  prices  for  tea  during  the  past 
year,  profits  do  not  show  any  material  falling-off 
from  those  earned  in  the  previous  twelve  months  ; 
a result  which  is  due,  to  some  extent,  to  the 
prevalence  of  a favourable  rate  of  exchange,  hut 
largely,  I may  say,  to  the  fact  that  expenses  in  Cey- 
lon have  been  kept  down  to  a very  low  level,  and  to 
an  increased  yield.  That,  1 think,  is  evidence  of  the 
careful  management  by  our  Jios'ident  Manager  in  Cey- 
lon. I do  not  know  that  there  are  any  items  in  the 
account  to  which  I should  call  your  attention.  You 
will  notice  from  the  closing  of  the  present  Accounts 
for  tea-extension  and  machinery  and  unilding,  that  the 
outlay  on  these  items  has  now  all  been  written  off,  and 
that  the  cost  of  all  the  new  tea  acreage  has  been 
provided  for  out  of  the  profits,  as  well  as  the  building 
and  the  machinery.  I may  now,  perhaps,  gentlemen, 
be  permitted  to  congratulate  the  holders  of  the  B 
Shares  upon  their  receiving  al'  arrears  of  dividends 
upon  this  class  of  Shares,  and  the  holders  of  the 
C Shares  upon  their  now  participating  for  the 
first  time  in  the  division  of  the  profits  of  the  Com- 
pany. And  as  this  in  a way  marks  an  epoch  in  the 
liistory  of  the  Company,  it  may  not  be  out  of  place 
here  to  recapitulate  the  resialts  of  the  Company 
from  its  formation,  and  it  is  perh.aps  with  some 
pardonable  pride  that  your  Board  may  point  out 
that  not  only  has  the  conversion  of  the  estate  from 
coffee  to  tea  been  fully  carried  out,  but  that  we 
now  have  k factory  and  plant  in  the  highest  state 
of  efficiency,  and  equal  if  not  superior  to  any  other 
establishment  for  tea  making  in  the  Island,  and 
that  we  have  paid  the  Debenture  holders  of  the  old 
coffee  company  interest  upon  their  money  at  S per 
cent,  up  to  the  present  time.  The  Company  has 
paid  out  of  profits  over  f;3‘2,()(X)  on  tea  extension, 
buildings  and  machinery,  and  has  paid  to  the 
shareholders  during  the  same  period,  no  less  a 
sum  than  fc'6I,000  in  about  ten  years.  And  I think, 
I may  say  you  have  now  a property  worth  very 
much  more  than  the  amount  at  which  it  stands  in 
the  books  of  the  Company.  With  regard  to  the 
future,  we  are  hopeful  that  we  may  continue  our 
successful  career,  but  we  are  not  unmindful  that  the 
ossibility  exists  that  the  low  rate  of  exchange  which 
as  helped  us  so  much  in  the  past  season  now  under 
review,  may  not  always  remain  in  a condition  so 
helpful  to  the  successful  operations  of  this  Company. 
If  there  is  anything  in  these  accounts  upon  which  any 
proprietor  wishes  to  have  any  further  information, 
I shall  be  pleased  to  give  it  if  it  is  in  my  power. 
I now  beg  to  move  that  the  Report.  Balance-Sheet 
and  Accounts,  as  presented  by  the  Dtt’ectors  be  re- 
ceived and  adopted. 
General  IIakeis  having  seconded  the  motion;  Mr. 
Anjuiksox  asked  what  was  the  quantity  of  tea 
obtained  from  the  estate,  and  what  the  cost 
per  lb.  free  on  board,  and  whether  there  was 
any  intention  of  increasing  the  acreage  in 
tea,  and  remarked  that  it  appeared  to  him 
an  unnecessary  precaution  to  have  a reserve  fund. 
General  Hareis  having  dissented  from  this  view, 
the  Chairnifin  stated  that  837,11(1  lb.  Tea  had  been 
obtained,  costing  ;t“2(id  per  lb.  free  on  board,  and 
that  the  question  of  tea  extension  was  under  con- 
sideration. He  also  contended  that  it  was  desirable 
to  have  a reserve  fund.  The  resolution  was  put  to 
the  meeting  and  carried  unanimously. 
f)3 
AGRICULTURIST.  419 
The  CuAntMAx  : — I have  now  to  move  the  following 
resolution  : — “That  a dividend  be  declared  on  the  A 
shares  at  the  rate;  of  S per  cent,  per  annum  ; that  a 
dividend  be  declared  on  the  B shares  at  the  rate  of 
1()  per  cent.,  viz.,  8 per  cent,  for  year  ending  .June 
30th,  18.M,  S per  cent,  for  3'oar  ending  .June  30th 
hSl).")  ; that  a dividend  be  declared  on  the  C shares 
at  the  rate  of  (1  per  cent  per  annum  ; and  that  an  ad- 
ditional dividend  of  ‘2  per  cent  be  declared  on  all  shares; 
that  the  same  be  paid  on  October  21th,  less  the  in- 
terim dividends  on  the  A and  B shares,  paid  in  March 
last  ; and  that  l‘3,l)00  be  placed  to  a Jleserve  Fund. 
