194 
THE  TROPICA! 
AGRICULTURlSr. 
[Sept,  i,  1896. 
OllIEKTAL  ESTATES  COMi’ANV. 
Loudon,  -July  lU. 
At  llie  meeting  yeslenlay  of  tlic  above  Com- 
pany, the  report  ami  accounts  were  receiveil  but 
not  adoi)tetl.  A general  committee  of  live,  viz.,  three 
representing  tlie  i)refcrence  sbareliolder.s  and  two 
representing  the  ordinary  sliareliolders,  was  ap- 
pointed to  draw  up  a scheme  of  reconstruction, 
in  conjunction  witli  the  directors,  to  lie  pre.sented 
to  the  shareholders  as  soon  as  possible,  access  to 
all  books  and  documents  being  provided  for,  and  if 
found  necessary  the  committee  was  authorised  to 
a])poiut  competent  valuators  to  value  the  assets. 
The  three  gentlemen  appointed  to  re])resent  the 
preference  sliareliolders  are  l\Ir.  Claude  Bishop,  ^Ma- 
naging Director  of  the  Consolidated  Trust  Limited, 
Mr.  McCaskie,  Q.C. , and  Mr  T.  J.  Lawrance,  the 
two  for  the  ordinary  shareholders  being  Mr.  Slaugh- 
ter and  Mr.  Touch. 
From  the  Tunes  of  the  1st  inst.  we  take  the 
following : — The  tenth  annual  general  meeting 
was  held  on  Thursday  at  Winchester-house.  Mr. 
Quintiii  Hogg,  who  presided,  remarked  that  the 
year’s  working  had  lieeii  fairly  favourable.  A 
jirolit  had  been  made  both  in  Mauritius  and 
Ceylon,  while  the  cost  of  production  had  been 
lower  ill  both  places.  At  a recent  meeting  of 
preference  shareholders  a committee  was  appointed 
to  consiiler  the  (piestion  of  reducing  the  capital 
ami  to  confer  with  the  directors,  and,  if  neces- 
sary, with  the  ordinary  sliareliolders.  The 
directors  had  had  one  meeting  of  the  committee, 
who  had  met  them  in  a very  friendly  spirit, 
and  ha<l  proposed  an  alternative  scheme.  It 
had,  however,  been  thought  that  it  was  only  fair 
that  the  ordinary  shareholders  should  have  a 
voice  in  the  matter,  and  it  was  therefore  jiroposed 
that  two  ordinary  shareholders  should  be  appointed 
with  three  jireference  shareholders,  so  that  both 
sides  should  be  repre.sented.  The  committee  would 
then  go  fully  into  matters  and  report  to  another 
meeting  which  would  be  held  as  soon  as  possible. 
He  did  not  intend  to  ask  them  at  that  meeting  to 
adojit  the  report,  as  they  would  no  doubt  jircfer 
1 1 receive  the  committee’s  rejiort  first.  He  would 
therefore  propose  that  the  directors'  report  be 
received,  but  that  its  further  consideration  should 
be  postponed  until  the  shareholders  had  had  the 
committee’s  rejiort.  The  directors  wanted  to  see 
the  company’s  interests  in  Mauritius  considerably 
reduced,  and  steps  had  been  taken  in  that  direction. 
They  contemplated  putting  some  land  under  coflee 
cultivation  in  the  Malay  Peninsula,  but  tliey 
would  not  do  .so  if  it  were  not  the  general  wish 
of  the  luoiirietors.  They  thought,  however,  that 
it  would  be  wif-e  to  add  a further  string  to 
the  company’s  bow.  Sugar  was  a very  sjicculative 
article,  ami  tea  deiicnded  very  much  im  exchange, 
whereas  colloe  was  mu  eh  more  jirolitablc.  Mr. 
A.  M'.  Crichton  seconded  the  motion.  A discussion 
followed,  at  the  close  of  which  a committee 
was  appointed,  formed  as  liatl  been  proposed. 
THE  SOUTH  TKAVANCUUE  TEA  COM- 
PANY, LIMITED. 
Share  Capital  f.'>0,000,  in  5,000  Shares  of  tlO  each. 
Diiu-'croiis.— T.  C.  Owen,E.^cj.  (Messrs.  Jtowc,  White 
&Co.)  K),  rbilpot  Lane.  A.  V.  ffollaml.  Esq.,  13,IIigli- 
lands  ’Gardens,  St.  Lconard’s-on-Sea.  Neill  Graeme 
Camnbell,  Esq.  (Messrs.  Campholl  Brotheis  A Co.), 
Eastchcam  E.C.  »H.  M.  Knight,  Esq  Ventme 
I’jstatc,  Travancoro,  Southern  fiulia.  \\  ill  join  the 
Board  after  allotment.  . , „ , ..  , 
Aon.xTs.— Messrs.  Itowc,  White  & Go.,  Ki,  Philpot 
Lane. 
rilOSI'ECTUS. 
