26 
THE  TROriCAE  AGKICULTURIS  F. 
lJuLY  I,  t8g6. 
a part  of  llic  0,OV-2  acics  now  in  be’  lin^,  bnt  liO" 
at  nialuvity,  and  ibo  eontin  ior..;  yearly  aduilions  lo 
which  1 have  referred.  I thinlc  wj  inay  luck  lorwara 
lo  steadily  incicasir.g  yie'dr,  formally  years  to  conic. 
The  general  l.  iiUues  of  the  inido  are  dcciaecliy 
satisfaciory.  Th.c; c has  been  a farther  con.siderame 
increase  in  1B')5  in  rhe  (’UMi.tily  of-ttui.  Ovyylen 
cxpuilfcd  f‘iiecl  or  ic-exi;oit'.ct  hero  to  oihc)  cuun- 
trier,  the  amennt  being  2u,0Cti,t)Ut)  H'-p.,  ts  egiuus 
14,700, QUO  lbs.  th.o  year  bt  fore,  and  there  is  every 
indication  that  this  dcvcisicn  to  new  maikels  wit 
go  on  and  increase.  The  workTiops  winch  we  tolc. 
yon  last  r ear  we  were  abont  to  csiab  ish  have  neon 
started,  and  wo  have  rea'Oii  to  believe  that  tliey 
will  develop  siUisfacLorily.  Tl;e  increase  m llio 
agency  business  has  coniiiiued  to  answer  cur  ex- 
imctations  tl  is  year,  no  less  than  12,0U0,000  lbs’  ox 
tea  having  been  shipped  by  the  mmpany,  lucluding 
that  fi  cm  our  own  properties.  I do  not  think 
thcic  is  aiy  other  point  of  detail  tiiat  I needtouch 
upon,  but  with  regard  to  oiir  gencn;ai  position  1 
can  only  say  that  tlic  large  rediulion  of  the  dcben.ti  ... 
debt,  and  the  iavourahle  avraiigeinent  made  in  re- 
gard to  the  haianco  remaining,  coupled  with  Ho 
increased  piclit  earned,  have  fully  jiistiiicm  the 
removal  of  some  of  the  re.  trictiomi  as  tx  tlie 
disposal  of  the  profits,  which  in  the  larlier  stages 
cf  the  company's  existence  were  both  desirable  and 
necessary.  It  must  not,  liowevor,  ho  ovci  looked 
that  our  prc.sent  sciuul  position  is  largt.y  mio  lo 
the  observance  of  those  restrictions,  and  whust  it  is  now 
ri'dit  that  there  should  be  more  freedom  in  oealing 
wUh  the  {I’ofits,  it  is  equally,  as  herctohu'C,  for  Inn 
interests  of  the  sharelioidcrs,  that  liberal  prousioa 
should  be  made  for  extiuguishiiig  the  d.beuiuie 
debt,  and  providing  for  all  contuigencus  by  subs- 
tantial additions  to  the  reserve  fund,  in  conc.u- 
sion,  I will  ask  you  to  joiu  the  board  m expressing 
our  thanks  to  the  managers  of  ihc  estates  and  the 
staff  in  Colombo  and  Ijoiulon  lor  their  zealous  and 
efliciout  services  during  the  past  year. 
(Applause.) 
The  resolution  was  when  put  and  catried  un- 
animously, , , , f -vr„ 
iJr.  David  Reid  proposed  the  vc-elcctiou  of  x\xt. 
C.  J.  Idndsay  Nicholson  and  air.  Ralph  A.  Cameron 
as  dirocLors.  ilo  sail  tl'.c  rcmt'.rkabio  progress  oi 
the  company  was  more  eloquont  lli.iu  luiytliiug  lie 
could  say  in  sup.oit  cf  the  resolution. 
Mr.  CliiibtcpV.cr  R.  KmiLh  tecendea  the  motion, 
\\hich  was  unanimously  Rgveed  to.  • , . 
