May  r,  1896.] 
THE  TROPICAL  AGRICULTURIST. 
757 
THE  HEPOirr  OF  THE  COLO  MHO 
C0:M  ,M  ERCT a L CO  m pa  N V. 
Our  Loiulnn  Letter  (see  pa,e;e  7<>0)  iiiakcs  reference 
to  tile  report  of  the  Cloloinlio  Coiiunercial  (.  oinpany, 
Ltd.,  \vliicli  We  were  enabled  to  piiblisli  a sliurt  time 
fi^o.  Wo  IiaVC  always  ileeined  the  annual  reports 
oF  this  Company  to  ileniand  special  attention. 
One  reason  for 'thus  regarding  these  documents 
has  been  that  the  h'olomho  Commercial  (,'ompany 
occupied  what  may  he  termed  an  unique  position 
with  respect  to  the  leading  industries  of  this 
('olony.  It  is  both  a trading  and  a plantuig 
Association,  though  perhap.s  tlie  second  tunction 
is  (lepciulent  upon  aiut  has  sprunG;  out  of  the 
first.  As  the  result  of  the  mixed  interests  in 
which  it  engages,  it  has  alviays  been  thought  wise 
by  the  directors  to  withhold  details  of  the  Com- 
pany’s  proceedings  Irom  the  public.  ISor  aie 
the  shareholders  taken  more  into  confulence,  at 
least  so  far  as  the  reports  annually  presented 
to  them  are  concerned.  It  is  impossible  there- 
fore for  us  in  any  degreee  to  discuss  the_  details 
of  the  year’s  jiroceedings.  We  do  not  raise  any 
objection  to  the  course  the  directors  think  it 
be.st  to  pursue.  We  can  readily  assent  to  the 
view  that  the  veiy  essence  of  the  business 
transacted  necessitates  anti  demands  a consider- 
able amount  of  privacy.  The  report  last 
published  is,  of  a very  excei.tional  charac- 
ter. Since  the  previous  one  was  issued  a 
omplete  change  has  been  made  in  the  constitu- 
tion of  theComiiany.  Indeed  that  with  which  we 
have  for  so  long  had  acquaintance  has  altogetlier 
ceased  to  exist,'  and  that  which  has  taken  its 
ijlace  has  been  registered  with  Articles  of  As- 
sociation differing  in  several  important  lespects 
from  tliose  upon  which  its  i)iedece.ssor  was 
founded.  The  report  affords  us  no  light  as  to 
the  reason  why  this  course  was  resolved  iiiion 
early  in  the  present  year.  It  has,  however, 
been  made  known  to  us'  that  alteied  conditions 
of  trading  in  Ceylon  rendered  the  original  articles 
unsuited  to  present  requirements  and  unduly 
limited  the  scope  of  the  Company’s  operations 
and  the  discretion  of  the  directors  in  dealing 
with  them.  Absence  of  fuller  information  denies 
us  the  power  of  further  remark  upon  the  change 
"now  entered  upon.  It  can  only  be  said  that  tliis 
appears  to  have  been  made  at  a time  when  tne 
business  to  be  transferred  was  in  a thoroughly 
sound  condition,  if  wc  may  judge  as  to  this  by 
the  dividends  announced.  For  many  years  this 
lorn"  established  Conqiany  had  to  contend  against 
serious  dilliculties,  in  part  due  to  the  tiansition 
from  the  coffee  to  the  tea  enterin'ise  and  partly 
to  the  liti'oition  it  became  involveil  in  with 
the  “(treat  Holler  Ca.se.”  That  suit  termin- 
ated recently  with  a verdict  in  favour  of  the 
Company,  and  the  ground  thus  became  fully 
cleared  'for  the  change  that  has  just  been  made. 
THE  DELCOLLA  ESTATE  COMPANY. 
Kandy,  April  10. 
ANNITAI.  MEKTING. 
The  annual  general  meeting  of  the  Delgolla 
Estate  Company  was  held  here  today.  The 
renort  of  the  directors  was  ado])te(l. 
The  meeting  was  well  attended  by  the  sharehold- 
ers most  largely  interested,  and  there  were  present 
Messrs.  II  S Rix,  .1  B Bishop,  A Melville  White, 
E S Fox,  Gordon  Pyper,  Frank  M Laurie,  H A Tipple, 
J Munton,  H .7  Vollar ; Messrs.  W II  Bailey,  Bux- 
ton Laurie,  and  W Forbes  Laurie,  E Tench,  A 
E Wright,  Deane,  Smith  being  represented. 
