AGRICULTURIST. 
Dec,  I,  1896.  J THE  TROPICAL 
NOTRS  FltOM  THI'  MKTKOIMJLLS. 
Nov.  6. 
I have  been  favoured  witlithe  following  oHicial 
Keport  of  the  proceedings  at  tlie  recent  statu- 
tory meeting  of 
‘tHK  (iAI.T,AlI-*L  CKVnON  TKA  KS'I'ATKS  AND 
ADENCV  t'O.,  LD.. 
held  at ‘29,  Liine-st.  on  2!)Lli  ult:  — 
After  the  notice  had  been  read  by  the  Secretary, 
the  Chairman  (Mr.  C.  E.  Strachiui)  addressed  the 
Shoreholders,  and  •reminded  them  that  this  was  the 
Stalntoiy  Meeting  which  Im.d  to  be  hehl  within  a 
certain  time  of  the  registration  of  the  Company.  It 
was  quite  of  a formal  character,  and  there  was  no 
resoluvion  to  b.ing  forward. 
Mr.  Strachan,  however,  took  the  opportunity  of 
spesking  about  the  formation  of  the  Oompu,ny  and 
tiic  working  of  tlte  i.'statcs.  lie  mentioned  that  the 
Prospectus  stated  the  subscription  list  would  open 
ou  'J'lie.sday,  the  JOlh  June,  and  would  be  closed  be- 
fore or  at  I p.ui,  oil  the  following  day,  but  in  order 
to  avoid  disappointment  it  was  found  advisable  to 
close  it  at  2 o'clock  ou  the  Tuesday,  as  by  that  time 
applications  had  been  received  for  no  less  than  12,181 
Shares,  or  more  than  twice  the  amount  offered,  and 
he  felt  sure  that  if  the  list  liadbeen  kept  open  longer 
it  would  have  been  covei-ed  .several  times  over.  This 
he  considered  very  sati.sf.ictory,  as  it  showed  tlie 
confidence  of  theimblic  in  the  uudertaking.  The  allot- 
ment of  tlie  Preference  Shai es  was  made  with  great 
care,  and  as  no  complaint  had  been  made  it  was  pre- 
sumed it  had  given  satisfaction.  In  accordance  with 
the  Prospectus  an  application  for  quotation  was  made 
to  the  Cmiimittee  of  the  Stock  E.Kchange,  and  this 
has  been  granted  undei'  the  usual  conditions.  The 
price  ill  the  oTicial  i >vu.s  iO.s,  to  l.'is,  premium, 
and  the  vhalrman  tl.uugi.ii  .his  quotation  would  ad- 
vance. as  it  was  not  easy  to  obtain  Sbaies  so  amply 
seemed  as  these  were  to  yield  such  good  interest  at 
so  cher.p  a price. 
With  regard  to  the  prospects  of  the  Company  it 
was  of  course  too  early  to  make  any  definite  state- 
ment, but  there  was  no  reason  at  the  moment  to 
alter  the  estimates.  Up  to  the  fiOth  September,  19 
per  cent,  of  the  estimated  Tea  crop  had  been  har- 
vested, which  is  considered  by  the  Colombo  Manager 
in  a recent  letter  as  vei’y  satisfactory,  and  on  some 
of  the  estate  covering  a large  acreage  it  is  expected 
that  ()U  per  cent,  of  the  estimate  will  be  secured  by 
Jlst  December.  This  would  be  very  good  indeed,  as 
it  wa§  usual  to  expect  two-fifths  of  the  crop  during 
the  first  six  months,  and  three-fifths  during  the  last 
six  months  of  the  season,  April  May  and  June  being 
the  best  months  in  Ceylon  for  yield. 
The  quantity  of  Tea  crop  sold  in  London  to  date 
was  79,7J8  lbs.,  which  had  averaged  7 89d  per  lb.  net, 
or  upwards  of  ^d  per  lb.  above  the  estimate  of  price 
stated  in  the  Prospectus,  and  as  the  qualitj'  is  uni- 
form, there  is  no  reason  why  prices  should  not  keep 
fairly  steady. 
Mr.  Straclian  also  said  that  when  the  additions 
now  being  made  to  the  Factory  were  completed,  the 
Company  would  be  able  to  take  in  all  the  leaf  for 
several  years,  and  if  further  extensions  should  then 
bo  necessary,  the  Company  would  be  able  to  nfford 
the  cost,  as  more  space  would  mean  more  leaf  and 
more  profit.  The  cost  of  the  permanent;  works  would 
he  met  out  of  the  sum  of  .£10,000  set  aside  for  capi- 
tal outlay.  About  900  to  400  acres  of  new  land  are 
being  opened  up,  this  meaning  virtually  the  aildition 
of  a new  e.state  to  the  group,  as  estates  in  Ceylon 
average  about  2.70  to  300  aci'es,  and  each  year 
fui'iher  clearings  will  he  opened  up  until  all  the  avail- 
able land  is  planted.  Such  buildings  a.s  coolie  linei, 
are  being  made  permanent,  and  this  is  being  done 
at  a small  cost,  as  tlie  Company  owns  a brick  and 
tile  manufactory,  a property  wliicli  adds  a good  deal 
to  the  value  of  the  estates.  \11  these  additions  add 
very  materially  to  the  security  of  the  Preference 
Shareholders. 
