Feu.  1,  i8g6] 
AGRICULTURIST. 
571 
THE  'i’ROPlCM. 
CKYJ.ON  i.ANJ)  AND  ITtODTCL  COMPANY. 
(lENEUAI,  W EETINU . 
At  the  11th  animal  general  meeting  of  the  share- 
holders of  the  Ceylon  Land  and  Produce  Coinpany, 
Limited,  held  at  the  offices  of  the  Company,  Loaden- 
hn.ll  House,  101,  Leadenhall  Street,  on  Friday,  the 
17th  of  Jiinuary,  1890.  at  2 p.m.,  in  the  absence  of 
the  Chairman,  Mr.  Jas.  Wilson,  Mr  W.  Keiller,  of 
the  firm  of  Jas.  Keiller  and  Son,  Dundee- and  London 
presided,  and  made  the  following  remarks  : — • 
uEsur/rs  of  the  yeak's  wokk. 
1 am  Sony  that  our  worthy  Chairman  is  not 
with  us  today.  It  is  against  ins  wish  and  against 
his  person:*!  convenience,  as  you  may  well  under- 
stand, that  he  has  been  compelled  to  stay  in 
Ceylon  for  over  a year  ; but  his  sense  of  duty  to 
the  shareholders  of  this  Company  compels  him 
tr  sacrifice  these  feelings  to  the  common  good 
of  all  of  us,  and  I lor  one  gladly  add  my  feeiitig 
of  appreciation  of  the  self-denial  exercised  by  him, 
and  I am  sure  the  shareholders  will  agree  with  me. 
Your  directors  are  pleased  to  lay  before  you  such 
a cheerful  state  of  things  as  is  depicted  in  the 
report  which  has  as  usiral  been  sent  to  every  share- 
holder, and  which  I presume  may  be  taken  as 
read.  It  has  been  our  good  fortune  during  the 
year  under  review  to  harvest  the  largest  crop 
of  cocoa  that  has  been  handled  since  this  Com- 
pany has  been  in  existence,  viz.,  2,830  cw'ts.  The 
season  most  closely  approaching  this  record  was 
in  1892-93,  when  the  intake  was  2,200  cwts.  The 
very  large  drop  in  prices  has,  however,  been  a 
source  of  regret  when  it  is  remembered  that  in 
the  season  1892-93  the  net  prices  for  the  crop, 
which  is  practically  all  sold  in  this  country,  was 
90s  lid,  as  comjrared  with  52s  9d,  which  was  last 
year’s  net.  The  drop  has  been  most  severe  and 
perhaps  is  more  maiked  when  I tell  you  that  in 
February,  1893,  we  sold  cocoa  Nos.  1 and  2 bulked 
together  that  grossed  130s  9d,  and  that  during  the 
past  season  equally  good  cocoa  has  been  quitted  at 
one-h  If  the  price.  It  is  satisfactory,  though,  to  add 
that  whilst  this  drop  eats  very  considerably  into  our 
proli;,  it  by  no  means  wipes  it  out,  and  that  at 
F resent  prices  a moderate  crop  will  give  us  a very 
lir  return.  As  an  offset  against  the  drop  in  cocoa 
values  an  increase  in  lea  j^rices  has  to  be  recorded 
for,  whilst  in  93  94  we  realized  6;id,  net  lor  our  teas, 
in  94-95  we  got  7 34d.  Perhaps,  it  will  be  interesting 
compiled  by 
the  Secretary 
Rate  of  Ex. 
Net. 
A 
Cents. 
16 
U . 
9T0 
48-61 
l;4i 
7-81 
46-63 
P3 
7'7U 
51-33 
1 2i 
6-77 
46 '68 
1 14 
7-34 
55'40 
the  better 
prices  obtained 
a gre 
Year. 
90— 91 
91— 92 
92— 93 
93— 94 
94— 95 
quantity  of  tea  was  auctioned,  and  I may  ndd  that 
all  our  teas  are  sold  in  this  market.  Since  June  tea 
his  been  Hushing  well  at  New  Peradeniya,  and  w'e 
are  ahead  compared  with  same  date  last  year,  whilst 
from  our  other  places  we  have  good  reports.  We 
have  under  tea  and  in  bearing  1,555^  acres,  spread 
over  various  districts,  and  they  have  produced  385  lb 
per  acre,  ranging  from  280  1b.  at  Rickarton  to  535  lb. 
