THE  TROPIC  A I 
AGRICULTURIST. 
[July  i,  1896. 
inUfiL  have  ))ecu  delighted  to  note  such  a de- 
fection from  among  tlie  ranks  of  the  strongest 
opjioneiUs  of  his  persistent  advocacy.  Jhit 
the  (Jliancellor  of  tiie  iixciieijuer  soon  (iisposed 
of  tlie  matter.  His  cliief  argument  wiis  one  it 
IV as  iiiijiossibie  to  ciiniu>\ert.  lie  pointed  out 
that  the  adoption  of  the  amendment  wonlil 
destroy  the  duty  on  tea  in  a year  ulicji  ve 
could  not  aliord  so  large  a loss  to  tlie  revenue. 
He  also  alludeii  to  the  eli'ect  ilie  abolition  would 
have  in  putting  an  end  to  the  payment  of  in- 
direct ta.xaiion  by  a very  largo  number  of  the 
)JO[iulation.  He  followeci  up  these  remarks  by 
the  very  natural  observation  that  “ this  was  a 
jroposai  which,  coming  from  the  other  side  of 
the  House,  was  of  a very  remarkable  character, 
because  it  indicated  the  ailoption  by  bon.  gentle- 
men o])i)osite  of  what  they  had  hitherto  denounced 
as  a jiolicy  of  protection,  or  at  any  late,  of 
a I'eactionary  character.”  Ev  idently  the  minister 
was  so  taken  by  surpri.se  that,  as  he  said, 
had  he  known  what  was  intended  he  would 
not  have  attempted  to  [iroceed  with  the  Hill, 
or  rather  he  would  have  )iosti)oned  the  con- 
sideration of  the  clause  and  taken  u]i  the 
succeeding  clauses  which  were  non-conteniious. 
As  the  suiiject  had  now  been  raised,  he  said  he 
would  not  ask  the  Committee  to  proceed  with 
the  discussion  that  night,  but  would  move  to 
report  progress,  which  was  then  done.  What  tlm 
Cobilen  Club  must  think  of  this  matter  is  not 
known  to  us.  Hut  since  it  has  so  complacently 
accepted  the  iirotcclionist  principle  in  Ceylon 
in  regard  to  grain  taxation,  it  may  perhajis  be  able 
to  swallow  this  new  move.  Hut  undoulitedly  the 
Covernment  is  taken  aback  by  the  circumstance. 
that6'«fi  ro6n,  many  of  its  members  entertain  protec- 
tionist views,  to  which  they  would  gladly  give 
expression  but  for  the  fear  of  losing  freetraders’ 
snp))ort.  Mow  they  find  the  tal)les  being  turned 
upon  them  in  a most  unexpected  manner.  If 
this  .sort  of  thing  extends,  it  is  impossible  to  say 
what  limit,  if  any,  may  be  assigned  to  future 
voile  face  movemcnls.  Tlie  all'air  may  be  found 
to  possibly  colour  the  proposals  of  future  Hiulgets. 
SCOTTISH  CEYLON  TE.\  CO.,  LTD. 
A SATTSEACTOHY  YEAKS  WOllK— STATE- 
MENT i'.Y  THE  CEYLON  MANAGEK. 
The  seveiUh  aimuaf  ordinary  meeting  of  the  Scot- 
tish Coylon  Tea  Company,  Limited,  was  liold  yes- 
terday, at  ttio  oi'iices,  16,  Pliilpot-lane,  E.C.,  under 
the  presidency  of  Mr,  H.  L.  Eorbes  (the  chairman 
of  the  company.) 
Mr.  J.  F.  Anderson  (Lyall,  Anderson  and  Co., 
secretaries)  fiaving  read  the  notice  convening  the 
me'eting. 
The  Chairman  said  ; On  this  occasion,  on  behalf 
of  the  board  of  diroctoir-,  I think  I have  very  little 
indeed  to  say  to  yon,  and  as  we  are  about  to  declare 
a good  dividend,  I daresa.y  you  will  have  very  little 
10  say  to  us.  I think  we  have  embodied  in  our 
report  all  that  we  have  to  say  with  reference  to 
the  working  of  the  company  during  last  year,  and  I 
am  sure  you  will  agree  with  ns  that  tlie  report  we 
present  to  you  is  satisfactory.  It  varies  but  little 
iroin  those  of  former  years,  and  I think 
that  is  a matter  for  coiigr.i,tulation.  The  net  piofits 
for  the  year  amountcil  to  68,61)1,  and,  with  the 
balance  brought  forward  from  the  i)rcvious  year  (TGGt)), 
w'o  !ire  left  with  a sum  available  for  distribution  of 
£9,171.  An  interim  dividend  at  the  rate  of  5 per 
cent,  free  of  income-tax,  was  paid  in  September 
last,  absorbing  £2, 0.10,  and  dividends  on  the  seven 
por  cent,  prelcroncc  shares  have  also  been  paid, 
amonnting  to  CGOO.  It  i.s  now  proposed  to  jiay  a 
final  dividend  on  tlio  ordinary  shares  of  10  ))cr  cent, 
ree  of  income-tax,  making  l.G  per  cent  for  tho  year, 
wiiich  will  absorl)  6l,10n.  AVo  Ihoii  ))roposo  to  add 
£1,000  to  the  resorvu  land,  raising  it  to  .£G,000,  and 
to  writeoff  for  depreciation  on  buildings  and  machinery 
T'838,  which  is  about  10  per  cent  of  the  valuation 
of  the  buildings  and  machinery  belonging  to  the 
company,  as  valued  by  our  Ceylon  manager,  Mr.  Kerr. 