The  supply  of  labour  on  the  Company’s  properties 
is  Binplc,  and  full  numbers  of  coolies  are  ahvaysob- 
427 
tainable,  a.s  tin's  i.s  a f,ivoiirite  part  of  the  country 
with  thorn,  and  tJioir  comfort  has  always  careful  atteq- 
tiou. 
Mr.  Sinclair  said  he  had  only  to  complain  of  one 
thing,  and  that  was  that  he  had  not  been  allotted 
the  full  number  of  Shares  he  had  applied  for.  Be- 
ing an  old  Ceylon  Plantor,  and  knowing  these  estates 
well,  lie  would  have  liked  to  have  had  more  of  the 
Shares. 
The  proceedings  closed  with  a vote  of  thanks  to 
the  Chairman,  proposed  by  Mr.  Sinclair,  and  seconded 
by  Mr.  Low.  C.  L.  Str.-vciiak,  Chairman. 
The  Mr.  Sinclair  i.s,  of  course,  Mr.  James 
Sinclair,  Cliainimn  of  the  Diiiiluiia  A'^alley  Com- 
pany. The  latest  rumour  is  that  Mr.  Straclian 
has  heeii  oll'uring  a large  sum  (£oD,U0D  is  the 
report)  for  two  well-known  Maskmliya  estates; 
hut  that  may  be  for  a .separate  flonipany — that  is 
if  tlie  sale  talccs  place. 
Of  another 
(.T.VLO.N  I’KA  CO.ni’ANV, 
the  F'niaiicinl  Tiiiies  has  tlie  following: — 
CKNTUAL  TKA  OV  CICYLON. 
The  report  of  the  directors  of  the  Central  Tea 
Company  of  Ceylon  for  the  year  ending  30tli  .Tnue 
last  show's  that  the  not  profit  was  £'3,091.  A divi- 
dend of  10  per  cent,  on  the  ordinary  shares  is  pro- 
posed, leaving  £281  to  he  carried  forw.ird.  To  meet 
the  purchase  of  two  estates  acquired  since  the  com- 
pany w'as  formed  a temporary  loan  of  £8,584  was 
arranged,  and  it  is  no.v  proposed  to  issue  593  ordi- 
nary shares  at  a premium  in  order  10  deal  with 
this. 
THE’  EA.STEEN  PRODUCE  AND  E.STATK.S  COMPANY, 
eviiletitly  doing  w'ell  this  year  : an  ad  interim 
dividend  of  2.v  par  share  having  just  been 
paid. 
I quote  the  following 
COMPANY  REPORTS, 
because  first  the  exports  of  coffee  from  lirazil  this 
seu.son  are  said  chiefly  to  depend  on  the  capacity  of 
the  San  Paulo  Railway  as  a trallic  carrier,  ami 
.secondly  Natalians  are  ambitions  of  developing 
an  appreciable  tea  industry  : — 
PUBLIC  COMPANIES. 
Sail  Paulo  Railway. — Yesterday,  at  the  Gannou-strect 
Hotel,  Mr.  Martin  R.  Smith  presided  over  the  seveiiU  - 
fourth  general  meeting  of  the  shareholders  of  the  San 
Paulo  (Brazilian)  Railway  C unpauy.  In  moving  the 
adoption  of  the  report,  he  said  it  was  true  that  the  net 
receipts  for  the  lialf-year  were  some  £'27, 000  less  than 
in  the  correspondiog  six  months  of  1895;  but  last  year 
£.30,000  W'as  absorbed  in  making  provision  for  deprecia- 
tion of  assets.  Therefore  the  net  profits  showed  an 
increase  of  about  .£‘3,500  available  for  distribution.  The 
falling  oil  in  receipts  w'as  due  principally  to  a decrease 
of  no  less  than  32,000  tons  of  coffee  ciuried,  and  the 
increase  of  working  expenses.  They  w'ere  employing 
more  men,  and  until  the  duplication  of  the  line  was 
completed  they  had  to  meet  heavy  expenses  in  the 
maintenauoQ  of  the  permanent  way.  The  further 
traffic  expected  would  be  provided  for  by  an  increase 
of  rolling  stock  and  already  they  had  shipped  15  loco- 
motives and  2 5 wagons.  The  6*tal  cost  of  the  additions 
to  the  rolling  stock  would  be  .£150,000.  This  expen- 
diture would  come  out  of  the  creation  of  new  capital 
One  adverse  circums'aiice  w'ns  the  dow'award  tendency 
in  the  rate  of  exchange,  but  on  the  other  hand  it  was 
valuable  to  them  in  Brazil.  They  had  been  unfortu- 
nate in  the  colls.pse  of  the  premium  at  first  quoted  for 
the  new  issue  of  shares,  hut  it  resulted  from  a variety  of 
c luscs.  He  was  confident  however  that  a recovery 
would  soon  take  place.  In  couclusion,  ho  mentioned 
that,  the  receipts  from  .1  nne  30  up  to  date  were  approxi- 
mately £‘10.000  in  excess  of  the  corresponding  period 
last  year.  The  report,  which  recommended  the  pay- 
ment of  a dividend  of  (i  per  cent  for  the  half-year,  to- 
gether with  a bonus  of  Ss.  per  share,  w'as  adopted. 
