THE  TROPICAL  AGRICULTURIST.  [July  i,  1896. 
as  read.  Since  the  accounts  were  issued  we 
have  liad  tele"rai>hic  advices  ol  several 
other  sales,  and  there  is  only  one  sale  of 
whicli  we  have  not  had  a report  from  home. 
This  gives  us  a satisfactory  addition  to  tlie 
amount  received  during  last  season— I .should 
scarcely  during  the  season — and  it  will  give  us 
an  extra  114, UUO  wliich  has  not  appeared  in  this 
Year’s  .account,  but  it  will  he  added  to  the 
Lmunt  carried  f orward-R  1 1 7 '89.  The  Directors 
propose  as  you  will  see  by  the  account  to  allow 
for  depreciation,  the  payment  of  an  interim 
dividend  of  8 per  cent,  the  transfer  to  the  Re- 
serve of  1110,900  and  a final  dividend  of  10 
per  cent.  The  crop  has  been  very  satisfactory — 
450  lbs.  to  the  acre.  I don’t  think  there  is  any 
other  information  1 can  give  beyond  what  is 
given  in  the  report  unless  any  shareholders 
wish  to  ask  any  question. 
Mr.  Ryan  I understand  that  the  R4,000  is 
over  and  above  what  you  estimated  as  the  crop. 
The  Chairman  Over  and  above  R117  89  car- 
ried to  next  account.  If  you  look  the  profit 
and  loss  account  for  1895-6  you  will  see  the 
Klim  of  R4,047T6  which  was  the  surplus  pro- 
ceeds of  the  previous  year.  This  R4,000  will  be 
carried  forward  in  a similar  way  this  year. 
After  a pause. 
Tiie  Chairman  said  At  the  request  of  one 
of  the  shareholde' s we  have  w'lrked  out  the 
nross  average  price  of  the  tea  in  London  from 
all  the  sales  of  our  knowledge— theie  is  only  one 
which  we  had  had  to  estimate.  The  gro's  aver- 
age in  London  has  been  9’  31d,  tlie  cliarges 
cmning  to  a little  over  Id  leaving  a net  aver- 
age of  8‘  30d. 
Mr.  Yandersraar:— Is  that  the  London  charge. 
Mr.  BolS  -.-The  London  ch.arge  is  D Old. 
The  Chairman  Exchange  lias  been  against 
us  this  year  a little  making  a dillerence  of  nearly 
four  cents. 
Mr.  Rois  Mention  the  rate. 
The  Chairman  ; — Tlie  average  rate  has  been  1 s Id 
15-16.  I propose  that  tlie  report  he  now  adofited. 
Mr  Ryan  -.—There  is  one  question  regarding 
an  item  1 do  not  understand  “ Directors  Travel- 
iin"  Expenses  R350.” 
Mr.  Rois  •.—Tlie  expenses  .are  tliose  of  upcoun- 
trv  Directors  coming  down  to  meetings. 
'Mr.  Vandkrsrar  They  .are  in  excess  of 
the  Directors’  fees  ’ 
Mr.  Rois  Yes.  You  will  find  the  item  in 
the  previous  accounts. 
Mr.  Ryan  : — I think  it  (piitc  right  and  a 
proper  thing.  I have  not  noticed  it  in  tlie  ac- 
counts before. 
Mr.  Rois  ;— Last  year  they  were  RSU4. 
Mr.  Moir  :— I sup|iose  the  Director.s’  fees  re- 
main at  R‘2,000. 
Mr.  Rois  replieil  in  tlie  affirmative. 
Mr.  Vandersi’AR  Is  there  .any  limit  to  the 
travelling  expenses? 
Mr.  Rois  replied  that  the  expenses  were  kept 
within  reasonable  limits. 
M r.  Van  UERSI’ a r : — Last  year  you  say  it  was  R8U4. 
Mr.  Rois: — It  depends  on  the  meetings  that 
are  held.  The  Directors  are  not  called  for  meet- 
ings unlc.ss  it  is  necessary. 
Mr.  Mack  IE  -. — T’hey  do  not  come  for  .amusement. 
Mr.  Moir: — I have  ])leasurc  in  seconding  the 
ailoption  of  the  rciiort  and  accounts. 