The  total  tea  realised  during  last  year  exceeds 
the  estimate  by  7,019  lb.,  which  is  very  sa  isfac- 
tory.  Tlien,  in  audition  to  our  owm  teas,  you  w'ill 
note  that  wo  have  mauo  a largo  amount  of  teas  for 
oihcr  pcopde,  which  is  a very  paying  business 
We  have  inanuiactured  220,7-ld  lb.  for  others. 
Then,  as  regards  iho  result  oi  the  yield  per  acre, 
during  last  3 ear  tho  average  was  43.9  lb.,  which 
shows  a steady  advance  over  ihe  previous  year.  In 
1892  the  average  yield  jrer  acre  was  33G  ib. ; in  1893, 
381  lb.;  in  1891  107  !b.;  and  now,  as  1 told  you,  it  is 
433  lb.  I told  yon  on  a previous  occasion  ihat  the 
average  would  probably  go  up  to  4.50  lb.  per  acre,  and 
I think  very  likely  it  will;  but  we  do  net  think  it 
would  be  desirable  to  look  to  exceeding  that,  for  I 
think  that  is  quite  as  much  as  the  bush  can  carry. 
The  average  price  realised  in  Loudon  was  a fraction 
lower  than  in  1894;  but,  still,  taking  the  prices  of  Cey- 
lon tea  generally,  I think  our  company  stands  as  well 
as  any  oti’.er  in  this  respect  On  this  occasion  wc  have 
again  to  welcome  our  Ceylon  manager,  Mr.  Kerr,  who 
will  be  very  hapiiy  to  give  you  any  information  you  may 
caro  to  ask  ol  him.  The  acreage  of  the  company’s 
estates  remains  the  same.  Y’ou  will  bo  asked  by  and 
by  to  record  your  appreciation  of  the  services  of  both 
the  Loudon  and  Ceylon  staffs,  re-elect  a director, 
and  also  our  auditor.  Tho  resolution  I have  to  pro- 
pose is  : That  tlie  report  and  accounts,  as  now. 
submitted,  be  adopted,  and  that  a dividend  ot  10  per 
cent,  (lice  ol  income-tax)  bo  paid  on  and  after  tuis 
date.”  (Applause.) 
Mr.  Donald  Andrew  seconded  the  motion,  and  con- 
gratulated the  shareholders  on  the  contiuned  good 
position  of  the  company. 
Keptying  to  Captain  Grant,  tho  Chairnuui  said  all 
the  buildings  and  machinery  had  been  revalued  and 
reinsured  Whenever  any  additions  were  made  the 
board  was  careful  to  have  them  insured.  The  in- 
come from  the  reserve  fund  was  included  in  the 
item  for  interest  in  the  protit  and  loss  account.  There 
was  still  some  labour  trouble  in  Geyloii,  but  tilings 
were  no  rvorso  in  that  respect  than  they  w'ere  last 
year.  Ho  thought  they  ought  to  ihank  tho  Cevlou 
press  for  the  manner  in  winch  they  directed  attention 
to  the  question  of  labour  supply.  The  seciuiiics 
winch  were  purchased  with  the  reserve  fund  cost  tlic 
company  £4,992,  and  they  were  to-day  valued  at 
rather  over  .£5,277. 
Ti  e motion  was  then  unanimously  rcarried. 
Mr.  ii.  W.  Eorbos  proposed  the  re-election  of  Mr. 
Donald  Andrew  to  his  seat  on  the  board,  which  w as 
seconded  by  the  Chairman,  arrd  carried,  and,  on  the 
motion  of  Mr.  Sanderson,  seconded  by  Mr.  Menirell, 
Mr.  James  13.  Laurie  was  re-elected  tire  auditor. 
The  Cliairman  mor  ed  avote  of  thanks  to  the  Ceylon 
and  London  staffs,  and  poke  in  liigh  terms  cf  Mr. 
Kerr’s  management.  H read  a letter  from  a share- 
holder of  the  company  residing  at  Ceylon,  and  who,  he 
said,  was  well-known  out  there,  referring  in  warm 
terms  of  priiise  to  tho  management  of  the  estates 
under  Mr.  Kerr,  and  their  general  conditioir.  The 
Chaimnan  also  alluded  to  the  excellent  management 
at  the  London  office. 
Mr.  li.  W.  Forbes  seconded  the  motion,  which  was 
carried  uanimously 
Mr.  David  Kerr,  in  acknowledging  the  compliment 
on  his  own  behalf  and  iliat  of  the  snperiutenUents  in 
Ceylon,  said  he  could  coirlidently  say  that  all  who  were 
working  for  the  coinpairy  in  Ceylon  had  tho  interests 
of  the  company  very  much  at  heart,  and  were  very 
lirond  to  see  it  well  to  tlie  front.  The}'  all  did  every- 
thing they  possibly  could  to  get  the  best  results  out 
of  tho  estates,  and  it  was  very  gratifying  to  them 
to  find  that  their  efforts  met  with  approbation  on  this 
side.  \Vbile  in  this  thankful  frame  of  mind  lie  felt  he 
should  lilvo  to  rolerto  two  debts  of  gratitude  which  ho 
entertained.  Tho  lirst  was  to  tlieir  directors  for  tho 
very  kindly  and  tlioughtfnl  imumorin  wliich  they  had 
treated  them  all  in  Ceylon,  and  also  for  tho  strong 
support  and  encouragement  whicli  thoj' had  given  him 
porsomuly , as  manager,  in  all  the  years  tlioy  had  bocu 
working.  The  eccond  ilcbt  of  graliliido  was  to  their 
