852 
THE  TROPICAL  AGRICULTURIST. 
[June  i,  i?9C. 
a.8  not  only  to  return  you  tho  best  possible  imme- 
diate results,  but  that  they  shall  continue  to  3 ield 
as  good  crops  in  the  future  as  we  can  be  assured  by 
an  intelligent  and  careful  system  of  husbandry. 
iTou  will  now,  however,  I am  sure,  be  anxious 
to  hear  what  our  Ceylon  Manager,  Mr.  Talbot,  has 
to  say  about  the  properties  he  has  so  ably  mnn- 
aged  on  your  behalf  for  the  last  7 years.  ' There 
is  no  man  in  Ceylon  better  qualified  to  speak  with 
authority  on  the  planting  interests  of  that  Island 
than  Mr.  lalbot  who  has  devoted  2.7  years  of  his 
life  to  planting  in  Ceylon.  I have  repeatedly  said 
from  this  place  that  much  of  our  success  is  due  to 
our  Ceylon  management  and  I am  sure  that  while 
Mr  Talbot  takes  his  well  earned  leave  at  home,  Mr. 
Masefield,  who  has  again  been  appointed  Acting 
Manager,  will,  in  conjunction  with  the  other  mem- 
bers of  the  staff,  perform  their  duties  to  our  satisfac- 
tion as  hitherto. 
You  will  be  asked  later  on  to  pass  a vote  for  a 
small  increase  in  the  Directors  fees,  in  order  that 
we  may  have  the  advantage  of  Mr.  Talbot’s  services 
on  the  Board  while  he  is  in  this  country. 
Should  any  shareholder  desire  to  ask  any  questions 
my  colleauges  or  I shall  be  very  pleased  to  answer 
them  to  the  best  of  our  ability.  Meantime  I would 
move  “ That  the  Report  and  Statement  of  accounts 
as  submitted  be  received  and  adopted  and  that  a 
final  dividend  ef  b per  cent  off  the  ordinary  shares 
making  15  per  cent  for  the  year  free  of  income  tax  be 
declared  payable  on  and  after  27th  iust.”  (Applause). 
Mr,  Henrv'  Tod  seconded  the  adoption  of  l lie 
report  which  wa.s  carried  unanimou-sly,  llie  only 
questions  put  being  by  Mr.  Dangei  field  with  re- 
ference to  the  Reserve  Fund,  remarking  that  the 
coconut  estates  opened  out  of  this  Fund  were 
now  called  Investments  and  he  presumed  the 
profits  from  these  would  be  henceforward  included 
with  the  annual  profits  from  the  tea  estates. 
He  referred  to  some  slight  dill'erence  in  the  ligures 
in  tw'o  parts  of  the  accounts,  which  lie  hail  no 
doubt  could  be  explained. 
Mr.  Rutherford  explained  that  the  discre- 
pancy was  due  to  the  Sirangapathe  Coconut 
Estate  having  had  to  be  bought  in  December 
Oo,  in  place  of  going  into  this  year’s  account, 
as  the  directors  had  intenilcd. 
Mr.  Talrot  then  made  a clear  and  concise 
statement  as  to  the  condition  of  tho  Company’s 
properties  in  Ceylon.  He  said  he  would  avoid  detail 
but  notice  some  of  the  chief  ])oints  in  the  working 
of  the  properties ; their  policy  had  been  directed 
to  maintain  the  permanent  value  of  their  iilaa- 
tations  rather  than  to  extract  from  them  for  a 
certain  number  of  years  the  maximum  returns 
of  which  they  were  ca[»ahle.  This  policy  was 
seen,  for  instance,  in  their  treatment  of  young 
tea.  They  took  care  that  the  maiden  crops,  by 
jilucking  lightly,  should  not  he  a Imrdcn  to  the 
trees,  so  that  these  were  enabled  to  developc 
vigorously,  up  to  their  third  and  fourth  year. 