Sir  A.N.  Birch,  k.c.m.u.,  seconded  the  motion,  which 
was  carried  unanimously. 
The  CiiAiuMAX  : The  next  business  on  the  Agenda 
is  to  notify  that  there  is  a vacancy  on  the 
Board  through  one  of  the  Directors  retiring 
in  rotation.  Mr.  W.  S.  Bennett  is  the  Director 
who  now  retires,  and  I have  very  great  pleasure 
in  proposing  that  he  be  re  elected  as  a Director  of 
the  Company,  and  I think  from  the  amount  of  good 
work  be  has  done  for  the  Company,  you  should  be 
very  pleased  to  support  him. — Mr.  VV.  Herbert 
Axdeusox  seconded  the  re-election  of  Mr.  Bennett. 
The  resolution  was  carried  unanimously. — Mr.  Ben- 
XETr  : — I thank  you  very  much,  gentlemen.  I have 
been  connected  with  this  Company  since  its  earlier 
troubles  began,  and  I am  glad  to  see  it  has  merged 
from  them  in  such  triumph,  and  I hope  it  will  con- 
tinue to  jirosper. 
Mr.  .Ta.mes  Axi)i:i!sox  : — I have  much  pleasure  iu 
pronosing  that  Mr.  George  Sneath  be  re-elected 
.\uditor  for  the  ensuing  year,  and  that  his  fee  be 
•21)  guineas.  Mr.  .7.  K.  Morrison: — I have  pleasure 
in  seconding  that  resolution.  The  resolution  was 
carried. 
The  Chairman  : — Before  separating,  I should  like 
to  move  that  a vote  ot  thanks  be  tendered  to  the 
Resident  Manager  in  Ceylon.  Y'’ou  w’ill  see  from 
what  I have  said,  how  much  we  attribute  our  suc- 
cess to  the  way  our  affairs  are  managed  in  the 
island,  and  I think  w'e  can  do  no  less  than  e.xpress 
our  feeling  of  satisfaction  at  the  way  in  which 
things  are  done.  I have  therefore  much  plea- 
sure in  moving  that  a vote  of  thanks  be  accorded 
to  the  Resident  Manager  and  Staff  in  Ceylon. 
Mr.  Bennett  ; I shall  have  the  greatest  pleasure 
in  seconding  that,  knowing  Mr.  Dick  Lauder  and 
also  his  indefatigable  work,  and  his  knowledge  of 
engineering  and  all  other  matters  which  help  him  iu 
his  work.  Mr.  C.  J.  Scott  : May  I say  that  I visited 
the  estate  last  December,  and  I have  very  great 
pleasure  in  supporting  that  resolution.  Everything 
was  in  perfect  order,  and  the  prospects  of  the  Com- 
pany look  excellent.  (Hear,  hear.)  The  resolution 
was  carried  unanimouslj-. 
Mr.  Jajies  Anderson  moved  a vote  of  thanks  to 
the  Chairman  and  Directors  for  the  way  in  which 
they  had  conducted  the  affairs  of  the  Company,  not 
only  during  the  past  year,  but  during  the  whole 
history  of  the  Company.  General  Harris  seconded 
the  motion  which  was  carried  unanimously.  The 
Cii.virman  acknowledged  the  vote  of  thanks,  and  the 
proceedings  terminated. 
POON.VGAI.LA  VALLEY  CEYLON  COM- 
I’ANY,  LIMITED. 
Capital  lT)O,000,  in  5,000  shares  of  tTO  each. 
Dividends  will  be  x^kyable  as  from  1st  .Tanuary. 
181H),  according  to  the  .amount  for  the  time  being 
paid  or  credited  as  paid  up  on  the  shares. 
The  estates  were  inspected  and  valued  by  Mr. 
Alexander  T.  Rettie,  the  well-known  Manager  of  the 
Spring  Valley  Estates,  in  June  last,  with  a view  to 
the  sale  to  the  Company,  and  the  following  figures 
are  taken  from  his  Report : — 
Directors. — Sir  George  Augustus  Pilkington,  South- 
port,  Chairman  (the  Vendor  to  the  Company).  Robert 
Colvin  Bowie  (Portmore  Estate,  Cexlon),  Ravensby 
House,  Carnoustie.  N.B.  George  Gray  Anderson 
(Lyali,  Anderson  A C.),  IG  Philpot  Lane,  E.C. 
Secretaries  and  Office. — Lvall  Anderson  & Co.,  IG 
Philpot  Lane,  E.  C. 
