542 
THE  TROPICAL  AGRICULTURIST. 
[Feb.  I,  1897. 
a crop  which,  like  all  agricultural  products,  we 
cannot  depend  upon  being  always  good.  We  have 
our  good  seasons  and  our  bad  seasons,  and  our  good 
prices  and  our  bad  prices  ; there  is  no  question  about 
that,  and,  consequently,  it  is  pleasant  to  think  that 
we  are  in  a stronger  position,  so  far  as  we  can 
judge,  than  any  other  undertaking  of  the  kind.  We 
have  undoubtedly  a magnificent  property ; there  is 
no  doubt  of  that.  In  the  next  place,  only  60  per 
cent  of  our  crop  area  has  yielded  a crop  at  present  ; 
therefore  we  have  40  per  cent  at  least  to  come, 
and  that  places  ns  in  a very  strong  position.  Again, 
we  have  the  great  possibilities  in  the  improvement 
that  I have  mentioned,  which  we  hope  to  be  able 
to  bring  about  in  the  curing  of  the  crop.  If 
we  take  these  things  into  consideration,  we  shall  see 
that  we  are  in  as  strong  a position  as  a company 
of  this  kind  can  possibly  be.  At  the  same  time,  it 
will  be  our  endeavour  still  further  to  strengthen 
the  position  of  the  company  by  endeavouring  to  build 
up  as  strong  a reserve  as  we  can.  (Applause.) 
Tnat  will  be  our  policy,  and  I think  you  will  admit 
that  it  is  a right  and  proper  one.  We  have  a re- 
serve, as  I say,  in  our  plant,  we  have  a reserve  in 
possible  improvements,  and  we  shall  try  to  get  a 
good  cash  reserve,  which  is  the  best  of  all.  (Applause.) 
The  only  other  poinc  I have  to  deal  with  is  just 
to  say  what  we  propose  to  do  with  the  Profits  we 
have  now  in  hand.  The  directors,  after  considei'a- 
tion,  have  agreed  that,  besides  paying  the  interest 
on  the  debentures,  which  is  due  on  the  31st  inst., 
they  will  also  pay  at  the  same  time  a dividend  at 
the  rate  of  74  per  cent,  per  annum  on  the  prefer- 
ence shares;  and  they  will  also  ■ pay  at  the  same 
time  a dividend  of  10  per  cent,  upon  the  ordinary 
shares.  These  moneys  will  be  sent  out  on  December 
31  next,  and  will,  I hope,  be  a pleasing  commence- 
ment of  the  new  year — a year  which  I sincerely  hope 
will  be  a prosperous  and  satisfactory  one  to  us  all. 
That  is  all  I have  to  report.  Perhaps  it  would  be 
as  well  for  me  to  say  one  or  two  words  more;  in 
fact,  I have  been  asked  to  do  so,  although  it  does 
not  come  exactly  under  the  head  reporting  progress. 
It  is  on  account  of  this  fact,  that  our  company  is 
an  exceptional  one  in  this  way — that  it  is 
the  first  of  the  kind  that  has  ever  been  intro- 
duced to  the  British  public,  and,  consequently, 
everyone  is  more  or  less  interested  in  it.  AVe 
are  all  specially  interested  in  it  because  of  the 
circumstance — I wish  to  emphasise  that  fact,  although 
it  was  stated  pretty  clearly  in  our  prospectus— that  the 
most  thorough  investigation  that  could  be  given  was 
given  to  this  undertaking  before  we  ventured  to  bring 
ft  before  the  public.  We  are  satisfied  that  it  is  really  a 
good  property,  and  that  the  statements  given  were,  so 
far  as  we  can  gather,  absolutely  correct,  and  we  had 
no  hesitation  in  bringing  this  company  before  the 
public  as  a good,  and  sound,  and  safe  one  for  an  in- 
vestment of  this  sort.  That  was  our  opinion  then, 
and  it  is  our  opinion  now.  We  were  aware  then,  as 
now,  that  there  were  a certain  number  of  people  who 
distrusted  South  American  affairs  and  concerns  alto- 
gether. Well,  I do  not  know  what  to  say  to  that. 
South  America  is  rather  a big  place,  and  there  are 
food  things  and  bad  things  in  it,  I have  no  doubt; 
ut  as  for  making  any  general  remark  that  all 
South  American  things  must  be  bad,  that  does  nc  t 
seem  me  to  a very  wise  thing.  AVe  believe,  at  all 
events,  that  there  are  good  and  bad  things  there  as  in 
London.  Of  this  particular  undertaking  we  be- 
lieve it  to  bo  a thoroughly  good  and  sound  in- 
vestment, and  that  it  will  be  a most  satisfactory 
one  to  the  shareholders.  But  it  can't  help  being 
situated  in  Brazil  ; for  if  ic  had  not  been  there 
we  should  not  have  been  here  today.  Certain 
people  would  prefer  that  it  should  be  on  Primrose- 
hill  or  in  Hyde-park,  and  think  if  it  would  bo 
safer.  And  so,  perhaps,  it  would  ; but,  so  far  as 
I can  judge,  I have  very  little  I’eason  to  doubt 
that  our  position  in  Brazil  is  as  strong  and  secure 
as  if  this  property  were  situated  in  the  United 
States,  on  the  continent  of  Europe,  or,  as  a matter 
of  fact,  in  British  India.  Wo  can  only  deal  with  i 
history  in  trying  to  form  our  judgment,  and  tho 
Brazilian  Government  have  never  evaded  their  en- 
gagements, but  have  acted  uf)  to  them.  They  hold 
out  to  foreigners  that  freedom  of  interest  which 
England  holds  out.  They  make  no  difference 
betvveen  foreigners  and  ther  own  people  in  the  hold- 
ing of  lands  and  the  titles  of  land  and  so  on. 