at  New  Peradeniya.  We  have  in  addition  286g  acres  of 
young  tea,  which  will  in  a comparatively  short  time  be 
making  returns.  Turning  to  coffee  and  cocoa,  and  in- 
cluding coconuts,  we  have  1,137  acres  in  bearing,  and, 
beyond  that,  vve  have  410  acres  planted  during 
the  psst  two-and-a-half  years.  This  is  an  asset 
of  growing  value,  and,  in  the  course  of  time,  the 
crops  obtained  will  very  sensibly  increase  our  total 
revenue.  The  Directors  think  they  are  much  indebt- 
ed to  their  Chairman,  forthey  feel  itis  due  to  his  initia- 
tive that  such  a large  area  as  nearly  six  hundred  acres 
have  been  added  to  the  Companv’s  planted  property^ 
a vital  point  to  bear  in  mind  being  that  the  total 
value  of  of  our  properties,  according  to  the  Balance 
Sheet  for  year  ending,  June  30th,  1893,  was  .t'96,958, 
whilst  the  figures  before  you  indicate  the  book  value 
as  i95,667.  in  other  words,  whilst  nearly  600  acres 
have  been  cleared  and  planted  in  this  period,  the 
capital  according  to  the  books  has  been  reduced  by 
61,291.  These  figures  speak  ft r themselves  I think; 
so  that,  not  wdtbstanding  the  fall  of  exchange,  the 
Directors  are  confident  that  our  assets  are  in  the  total 
fully  worth  wliat  they  are  enteiedatin  the  Company’s 
books.^  Indeed,  in  view  of  the  very  high  price® 
ihat  nave  lately  been  paid  for  Ceylon  tea  pro* 
perty,  perhaps  w-e  err  on  the  side  of  caution  in 
this  matter  ; but,  if  that  is  so,  then  the  difference 
between  the  book  figures  and  the  ideas  of  value 
that  different  people  may  put  upon  our  proper- 
Les  con.stitutes  an  invisible  reserve  fund,  which 
1'^  Lself  should  gratify  each  individual  share- 
holders. Taking  the  acreage  presently  in  bearing 
1,5.56  Tea  \ and  dividing  that  into  the  book  capi- 
1,137  Cocoa  I tal  it  works  out  a trifle  over  .£35  per 
i-acre,  but,  including  the  whole  of  our 
2,693  A.cres  | planted  acreage  3,395  acres,  the  re- 
I suit  is  A-28  per  acre.  With  regard  to 
the  New  Clearings,  the  Directors  are  very  satisfied 
with  the  planting  on  Slrathisla  over  220  acres  be- 
ing brought  into  eu  tivation  within  the  last  tw'O 
years.  The  largest  portion  is  under  cocoa,  but 
we  have  also  planted  both  .^Wabian  and  Liberian 
coffee  and  tea.  Mr.  Wilson  says  this  place  is  do- 
ing very  well,  and  speaks  hopefully  of  the  future. 
I will  now  refer  to  the  Balance  Sheet,  comparing 
it  with  last  year’s  figures.  Our  issued  capital  stands 
at  the  same  figure,  £47,950.  Debentures  issued  are 
almost  the  same  indicating  an  increase  of  £450.  The 
mortgage  account  which  last  year  amounted  to 
£2,.500  has  now  entirely  disappeared  from  our  Balance 
Sheet.  The  relative  deeds  are  -in  our  hands,  and 
thus  the  mortgage  deed  for  £15,000,  which  formed  a 
first  charge  on  North  Matale  and  Alloowibarie.  has 
been  cancelled,  materially  increasing  the  value  of  the 
Debenture-holders,  security  ; this  security  being  re- 
presented by  assets  wortFover  £100,000,  and  uncalled 
capital  £28,800.  The  deposits  also  indicate  a small 
increase,  about  ,£280.  Sundry  creditors  show  a larger 
increase,  viz.,  £3,300.  Acceptance  account  shows  a 
welcome  diminution,  viz.,  £5,500,  whilst  the  balances 
due  to  Superintendents  in  Ceylon  indicate  an  increase 
of  £750.  it  will  also  be  observed  that  the  over- 
draft of  £6,2,50  in  last  Balance  Sheet  has  now  been 
discharged.  Our  liabilities  are  thus  reduced 
from  £66,200  to  £56,700,  using  round  figures,  a differ- 
ence of  £9,.500.  Turniiig  to  the  other  side  of  the 
account  our  estates  capital  account  stands  at  much 
the  same  as  last  year.  Produce  in  course  of  realiza- 
tion marks  an  increase,  whilst  the  Estimated  Produce 
account  show's  a reduction.  Cash  is  in  pleasing  con- 
trast to  last  year’s  report,  whilst  the  Sundry  Debtor’s 
account  has  been  reduced  from  £13,795  to  £4,909. 
This  speaks  for  itself.  Coast  advances  are  an  in- 
creasing. item.  We  will  now  pass  on  to  the  Profit 
and  Loss  account.  The  crop  expenditure  is  somewhat 
in  excess  of  that  for  last  year.  Interest  remains  at 
much  the  sanie  figure.  The  main  point  of  interest 
on  the  credit  side  of  the  account  is  the  produce 
account,  the  total  of  wdiich  amounts  to  £35,500 
roundly,  we  against  £28, ,300  last  year,  an  increase  of 
£7,200.  A vole  of  thanks  was  proposed  to  the  Chair- 
man and  duly  seconded,  and  which  was  unanimously 
carried,  for  the  able  way  he  had  connected  the 
business  of  the  meeting,  and  his  lucid  remarks  w th 
reference  to  the  company’s  repor  and  prospects. 
Mr.  Keiller,  in  returning  thanks,  said,  “ I feel 
that  we  ought  not  to  separate  today  without  re- 
cording our  deep  sense  of  indebtedness  to  our 
worthy  Chairman  and  Managing  Director,  Mr.  W’ilsou 
for  the  exceptional  services  he  has  rendered 
to  the  company  during  the  past  year  ; only 
those  vyho  know  all  the  circumstances  connected 
with  Mr.  Wilson’s  long  stay  in  Cevlon  can  have  any 
Idea  of  the  amount  of  worry  he  has  had  to  endure 
^^d  I considei  the  ability  and  devotion  he  has  given 
to  the  company's  affairs  generally  while  in  Ceylon  to 
be  beyond  all  praise,  and  I do  not  not  think  there 
can  be  the  slightest  doubt  hut  that  his  long  sojourn 
in  the  Island  lias  been  of  immense  benefit  to  the 
company  in  every  way.  I would  beg  therefore  to 
S";®.  vote  of  thanks  to 
Ml.  vVilsoa  for  his  exceptional  and  able  servicee 
during  the  past  yeaVi 