95 
The  report  was  as  follows  : — 
The  Directors  submit  herewith  the  Balance  Sheet 
and  I’rolit  and  Loss  Account  for  the  year  ending 
2i)th  February,  ISlHi,  duly  audited,  and  regret  that 
they''  arc  not  in  a position  to  recommend  any  dividend 
being  declared.  The  Directors  have  still  to  deplore 
the  prevalence  of  low  prices  for  cocoa, — with  high 
rates  of  exchange  and  a reduced  crop. 
Cocoa. — The  crop  gathered  was  dlOif  cwt.,  and, 
though  the  early  appeal  aaces  justified  anticipations 
of  a yield  of  700  cwt.,  which  was  thought 
a reaaouablo  estimate  for  the  season,  and 
l.’iS  ^ cwts.  less  than  previous  years,  the  crop 
foil  short  of  these  expectations  by  no  less 
than  2.71)1  cwt.  Despite  an  average  rainfall  being 
made  up,  the  season  was  not  propitious.  In 
.July  itnd  early  August  rain  was  very  much 
needed,  and  though  it  fell  later  in  abundance  with 
visible  improvement  to  the  trees,  before  the 
middle  of  September  a serious  attack  of  thrip 
appeared  and  acres  of  cocoa  were  for  a time 
denuded  of  leaf.  From  that  time  reductions 
of  crop  estimates  were  considered,  but  only  at 
latler  end  of  the  season’s  gathering  was  the  full 
shortage  realized.  Not  only  thrip  caused  the  loss, 
but  the  excess  of  rain  following  after  the  dry 
weather,  had  resulted  in  young  pods  turning  black 
and  falling  off. 
LiiiEiiiAN  Coffee. — cwts.  were  secured  against 
an  estimate  of  60  cwts.,  but  as  noted  in  last  season’s 
report,  the  age  of  trees,  condition  of  shade  and  old 
land  were  not  favourable. 
Coconuts. — The  number  of  nuts  gathered  was 
9!), 1.56  against  an  estimate  of  103,000.  A fresh  census 
having  been  taken  shows  that  vei'y  few  more  trees 
are  actually  in  bearing  than  were  so  last  year,  but 
a lai  g3  number  of  trees  are  in  blossom  now  for  the 
first  line  and  fruit  not  yet  set. 
Cle.uungs  are  all  progressing  favourably  as  re- 
gards Coconuts  and  Cocoa,  but  the  Liberian  Coffee 
is  backward  and  disappointing. 
Cultivated  Arf.a.— A statement  for  information  of 
Shareholders  is  submitted  below. 
PiiosTLCTS  FOH  1896  97. — Estimates  of  crop  and  ex- 
penditure point  to  improvement  in  the  coming  year. 
Directorate. — In  accordance  with  the  Articles  of 
Association  Mr.  E.  S.  Fox  retires  from  the  Direc- 
torate, but  being  eligible  offers  himself  for  re-election. 
The  election  of  Auditor  for  the  ensuing  year 
rests  with  the  meeting. 
By  order  of  the  Board. 
J.  MUNTON, 
Atjeiii  cC  Secretary, 
MEMORANDUM  OF  CULTIVATED  AREA — APPROXIMATE.' 
309 
acres 
old  cocoa,  25  interspersed  with  Liberian 
coffee,  and  140  acres  with  coconuts 
16 
do 
cocoa  54  years  old  with  coconuts 
30 
do 
cocoa  3 years  old  with  coconuts  and  Libe- 
rian coffee 
60 
do 
cocoa  2 years  old  w’ith  coconuts  andLibe- 
riau  and  coffee 
25 
do 
coconuts  4 years  old  with  Liberian 
coffee 
102 
do 
coconuts  60  acres  6 years  and  42  acres 
4 years  with  cocoa  planted  last  year  in 
GO  acres 
60 
do 
cocoa  at  Isabel 
75 
do 
grass  and  old  land 
677 
acres. 
Prior  to  the  adoption  of  the  Report,  the  Ch.4ikman 
went  fully  into  explanations  of  the  causes  of  dis- 
appointment in  the  year’s  results  alluded  to  in  the 
Report,  referring  to  the  visitation  of  “ thrip  ’’  and 
the  disease  which  is  at  the  present  time  forming  a 
fresh  feature  in  the  consideration  of  cacao  cultiva- 
tion though  not,  on  these  estates,  necessarily  of 
alarm  ; and  after  reference  to  the  hope  that  the 
sight  of  the  Delgolla  coconuts  inspired,  when  cacao 
was  depressing  both  in  crop  and  prices,  reserved  any 
further  remarks  until  he  had  an  opportunity  of  replying 
to  any  inquiries  of  the  shareholders  such  as  he  hoped 
might  be  forthcoming. 
Mr.  A.  Melville  White  inquired  about  the  policy 
of  the  Directors  regarding  the  Isabel  estate  and  the 
