6og 
THE  TROPICAL 
AGRICUL'IURIST.  [March  r,  1897. 
Mary  Bois,  Mr.  Percy  Bois,  Mr.  Henry  Boi.s,  Mr. 
A.  H.  Cliri.slian  ami  Mr.  W.  J.  Carver,  by  their 
attorney,  Mr.  P.  Bois  ; Mr.  F.  Lie.scliing,  tlie  E.s- 
tate  of  H.  Ledward  by  the  Administrator,  Mr. 
F.  Liesching,  the  Estate  of  Mrs.  Led  ward  by 
Mr.  F.  Liesching,  lion.  C.  P.  Layard,  and  Messrs. 
Julius  and  Creasy  by  Mr.  F.  Liesching ; Mes.srs. 
S.  Green,  F.  Beven,  F.  C.  Loos,  b.  J.  ile 
Sarani,  R.  W.  Nunn,  Hon.  yir  J.  J.  Grinlin- 
linton,  by  his  jiro-vy,  Mr.  R.  L.  M.  Brown,  and 
Mr.  R.  L.  M.  Brown  (Sejrelary. ) 
Notice  calling  the  meeting  were  read  and 
minutes  conlirined. 
THE  REPORT  AND  ACCOUNT.S. 
The  Cliairinan  submitted  the  report  and  ac- 
counts. The  report  is  in  the  following  terms  : — 
1.  In  submitting  the  accounts  for  1896  the  Direc- 
tors have  much  pleasure  in  calling  attention  to  the 
increasingly  satisfactory  position  of  the  Company, 
the  result  for  the  year  showing  a sum  of  R40,518'57 
available  for  distribution,  after  writing  off  R7,000 
as  depreciation  of  plant  and  machinery. 
2.  The  Directors  recommend  that  a dividend  at 
the  rate  of  10  per  cent  for  the  year  on  the  capital 
of  the  Company  be  declared.  This  will  absorb  1140,000 
and  leave  R518’57  to  be  carried  forward  to  1897. 
3.  During  the  past  year  a further  sum  ot  R15,000 
has  been  paid  in  reiuction  of  the  mortgage  debt, 
which  now  stands  at  only  R10,000. 
4.  The  crop  of  coconuts  in  1896  was  a large  one, 
and  was  sold  as  nuts,  and  not  made  into  copra  as 
hitherto.  It  gives  ample  testimony  to  the  value  of 
manure,  which  is  now  being  applied  systematically 
and  on  an  increased  scale,  thus  justifying  the  en- 
hanced expenditure  san  tinned  under  this  head  by 
the  Directors. 
5.  The  working  of  the  estate  for  the  years  1894, 
1895,  and  1896  compares  as  follows  (the  item  of  in- 
terest being  excluded) : — 
Expenditure  on  Estate 
1894.  1895.  1896 
and  in  Colombo  office  R33,243'74  32,747'69  30,463  ‘23 
Quantity  of  Coconuts 
produced  No.  1,002,237  1,332,965  1,548,081 
Do.  Coir  Fibre 
made  Ballots  40,245  25,703  23,859 
6.  The  Directors  are  happy  to  report  that  the 
prospects  of  crop  for  1897  are  favourable,  and  with 
a normal  season  the  result  should  be  satisfactory. 
7.  Two  Directors — Messrs.  Percy  Bois  and  F.  J.  de 
Saram — retire  by  rotation,  and  are  eligible  for  re- 
election. 
8.  The  shareholders  have  to  appoint  an  Auditor 
for  1897. 