They  applied  the  same  imlicy  generally  to  any 
weak  portions  of  their  liehis,  so  tliat  sucli 
patches,  being  leniently  treated  should  gra- 
dually .gain  full  strength  and  be  equal  to  the 
rest  of  the  field.  Another  matter  in  which 
they  had  been  careful  was  in  the  application 
of  artificial  manures.  He  could  not  lielji  regard- 
ing such  an  application  as,  to  a certain  extent, 
living  on  capital,  because  artificial  manures  sti- 
mulated the  trees  to  take  everytliing  they 
could  out  of  the  soil  in  a limited  period.  Their 
policy  was  rather  to  supply  bulky  fertilizers 
such  as  cattle  manure,  and  for  this  reason  they 
were  looking  ahead  and  planting  up  grass  fields, 
as  well  as  jirepaiing  cattle  eslablishments,  for 
all  planters  knew  the  value  of  cattle  manure  in 
dealing  with  onr  Ceylon  tea  soils.  Another  fact 
he  would  refer  to  was  the  utilization  of  watcr- 
IKiwcr  in  their  factories  wherever  at  all  possible, 
even  at  increased  first  expense.  Other  motoru 
might  he  cheaper  in  the  first  instance,  hut,  in 
tlie^  end,  tiiere  could  not  be  a more  economical 
satisfactory  or  better  way  of  working  than  with 
water-power.  Turning  to  the  Company’s  coco- 
nut estates,  he  might  say  that  these  had  given 
him  imicli  more  anxiety  than  his  duty  of 
tea  supervision  ; because  lie  was  here  dealing 
with  tiie  re.serve  funds  of  the  Company  whicli 
had  to  he  very  carefully  invested,  and  entering 
on  an  industry  which  was  regarded  as  peculiarly 
one  appertaining  to  natives.  He  might  say  how- 
ever that  tlie  estates  bought  for  tlie  Conqiany 
were  all  good  ; and  as  the  result  of  his  ohserv  a- 
tion  he  felt  sure  tliat  Euro]ieans  could  work 
coconut  (ilantations  better  then  natives  and  secure 
larger  profits.  Finallj'  he  would  like  to  s.ay  a 
word  witli  reference  to  the  Comiiany’s  .Superin- 
tendents whose  work  he  had  clo.sely  watched 
for  the  past  seven  years,  and  he  could  safely 
say  that  no  body  of  men  anywhere  in  the  trojiics 
did  their  work  more  faithfully  than  the  Siqier- 
iiitendents  in  the  employ  of  the  Ceylon  Tea 
I’lantatioiis  Company.  Their  resiionsibiiilies  had 
very  much  increased  of  late  owing  to  labour 
anxieties  and  the  diliiculties  about  coast  advances, 
more  cspecialiy  in  securing  a i.lnc  amount  of 
work  during  the  rush  of  cro|i  from  such  gangs 
of  coolies  as  might  lie  rendered  more  independaiit 
and  uiicerlain  through  tlie  etlects  of  thii  advances’ 
system.  Rut  he  felt  sure  tlie  Superintendents 
would  continue  to  give  their  utmost  attention 
to  the  interests  ol  the  shareholders.  (Applause.) 
RE-ELECTION  OF  MR.  RUTHERFORD  AS 
CHAIRMAN. 
.Mr.  D.  Reid  nioied  tlie  re-election  of  Mr. 
Rutherford  <as  Director  and  in  doing  so  spoke  in 
the  highest  terms  of  lus  ilcvotion  to  the  interests 
of  the  Company,  to  which  ho  gave,  the  best  of 
his  thought,  time  and  strength.  (Hear,  hear.) 
Mr.  M . Herrert  Anderson  had  much  plea- 
sure ill  seconding  the  resolution.  To  h.avc  .such 
a Chairman  as  Mr.  Rutherford  wa.s  a special 
advantage  to  the  Company,  for  he  took  care  that 
everything  was  thoroughly  up  to  date  in  his  w'ork, 
and,  come  wliat  may,  tlie  shareliolders  might  feel 
secure  that  Mr.  Kntlieriord  would  watch  over 
tlieir  interests  with  the  same  untiring  energy  as 
before.  (Aiqilause)  Resolution  carried  unani- 
mously. 
[Mr.  Talbot  was  also  elected  to  serve  on  the 
Roard  of  Directors  during  his  year  of  furlough.] 
SMALL  INCKE.tSE  TO  DIRECTORS’  FEE.S. 
Mr.  ^V'M.  Mackionziic  proiioscd  a resolution  that 
the  total  ol  the  Director.s’  fees  for  the  eurreiit 
year  should  be  .T70U,  and  in  doing  so  expressed 
liis  astonishment  at  the  moderate  amount  hither- 
to drawn,  and  now  proposed,  considering  the  great 
in-os|)erity  of  the  Company  and  how  much  was 
due  to  die  gentlemen  at  the  Hoard.  He  referred 
especially  to  the  work  of  their  Chairman  at  home 
and  their  Manager  in  Ceylon,  Mr.  Talbot.  Their 
estates  ^^'ere  among  the  finest  i>ro])erties  in 
Ceylon,  in  every  way  mlmirahly  managed,  and 
they  had  now'  a very  considerable  reserve  fund, 
t lie  iin  estmont  of  wliicli  was  also,  in  liis  opinion, 
carried  on  with  great  jmlgmoiit.  He  would  there- 
fore personally  be  jircparcHl  to  go  fiirtlior  than  the 
terms  of  his  resolution,  which,  however,  he  had 
great  iileasnrc  in  proposing.  (.Applause.) 
Mr.  Lei;  seconded, — Carried  unanimously. 
AUDITORS. 
Mr.  Dancerfikld  iiio\cd,  Mr.  AVhite  sceoiuled, 
and  it  was  carried  iimuiiiiumsly  that  Messrs.  Har- 
(icv  Bros,  be  le-clcctcd  Auditors. 