Mr  Rioad  said  tl.cic  was  cun  resolution  he  wiciecl 
lo  move  which  he  iliougl.t  would  commend  it-cll 
lo  all  the  sharclioldcrs  picscnt.  It  was,  “ihar  U.e 
rcnumcralion  of  the  directers,  other  li.an  that  ol 
the  managing  diiector,  bo  increased  by  the  sum  ot 
T‘2r»0,  dating  from  I t Jan.  last.”  'These  who  had 
been  in  the  company  as  he  had  been  from  the 
commcr.ccment  world  endorse  everything  tliat  had 
fallen  from  previous  speakers  as  to  the  management 
of  the  company.  The  successful  condtict  oi  the 
company’s  affairs  vvas  due  to  the  managers  auioaci 
and  the  directors  hero,  and  it  gave  linu  very  groat 
pleasure  to  come  ami  move  tliis  resohition.  ^ ^ 
Mr.  Win.  Gavilicr,  in  scconuing  tiio  resolution, 
romaiTed  that  the  directors  not  only  deserved 
great  credit,  but  somctliing  more  substantial  for- 
having  put  the  company  on  a sound  and  prosperous 
fooling.  . , . , 
The  resolution  was  carried  uuaiiiinously. 
The  Chairimm  returned  thanks,  and  stated  that 
W’hat  the  directors  appiecia'ed  most  was  that  the 
proposer  of  the  rcsoliUion  was  one  who  huxl  done 
more  for  the  company  than  pcrliapi  the  hoard 
themselves.  The  advice  he  lo-.d  given  them  had 
much  to  do  with  tlie  present  succcxs  of  the  company. 
(Applause.)  i^arnshaw,  seconded  by 
Mr  Rich,  Messrs.  Welton,  Jones,  and  Co.  were 
reappointed  auditors  of  tiic  company  tor  tho  cu- 
buiiig  year. 
yir.  i''(  rgusoii  p.roi'oscii 
chairman,  directoia,  and 
at  home  and  abroad.  Ho 
Rom 
a vote  of  thanks  to  the 
staff  of  the  company  hoUi 
said  lie  had  lately  returned 
deal  of  interest  was 
taken  in  tho  conrfany  and  in  its  steady  prosperity. 
No  companv  couhl  have  a bettor  manager  than 
Mr.  Staicy,  nor  a better  staff  than  those  who 
worked  imder  him.  Ho  fully  endorsed  the  policy 
announced  by  tho  chairman  and  ihc  managing 
director  of  paying  oil  the  debentures. 
Mr.  Welton  seconded  the  motion,  v.diich  was 
cordially  adc-pled. 
'The  'Ch:iirm-J.n  briefly  acknowledged  the  com- 
pliment, and  the  proceedings  then  terminated. — 
Jlonei/  Market  l!e.riew. 
TORxVCC'O  IN  CEYLON. 
A coiTCspomlont  who  lias  had  a long  jirac- 
tical  e.xpcricnee  ol  Llie  cultivation  ami  imumlactui-e 
of  tobacco  in  India,  and  who  was  recently  in 
Ceylon  on  one  of  several  visits  he  lias  paid  to 
our  island,  sends  us  the  following  remarks  on  the 
cnllivatioii  of  the  tobacco  plant  in  Ceylon  : — 
Much  has  in  recent  years  been  said  for  and  against 
tobacco  cultivation  in  Ceylon.  In  1887  and  1888  to- 
bacco was  the  great  totiic.  It  was  then  deinonsti  ated 
that  tlie  plant,  could  he  cultivated  profitably,  .and 
sulliciently  so,  to  induce  a number  of  local  men  to 
join  in  a venture  for  this  purpose.  Ixand  was  pur- 
chased, Luildings  were  erected;  and  everything  Icekod 
brigdit  and  well  for  the  future.  Unfortunaicly,  huw- 
c.u-,  the  liquidator  ccmplctcd  tho  managxuicnt  of 
the  Company. 
