April  r,  1896.]  THE  TROPICAL  AGRICUL  I'URIST. 
707 
HORREKELLY  ESTATE  COMPANY  LTD. 
Tlie  annual  ordinary  general  meeting  of  sliare- 
liolders  of  tliis  Company,  was  lield  in  tlie  registered 
ollice  (Messrs.  Lewis  Rrown  Co.’s)  on  March 
2(5,  Mr.  C.  E.  H.  Symons  presided  and  present 
were -.—Messrs.  E.  Leisching,  Percy  Rois,  Ered 
Rois,  E.  M.  Mackwood,  S.  Green,  R.  L.  M. 
Rrown  (Secretary)  and  other  shareliolders  by  pro.\y. 
Notice  convening  the  meeting  having  been  read 
and  minutes  of  previous  meeting  confirme<l, 
The  CllAiRM.tN  submitted 
THE  ANNUAL  REPORT 
which  was  held  as  read.  It  is  in  the  following 
terms : — 
1.  The  Directors  have  pleasure  in  submitting  the 
accounts  of  the  Company  for  the  past  year  show- 
ing (with  111,472-84  brought  forward  from  1894  and 
after  writing  olf  li:i,.S81-21  for  depreciation  of  Plant 
and  Machinery  at  the  usual  rate)  a net  sum  of 
1130,0.51-66  at  credit  of  Profit  and  Loss  account  avail- 
able for  distribution. 
2.  The  Directors  recommend  that  a dividend  at  the 
rate  of  7 per  cent  be  declared  on  the  capital  of  the 
Company  (which  has  been  all  called  up  and  received). 
This  will  absorb  R23,000  and  leave  surplus  of  R2,051-66 
to  be  carried  forward  to  1896. 
3.  The  crop  of  coconuts  in  1895  was  a very  good 
one  and  realized  full  rates,  the  yield  being  due  to 
the  favorable  rainfall  and  to  the  steady  applica- 
tion of  manure. 
4.  During  the  year  Mr.  Tbos.  Carey  left,  the  ser- 
vice of  the  Company  as  Superintendent  and  Mr.  A. 
\V.  Beven  has  been  appointed  his  successor.  It  is 
expected  that  with  the  regular  application  of  man- 
ure now  being  made,  the  crop  for  1896  will  be  a 
very  favorable  one  if  normal  rainfall  is  experienced. 
5.  The  working  of  the  seasons  1893,  1894  and 
1895  compares  as  follows  (the  item  of  interest 
being  excluded  : — 
1893.  1894.  1895. 
Expenditure  on  the  R.  c.  R.  c.  R.  c. 
Estate  and  in  Colombo 
Office  ...31,385  55  33,243  74  32.747  69 
Candies.  Candies.  Candies. 
958 
Ballots. 
773 
Ballots. 
1,036 
Ballots. 
39,869 
R.  c. 
40,245 
R.  c. 
25,703 
R.  c. 
47  43 
48  06 
49  70 
3 80 
4 25 
4 67 
Quantity  of  Cop- 
perah  produced 
Quantity  of  Coir- 
Fibre  made 
Average  price  obtained 
for  Copperah,  per  candy 
Average  price  obtained 
for  Coir  Fibre  per  cwt. 
6.  Two  Directors — Messrs.  C.  E.  II.  Symons  and 
F.  C.  Loos — retire,  and  are  eligible  for  re-election. 
7,  The  Shareholders  have  to  appoint  an  Auditor 
for  1396. 
By  order  of  the  Board  of  Directors, 
Lewis  Brown  & Co.,  Secretaries. 
Colombo,  IGth  March,  1896. 
The  Chairman,  in  moving  the  adoption  of 
tlie  report,  said  the  Directors  had  a better 
state  of  matters  to  report,  to  the  shareholders 
than  had  been  the  case  for  some  years  pa.st.  It 
would  be  seen  from  the  report  that  the  Directors 
recommended  a dividend  of  7 per  cent,  per 
annum  after  having  written  off  the  Ordinary  depre- 
ciation. The  prospects  of  the  coming  crop  were 
considerably  better  than  those  of  the  past  year 
and  he  thought  there  was  every  chance  of  their 
being  realised.  They  had  experienced  good  rains 
during  the  past  year  and  they  were  having  good 
; rains  up  to  the  present  time.  The  sale  of 
the  produce  for  the  coming  year  promised 
to  be  quite  as  good  if  not  better  than  the  past. 
