450 
THE  TROPICAL  AGRICULTURIST. 
[Jan.  I,  1896, 
sum  of  £3,714,  being  not  only  the  one-tenth 
usually  written  off,  but  also  the  sums  of  £7‘.»9  and 
£1,021,  which  from  circumstances  beyoud  our 
control  we  were  unable  to  write  off  in  the  years 
1888  and  1880.  This  will  enable  us  at  the  end  of 
the  current  year  to  strike  out  of  the  suspense 
account  the  sum  of  £4,541  5s  7d  charged  in  the  year 
30th  June  1885,  which  by  ten  annual  payments  will 
have  been  entirely  paid  off.  We  are  now  able  to 
declare  a dividend  of  4 per  cent  on  the  ordinary 
shares,  leaving  .£1,270  to  be  carried  forward.  This 
is  not  only  highly^  satisfactory  to  the  original  share- 
holders, but  to  those  who  have  since  bought  shares 
in  the  company.  I may  mention  that  latterly  there 
have  been  inquiries  for  shares  at  £6  per  share 
With  reference  to  the  loan  of  £12,000  in  the  last 
balance  sheet,  we  paid  off  £3,000  with  some  money  we 
had  on  deposit,  and  desiring  to  reduce  the  interest 
we  applied  to  our  old  bankers  for  a loan  of  £9,000, 
but  the  request  was  refused  ; it  was,  however 
willingly  granted  by  the  Loudon  and  Westminster 
Bank,  which  paid  off'  the  balance,  and  we  have 
thereby  saved  about  .£150  in  interest.  The  most  in- 
teresting subject  to  persons  engaged  in  this  industry 
is.  of  course,  tea,  and  Ceylon  tea  is  now  so  good 
that  it  wutit  make  its  own  way.  I will  give  a few 
extracts  from  some  of  the  leading  brokers’  circulars, 
which  go  to  prove  the  truth  of  this.  Messrs.  Wilson, 
Smithett  & Co.,  in  their  circular  of  a recent  date, 
g . ii  Several  Russian  orders  were  in  the  market, 
and  again  comparatively  few  were  executed,  as  they 
were  generally  for  teas  of  exceptional  character 
which  certain  home  buyers  were  determined  to 
have  at  almost  any  cost,  but  they  had  the  effect 
of  stimulating  the  competition  and  securing  full 
prices,  and  leaving  at  the  same  time  the  reason- 
able hope  of  renewed  orders  at  higher  limits  in 
the  future.  For  the  nine  months  the  imports 
mark  an  increase  of  5,800,000  lb,  whilst  home  con- 
siimntion  has  expanded  to  the  extent  of  2,000,0001b 
and  exports  of  1,600,000.”  Messrs.  George  White 
and  Co.  in  their  circular  of  November  1th,  re- 
port that  “ deliveries  were  IJ  million  lb  above 
the  imports,  so  that  the  stock  has  been  reduced 
by  that  amount  since  September  30th.  For  the 
four  months  from  July  1st  the  quantity  taken 
from  the  warehouses  was  more  than  3J  mil- 
lion pounds  over  that  received,  indicating  a very 
healthy  condition  of  trade.”  Messrs.  Gow,  Wil- 
son and  Stanton,  who  take  a great  interest  in 
these  matters,  report  under  date  November  1st: 
“ From  North  America  reports  are  very  encouraging, 
and  there  is  every  reason  to  believe  that  British- 
crown  tea  has  now  taken  sufficient  hold  on  the  public 
taste  both  in  the  United  States  and  Canada  to 
ensure  a permanent  and  increasing  demand  for  it, 
if  only  the  work  of  the  Indian  and  Ceylon  Commis- 
sioners can  be  effectually  and  steadily  carried  on.” 
I am  not  acquainted  with  the  details  of  the  work 
now  being  carried  on  in  America,  but  this  I may  say, 
that  when  I was  there  recently  a gentleman  greatly 
interested  in  Ceylon  tea  complained  to  me  that  the 
tea  was  not  made  up  to  suit  the  tastes  of  the  con- 
sumers. Another  complaint  was  that  the  Ceylon  Plan- 
ters’ Association  is  associated  with  the  agent  of  the  In- 
dian Planters,  and  I understand  that  they  occupy  the 
same  office.  I may  also  say  that  I saw  an  advertise- 
ment consisting  of  a large  block  in  which  the  quan- 
tities of  Indian  and  Ceylon  sold  during  the  past  year 
**  na  marked  and  of  course  the  number  of  pounds  of 
T dian  tea  sold  looked  much  larger  than  those  of 
Pevlon  putting  Ceylon  in  an  unfair  position.  I 
have  sent  this  advertisement  to  our  planting  mem- 
ber of  Council  in  Ceylon,  pointing  this  out,  but  up 
to  the  present  have  received  no  reply.  In  conclusion 
T may  say  that  I still  cwntiiiue  to  have  a sanguine 
bone  of  the  prosperity  of  the  company,  and  that 
nbiect  to  climatic  influences  and  other  matters  over 
rUiich  we  have  no  control  (for  after  all  we  are  “tropi- 
cal at'-iculturists”  in  the  same  position  as  farmers), 
the  merits  of  Ceylon  tea  must  come  to  the  front. 