Mr.  Ryan  said  T'here  is  one  ((uestion  1 should 
like  to  .ask.  Dn  what  ininciple  is  the  rate  for 
deprecial  ion  lixed  ? 
Mr.  Rois:— It  is  lixed  at  15  per  cent  outlie 
machinery  and  other  movable  pro))crty,  and  at 
10  per  cent  on  immovable  property. 
The  report  and  accounts  were  then  unani- 
mously carried. 
THE  dividend. 
(4n  the  motion  of  Mr.  Ryan,  seconded  by  Mr. 
V'ANDERSPAR,  a dividend  of  10  per  cent  m.aking  18 
per  cent  for  the  year  was  declared,  to  be  paid 
forthwith. 
ELECTION  OF  A DIRECTOR. 
The  Chairman  :— In  terms  of  the  Articles  of 
Association,  Mr.  Maclcie  now  retires  from  the 
Directorate,  but  is  eligible  for  re-election  and 
ofl’ers  his  services. 
Mr.  Moir  moved  the  re-election  of  Mr.  Mackie 
as  a Director. 
Mr.  VANDER.SPAR  seconded,  and  the  motion 
was  carried  unanimously. 
THE  AUDITOR. 
Mr.  Ryan  propo.sed,  Mr.  Moir  seconded,,  and 
it  was  unanimously  agreed  to  appoint  Mr.  John 
Guthrie,  Auditor  for  the  current  year. 
This  was  all  the  business,  ami  the  meeting 
termin.ated  with  a vote  of  thanks  to  the  Chairman. 
“GUP”  FROM  MINCING  LANE. 
May.  1. 
There  w.as  active  bidding  at  Tuesday’s  (Y^ylon 
sale  which  comprised  the  heavy  total  of  26.000 
packages.  Prices  in  most  instances  were  j:d  to 
;^d  higher,  quality  going  for  something.  The 
deliveries  for  April  wore  large  and  the  orders 
for  Russia  go  on  increasing.  According  to 
common  report  the  Russians  have  sent  greatly 
diminished  orders  for  the  new  season’s  tea  to 
Hankow  intending  to  buy  in  this  market,  as  it 
has  for  some  years  been  much  cheaper  than  buy- 
ing direct.  We  may  therefore  perhaps  look  for 
higher  jirices  for  China  tea  at  the  opening  of 
the  market  in  July  than  has  been  the  case  for 
some  years,  and  this  cannot  fail  to  divert  some 
of  the  Russian  orders  to  Ceylon  Tea. 
THE  RHEA  INDUSTRY. 
Sometime  ago  an  effort  xvas  made  in  Ceylon 
by  a well  known  resident  to  secure  a conces- 
sion from  Government  for  the  purpose  of  jilant- 
ing  rhea,  and  although  His  Excellency  Sir 
Arthur  Havelock  did  all  in  his  power  to  pro- 
mote the  scheme  the  negotiations  unfortunately 
fell  through.  Since  then,  however,  we  hear  that 
one  or  two  planters  have  been  experimenting  in  the 
rearing  of  the  plant,  and  hopes  are  entertained 
cf  a successful  issue  From  London  we  hear 
that  the  operations  of  the  Rlica  b'ibre  Treatment 
Coni))any  are  being  attended  with  a large  mca.sure 
of  success,  orders  having  been  received  from  lead- 
ing bouses  in  Manchester  and  Nottingham, 
and  the  Drury  Lane  and  Empire  Theatres 
for  silk  garments  which  require  to  be  of 
special  strength  and  take  on  the  dye  well.  Wo 
have  seen  a sanijile  of  the  lace  curtains  manu- 
factured at  the  Castleton  mills  belonging 
to  the  Company  and  it  is  ol  very  line 
quality  and  strength.  Further  we  hear  that 
Mr.  Lane  Fox,  who  has  taken  a very  great 
interest  in  the  matter  is  now  in  America  es- 
taVilishing  the  industry  and  his  efforts  are  be- 
ing attended  with  much  success.  The  patent  has 
already  been  jmrcliased  in  India  and  other  coun- 
tries are  negotiating  for  il.  The  Rhea  Fibre 
'I'reatnient  Company,  as  its  name  indicat/es,  deals 
entirely  with  the  Irealment  of  the  bark  and  all 
the  planters  have  to  do  is  to  decorticate  and 
dry  and  bale  the  bark. 