They  have  behaved  in  a most  liberal  manner  to 
British  enterprises  in  the  past,  and  we  can  only 
judge  people  by  their  record.  Their  record  is  good, 
and  I have  no  hesitation  in  saying  I have  the 
most  absolute  confidence  in  the  way  we  shall  be 
treated  by  the  Brazilian  Government,  It  is  well  to 
know,  when  speaking  of  the  Brazilian  Government, 
that  really  we  are  under  the  San  Paulo  Govern- 
ment. I do  not  wish  to  draw  distinctions,  but  as 
we  are  in  San  Paulo  we  can  congratulate  ourselves 
that  it  is  well  known  to  be  one  of  the  richest,  if 
not  the  richest,  and  the  most  business  like  of  all 
the  united  States  of  Brazil,  and,  as  I say,  it  is 
matter  of  congratulation  that  our  properties  are 
situated  in  this  State,  and  I feel  perfectly  sure 
that  the  good  citizens  of  San  Paulo  will 
be  too  much  alive  to  the  advantages  to  be 
gained  by  a closer  connection  and  honerable  re- 
lationship between  the  City  of  London  and  San 
Paulo,  to  endeavour  to  do  us  anything  but  good 
So  I think,  really,  the  talk  about  the  misfortune  of 
our  property  being  in  Brazil  is  beyond  the  mark 
altogether.  At  all  events,  I have  every  confidence 
in  telling  you  that  I believe  we  shall  find  we  have 
no  reason  to  regret  that  it  is  so  situated,  and  that 
it  will  prove  itself  in  the  future  what  it  has  been 
in  the  past — the  most  profitable  coffee-growing  con- 
cern, not  only  in  Brazil,  but  in  the  world.  (Ap- 
plause.) 
Mr.  Talbot  said  that,  as  the  chairman  had  stated, 
he  had  visited  the  estate.  AVith  regard  to  the  estate 
itself,  the  points  they  would  look  to  would  be  its 
accessibility,  the  climate,  the  soil,  and  the  lay  of 
the  laud.  With  regard  to  its  accessibility,  there  was 
a railway  to  within  13  miles  of  it,  and  then  there 
was  a railway  belonging  to  the  company,  which  ran 
over  it,  so  that  the  traus  port  of  goods  was  uninter- 
rupted. As  to  climate,  ho  was  only  there  a short 
time;  but  it  was  very  healthy,  and  it  must  be  good 
climate,  because  tbe  coffee,  after  bearing  one  very 
large  crop,  was  in  good  blossom.  The  soil  was  a 
chocolate  loam,  and  was  very  free,  which  was  very 
necessary  for  coffee.  It  was  a rather  sandy  loani,  and 
the  rain  sank  in,  and  yet  it  was  rich,  which  was  easy 
to  see.  The  lay  of  the  land  was  very  easy.  It  was 
gently  undulating,  and  could  easily  carry  off  the 
water.  It  was  about  the  same  kind  of  lay  as  Hyde- 
park.  Coming  to  the  coffee  itself,  it  would  be  asked 
what  the  yield  was,  the  vigour  of  the  trees,  and 
the  cost  of  production.  'The  yield  of  Dumont 
coffee  was  about  10  cwt.  to  the  acre,  which  was  a 
very  good  yield  in  the  East.  AVith  regard  to  the 
vigour  of  the  trees,  they  were  grown  there  in  a per- 
fectly natural  way.  In  the  East,  generally,  the  top  of 
the  tree  was  3 ft.  or  4 ft.,  and  in  some  jmrts  of 
Java  they  planted  shade  near  the  trees.  At  Dumont 
the  trees  grew  naturally  to  a height  of  about  12  ft., 
and  had  no  shade  and  yet  with  that  more  exposed 
system  they  were  very  strong  and  vigorous.  With 
regard  to  the  strength  and  lasting  property  of  coffee 
in  Brazil,  he  passed  an  estate  which  was  pointed 
out  to  him  as  being  seventy  years  old.  If  the  Dumont 
trees  lasted  that  time,  and  bore  like  they  did  last 
year,  that  would  be  good  enough  for  them.  With  re) 
gard  to  the  cost  of  the  work,  that  was  certainly  very 
cheap  compared  with  anything  they  had  been  used 
to,  but  he  thought  the  picking  had  been  done  too 
cheaply,  and  would  have  to  be  done  rather  more 
expensively  in  tho  future.  As  to  the  security  of  tenure 
he  had  made  a good  many  inquiries.  He  bad  con- 
sulted the  manager  of  the  English  bank  at  San  Paulo 
and  many  merchants  there,  and  tho  conclusion  that 
they  came  to  was  that  their  property  was  absolutely 
secure. 
Answering  a question,  Mr.  Talbot  said  he  thought 
they  need  have  no  fear  of  not  getting  sufficient  labour. 
In  reply  to  another  Shareholder,  tho  Chairman  said 
ho  had  no  moans  of  knowing  whether  the  A'120,O0U 