That  small  account  of  tannin  is  in  its  favour,  and 
I think  it  may  safely  be  said  that  we  are  on  the  high 
Fmd*^SoU  stated  that  he  wished  to  make  a 
few  remarks  in  a friendly  spirit  with  regard  to  the 
d fference  in  the  accounts  of  this  company  and  others. 
With  regard  to  the  suspense  account,  it  was  very 
satisfactory  to  see  that  £3,700  had  been  paid  off, 
but  he  was  sorry  to  see  that  it  bad  been  taken  off 
with  one  hand  and  with  the  other  hand  £1,256 
had  been  added  to  the  suspense  account  for  machinery, 
buildings,  Ac.  Most  companies,  he  maintained,  objected 
toasuspeuse account  and  charged  all  to revenueaccount. 
He  would  have  liked  to  have  seen  this  item  not  carried 
to  the  suspense  account. 
The  Chairman,  in  rejily,  remarked  that  the 
directors  courted  rather  than  depreciated  criti- 
c sm  on  the  part  of  shareholders.  The  new 
machinery  and  buildings  were  not  likely  to  rust 
or  wear  out  in  a short  time,  as  Mr.  Ford 
North  seemed  to  think,  and  he  considered  that 
what  had  been  done  had  been  done  wisely.  The 
price  jier  acre  of  their  cocoa  land  was  £8  17s, 
and  he  had  considered  that  the  cocoa  estate  was 
one  of  their  very  best  properties.  He  did  not  think 
that  prudent  men  could  have  done  better.  They 
had  paid  4 per  cent.,  and  had  they  wished  to  divide 
all  their  profits  they  might  have  paid  a great  deal 
more. 
Mr.  W.  Austin  remai’ked  that  he  took  a hopeful 
view  of  the  prospects  of  the  company.  When  the 
shares  were  very  low  he  continually  bought  them,  so 
that  no  one  could  say  he  took  a gloomy  view.  He  was 
the  latest  director  who  had  been  appointed,  and  he 
was  extremely  gratified  at  the  way  in  which  the  busi- 
ness of  the  company  was  conducted.  He  had  heard 
Mr.  Ford  North's  remarks  with  great  pleasure.  The 
companies  to  which  he,  Mr.  Ford  North,  had  al- 
luded had,  however,  great  latitude,  and  if  the  sugges- 
tions he  had  made  with  regard  to  the  accounts  were 
carried  out  it  would  make  the  company  appear  to 
have  earned  a smaller  profit  than  they  had  ac- 
tually done.  It  would  be  a pity  to  issue  new  shares, 
as  they  would  be  at  a discount.  He  considered  that 
the  Chairman  had  done  a grand  piece  of  financing 
in  getting  money  at  a low  rate  as  he  had  done. 
The  affairs  of  the  Company  were  thoroughly  well 
managed,  and  every  £1  that  was  spent  was  severely 
criticised  by  the  directers. 
The  following  resolutions  were  put  to  the  meeting 
and  carried  unanimously  : — 
Proposed  b}’  the  Chairman  and  seconded  by  Jlr. 
Pettit,  “ That  the  report  and  accounts  be  received 
and  adopted.” 
Proposed  by  Mr.  Austin  and  seconded  by  Mr. 
Pettit,  “ That  the  payment  of  a dividend  on  the 
6 per  cent.  Preference  shares  for  the  six  months 
ending  December  31,  1894,  be  confirmed,  and  that 
for  the  six  months  ending  June  30,  1895,  be  paid 
forthwith.” 
Proposed  by  Mr.  Austin  and  seconded  by  Mr. 
Pettit,  “That  a dividend  on  the  ordinary  shares  for 
the  year  ending  June  30,  1895,  at  the  rate  of  8s  per 
share,  free  of  income  tax.  be  paid  forthwith.” 
Proposed  by  Mr.  Ford  North  and  seconded  by  Mr. 
Collinge,  “ That  Mr.  Allen,  a director  who  retires  on 
this  occasion,  be  re-elected.” 
Proposed  by  Mr.  Smith  and  seconded  by  Mr.  Collinge, 
“ That  Mr.  Edward  Pettit,  a director  who  I’etires  on 
this  occasion,  be  re-elected.” 
Proposed  by  Mr.  Collinge  and  seconded  by  Mr 
Haslum,  “That  Mr.  John  Smith  be  re-elected  auditor 
of  the  company  for  the  ensuing  year  at  a remune- 
ration of  £21.” 
Mr.  Ford  North  proposed  a very  cordial  vote  of 
thanks  to  the  directors  and  also  the  managers  of  the 
estates  in  Ceylon,  and  the  chairman  having  briefly 
responded  the  proceedings  terminated. — J/.ii'  C.  Mail. 
ENGLISH  AGRICULTURE. 
Norfolk,  Nov.  4. 
Farmers  have  indeed  been,  having  a bad  time  of  it. 
Many  farmers  have  been  let  out  of  cultivation,  and 
others  only  kept  in  cultivation  by  foregoing  all  rent. 
However  it  is  to  be  hoped,  that  things  have  at  last 
touched  bottom  and  that  an  improvement  may  be 
looked  for  during  the  coming  year.  No  Government 
can  guarantee  good  harvests,  but  a strong  one,  such 
as  the  present,  cau  do  UUloh  to  help  the  struggling 
tiller  of  the  soil. 