This  Company  has  been  formed  for  the  purpose  of 
taking  over,  as  a going  concern,  the  “ Venture” 
group  of  estates  in  South  Travancore,  Southern  India, 
comprising  “ Venture,”  “ Arnichardi,”  and  “ Ned- 
dumpara,”  consisting  of  a total  acreage  of  about 
801  acres,  of  which  about  .'iOO  acres  are  in  Tea,  aver- 
aging 5 years  of  age;  about  125  acres  in  Liberian 
and  Arabian  coffee;  about  6 acres  in  Nutmegs ; about 
100  acres  in  Virgin  Forest ; and  a few  acres  in 
grass. 
The  estates  are  in  a very  effie’ent  state  of  cul- 
tivation and  lie  at  an  average  elevation  of  about 
1,100  feet.  The  factory,  which  is  well  built  and  fitted 
with  machinery  worked  by  steam  power,  is  within 
three  miles  of  a Government  road,  to  w'hich  it  is 
connected  by  a good  cart  road.  Fuel  is  abundant  on 
the  property.  Tea  can  be  manufactured  and  put 
f.o.b.  at  Tuticorin  for  20  cents  per  lb.,  the  equivalent 
for  which,  at  ls2d,  is.3id.  The  total  cost  in  London, 
after  payment  of  all  charges,  is  about  4|d  per  lb. 
Judging  by  past  results,  the  tea  may  be  expected 
to  realize  an  average  of  7|d  gross,  after  making 
allowance  for  lower  markets  than  are  current  at 
present,  The  tea  crop  for  the  current  year,  the 
Vendor,  Mr.  H.  M.  Knight,  estimates  at  2(X),(X)0  lb., 
and.  therefore,  the  net  profit  from  tea  alone  should 
be  about  £2,500  per  annum.  * 
The  coffee  is  mostly  young  and  should  give  regular 
and  substantial  returns,  which  should  increase  as  the 
trees  mature.  For  this  year,  the  Vendor  estimates 
the  profit  will  be  £700.  The  tea  is  now  in  full  bearing. 
The  profits  for  1881  and  1695,  the  last  two  completed 
financial  year’s,  average  over  .£2,500  per  annum.  The 
Vendor  estimates  that  the  profits  for  the  current 
year  will  largely  exceed  those  of  189-1  and  1895.  The 
rainfall  on  ths  estates  is  about  100  inches,  and  is 
fairly  distributed. 
Arnichardi  and  Neddumpara  are  freehold,  direct 
from  the  Government.  Venture  is  held  under  a lease 
at  a nominal  quit-rent  from  the  Government,  and  is 
renewable  at  the  option  of  the  Company. 
No  Debentures  will  be  issued  against  the  property 
except  with  the  as.sent  of  a majority  of  two-thirds  of 
the  Preference  Shareholders.  The  estates  will  be 
taken  over  as  from  July  1st. 
The  amount  required  to  meet  the  yearly  interest 
on  the  Proference  Shares  is  £825.  After  making  an 
ample  allowance  for  London  expenses,  and  basing  the 
calculations  on  the  av.  rage  results  of  the  last  two 
years,  there  should  remain  sufficient  to  pay  more  than 
ten  per  cent,  on  the  Ordinary  Shares.  In  this  cal- 
culation no  account  is  taken  of  the  fact  that  the 
coffee,  being  mostly  young,  should  give  much  better 
results  in  the  future  than  it  has  in  the  past.  Mr. 
Knight  has  expressed  his  willingness  to  undertake 
the  general  management  of  the  Company’s  estates 
in  Travancore.  The  purchase  price  of  the  estates 
has  been  fixed  at  .£26,000,  payable  as  to  £10,000  in 
1,000  Ordinary  Shares  of  .£10  each,  and  £3,250  in 
325  Preference  Shares  of  £10  each,  and  the  balance, 
viz.,  .£12,750  in  cash.  The  present  issue  of  capital 
amounts  to  .£27,500,  which  will  allow  a sufficient 
margin  for  working  expenses. 
<j> 
THE  ACIME  PACKAGE  CO. 
The  Herald  of  the  2ntli  ult.  says: — 
'J’he  Acme  Pacdoige  Company  (Limited)  have  de- 
clared a dividend  of  7^  per  cent,  which,  with 
tlie  interim  dividend  of  5 per  cent,  makes  12J 
)ier  cent  for  the  year.  A planter  in  forwarding 
the  extract  f.iys  I enclose  a jiara  to  hand  by 
toilay’s  mail  wliicli  sbow.s  that  the  Acme  tea 
chests  must  be  more  generally  used  than  Ceylon 
planters  are  aware  of.  A company  declaring 
a dividend  12.^  per  cent  must  be  doing  a good 
business,  ami  in  these  days  of  .scarcity  of  Moi.ii 
chests,  the  Acme  package  might  be  worth  more 
iiJtention  from  Ceylon  growers.  Cannot  you 
lind  out  the  opinion  of  the  Loudon  buyers  on 
these  i)aekages‘' 