It  is  dilhcnlt,  without  sufficient  data  to  go  upon, 
to  venture  an  opinion  as  to  the  reason  of  the  Com- 
pany’s failure  lo  become  a prolitable  concern,  hut 
it  seems  that  the  main  cause  w'as  excessive  expendi- 
ture brouglit  about  by  excessive  expectations  that 
unfortunately  were  not  realized. 
jMau  must  walk  before  he  can  run;  and  the  fact 
of  the  Ceylon  'Tobacco  Company’s  not  being  tlie  suc- 
cess its  promoters  anticipated  does  not  in  any  way 
prove  tliat  Ceylon  cannot  produce  good  load.  On  the 
contrary,  the  history  of  the  (fompauy  and  previous 
ventures  clearly  show's  that  good  and  excellent  leaf 
has  been  and  can  be  produced,  and  that  large  profits 
can  ho  derived. 
Some  of  the  leaf  from  Ceylon  has  fetched  as  much 
as  3s  lOd  per  ib. ; and  it  Uio  Island  could  do  tin's 
in  1888  it  c.ui  do  it  again  in  18!K5.  8s  lOel  per  lb. 
would  give  tho  Ceylon  planter  a larger  profit  than 
Is  lOd  per  lb.  to  the  Simiati  a planter : the  expenses 
of  the  latter  arc  quite  cut  of  comparison  with  simi- 
lar outlays  in  Ceylon.  It  costs  tho  Sumatra  planter 
somewhere  abont  Is  (Id  per  lb.  to  produce  his  leaf; 
it  should  not  cost  the  Ceylon  planter  more  than  3 as. 
iff  3.  per  lb.  It  therefore  follows  that  the  Oe^  Ion 
man  can  afford  to  bo  satisfied  with  a much  smaller 
proi'it  for  his  outturn  and  still  make  a very  satir- 
tactory  return  upon  his  money,  though  he  may  not 
be  able  to  produce  Sumatra  leaf. 
'Tho  esscnlial.s  to  successful  planting  aro  suitable 
land,  climate  and  labour.  Ceylon  certainly  has  the 
first  two,  if  not  all  three  essentials;  the  question  of 
labour  in  any  cirse  a,s  far  as  Ceylon  is  concernod, 
is  no  groat  factor  : if  local  labour  is  not  obtainable, 
imported  Indian  agricultural  labour  is,  and  the  dil- 
fereiico  of  cooly  cannot  be  very  much  more  than 
p.iid  in  India. 
'The  soil  required  is  a good  friable  volcanic  loam, 
the  climate  a moist  warm  temperature  with  reli- 
able aud  regular  seasons  of  rain  and  sunshine. 
Gentle  undulating  laud  capable  of  perfect  drainage 
to  enable  rapid  filtration  through  the  roots  is  tho 
most  suitable. 
Given  all  this,  and  Ceylon  does  give  it.  intelli- 
gence, commonsensc  and  practical  knowledge  do  the 
rest  to  make  tobacco  one  of,  if  not  the  most  prolit- 
ablo  product  in  the  Island. 
It  may  take  a season  or  two  to  determine  the  best 
jat  of  seed  suitable  for  tho  country;  but  in  any  case 
a fair  croj)  of  whatever  seed  should  cover  its  own 
expenses,  alw'ays  provided,  that  sucli  are  within  rca- 
sonahle  limits  ami  tlie  acreage  opened  sulliciently  largo, 
coupled  with  judicious  ami  practical  mana.gomeiil.  ^ 
In  a |iri\  a,f(>  lei  lor  onr  eoi  respuiident  say.s : — 
“ I’cr.soiially  I have  the  greatest  faith  in  Ceylon 
us  u tuhaeeo-inodiieing  country  ; and  it  weie  U 