The  price  of  copra  had  gone  down,  but  the  price 
of  coconuts  had  gone  up,  very  mud),  owing  to 
the  desiccated  interests.  Of  the  first  crop  of  the 
pre.sent  year  3U0.000  coconuts  had  been  sold  on 
the  estate  at  R40.  That,  he  thought,  must  be 
39 
regarded  as  very  satisfactory  in  view  of  the 
price  of  co|)i  a at  the  present  time.  Of  the  second 
crop  the  same  i>rice  had  been  offered  for  the 
.same  number,  but  it  had  not  been  accepted  yet. 
That  was  a matter  for  the  Directors  to  settle 
bye  and  bye.  On  the  whole,  he  thought,  they 
might  congratulate  themselves  and  look  forward 
to  a very  prosperous  year.  They  had  lost  Mr. 
Carey,  but  now  tliey  had  got  Mr.  A.  W.  Reven 
in  his  place.  A considerable  amount  of  trouble 
had  been  experienced  owing  to  the  coolie  question. 
All  the  experienced  coolies  had  left  the  estate  and 
they  were  employed  not  very  far  from  it.  No  doubt 
they  had  been  enticed  away.  It  had  left  Mr.  Reven 
in  a very  unpleasant  predicament,  but  he  was 
doing  his  very  best  to  find  coolies  and  that 
he  would  be  able  to  do,  that  he  (the  Chairman) 
had  very  little  doubt.  He  concluded  by  moving 
the  adojition  of  the  report. 
Mr.  Mackwoou  imiuired  how  it  was  that 
with  a larger  output  of  copra,  which  involved 
a laige  number  of  coconuts,  they  weie  selling 
less  fibre. 
In  explanation,  the  Chairman  stated  that  they 
liad  as  much  fibre  as  formerly  but,  owing 
to  the  scarcity  of  labour,  only  that  part  which 
really  paid  was  prepared  for  the  market. 
The  report  was  adopted. 
Mr.  Macwood  pioposed  and  Mr.  Green 
seconded  that  a dividend  of  7 per  cent,  be 
declared  payable  on  1st  April. 
Agreed. 
On  the  motion  Mr.  Green  seconded  by  Mr. 
Fred  Reis  the  retiiing  Directors  Messrs.  Symons 
and  E.  C.  Loos  were  re  elected  Mr.  Hercules 
J.  Scott  was  appointed  Auditor. 
This  was  all  the  business. 
— ♦ 
A NEW  COMPANY. 
THE  KALUTARA  COMPANY,  LIMITED. 
The  memorandum  and  articles  of  Association  of 
the  Kalutara  Company,  Limited,  is  contained  in  a re- 
cent Gazette.  Among  the  objects  for  which  the  Com- 
pany is  established  are — to  purchase,  or  lease,  or 
otherwise  acquire  any  estate  or  estates,  land  or 
lands,  or  any  undivided  share  or  shares  in  any  such, 
any  machinery,  implements,  tools,  live  and  dead 
stock,  stores,  effects,  and  other  property,  real  or 
personal,  movable  or  immovable,  of  any  kind  what- 
soever in  the  Island  of  Ceylon.  To  purchase  tea 
leaf  and  (or)  other  raw  products  for  manufacture, 
manipulation,  and  (or)  sale.  To  manufacture  tea 
leaf  and  (or)  other  products.  To  can-y  on  the 
business  of  planters  of  tea  and  other  products  in 
all  its  branches.  The  liability  of  the  shareholders 
is  limited.  The  nominal  capital  of  the  Company  is 
R750,000,  divided  into  1500  shares,  of  R500  each,  of 
which  500  shares  may  be  issued  with  any  guarantee 
or  right  of  preference  as  may  be  determined  or  pro- 
vided by  the  Articles  of  Association  of  the  Company, 
A share  each  has  been  purchased  by : — Messrs. 
C.  E.  H.  Symons,  T.  J.  Anderson,  G.  H.  Alston, 
C.  J.  Donald,  Jas.  A.  Henderson,  A.  J.  Sawer,  and 
G.  W.  Carlyon. 
♦ 
INDIAN  AND  CEYLON  TEA  COMPANIES’ 
PREFERENCES. 
An  investment  which  will  bring  in  from  4 to  4J 
per  cent.,  and  at  the  same  time  afford  a very  fair 
degree  of  safety,  with  a good  prospect  of  apprecia- 
tion in  capital  value,  is  now-a-days  becoming  so 
rare  that  ve  make  no  apology  to  our  readers  for- 
reverting  to  a class  of  security  to  which  we  have 
more  than  once  called  attention.  We  refer  to  the 
shares  of  Indu  Q Tea  Companies,  and  especially  to 
the  Preference  shares,  which  partake  more  of  the 
nature  of  an  investment  stock — speculative,  it  is 
true,  as  every  stock  of  the  kind  must  be,  but  by  no 
means  more  so  than  the  shares  of  first-class  home 
industrial  securities,  During  the  past  year  both  the 