The  Chairman  remarked  that  the  report  and 
accounts  had  been  sene  round  and  as  every 
shareholder  liad  received  a copy  lie  moved  that 
they  be  taken  as  read.  (The  meeting  having 
acquiesced)  the  Chairman  went  on  to  say  that 
he  thought  the  report  spoke  for  itself.  It  show- 
ed that  they  had  had  a very  prosperous  year, 
owing  to  the  climate  as  well  as  the  systematic 
manuring  they  h.ad  been  carrying  out.  The  re- 
sult was  in  the  report  and  a very  creditable  one 
he  thought  it  was.  Next  year  promised  to  be 
quite  as  good,  but  whether  the  prices  they  would 
get  for  their  produce  would  be  as  good  was 
another  matter.  They  had  sold  half  the  crop  of 
coconuts  already  on  the  same  terms  and  condi- 
tions as  last  year  but  at  50  cents  less  a thousand, 
but  if  excminge  fell  towards  the  end  of  the 
year  the  price  of  coconuts  might  rise  and  they 
would  be  able  to  get  as  good  a price  as  they  got  last 
year.  The  work  done  by  their  yu[)erintendent, 
Mr.  Beven  had  been  very  satisfactory.  There  had 
been  a good  deal  of  difliculty  with  labour  but  that 
was  not  uncommon  every  wlierc.  With  the.se  few 
words  he  moved  the  adoption  of  the  report;  and 
{tccouuts, 
In  answer  to  Mr.  Green  the  Ciiairman  ex- 
plained that  half  of  the  forthcoming  year’s  crop 
had  been  sold  for  R86  50  ner  1000  as  against 
R37  per  1000  for  the  last  half  year. 
The  report  and  accounts  were  adopted. 
THE  MORTGAGE  ON  THE  PROPERTY. 
The  Secretary  (Mr.  Brown)  .said  it  had  been 
brought  to  his  notice  by  some  of  the  shareholtler.s 
that  the  accounts  w'ere  not  particularly  clear  as  re- 
garded the  reduction  of  the  mortgage.  This  item 
did  not  apiiearon  the  face  of  the  Company’s  accunts 
as  issued,  but  of  course  it  appeared  in  the  report  of 
the  Directors.  What  appeared  in  the  accounts 
was  a balance  sheet  not  a working  sheet  ; it 
sliow'ed  the  balance  after  all  the  work  had  been 
done.  In  one  of  the  columns  the  mortgage  stood 
at  1110,001)  and  in  the  previous  accounts  it  stood  at 
R25, 000  so  that  was  wdiere  the  R15,000  came  in. 
The  amount  remaining  w'as  RIO, 000  and  it  was 
for  the  Directors  to  .say,  when  an  o])portunity 
occurred,  whether  that  amount  should  not  be 
paid  off  also. 
Mr.  Beven  jiroposed  that  a dividend  of  10  per 
cent  be  declared  in  acconlance  wdth  the  recom- 
mendations contained  in  the  Director’s  report. 
The  Secretary  pointed  out  that  as  a rule  the 
dividend  was  ])aid  on  1st  April  because  the  crop 
was  allowed  to  mature  for  some  time  on  the 
estate  before  delivery.  The  crop  irlucked  in  the 
end  of  December  renuired  time  to  mature  and  it 
was  .some  time  before  it  could  be  converted  into 
money.  They  were,  however,  able  to  declare  a 
dividend  a little  earlier  this  year  becau.se  the 
crop  was  not  in  coprah,  but  he  hoped  that  in  fixing 
a (late  the  meeting  would  not  fix  it  too  early 
a date  for  the  shareholders  next  year,  when  the 
crop  might  be  in  co[tra  would  be  grumbling  if  the 
dividend  was  not  paid  so  early  date.  He  sugges- 
ted that  the  dividend  be  payable  on  1st  March. 
Mr.  BeyeN  adopted  this  suggestion  and  moved 
accordingly. 
Mr.  Grei;n  .seconded  and  the  motion  was  carried 
unanimously. 
ERECTION  UK  DIUECTOR.S  AND  AUDITOR. 
On  the  motion  of  Mr.  Green  seconded  by  Mr. 
Nunn,  Messrs.  Percy  Boi.s,  and  F.  J.  De  Saram 
were  re-elected  Directors  and  on  the  proposal  of 
Mr.  Nunn,  seconded  by  Mr.  Green  Mr.  H.  J. 
Scott  was  re-elected  Auditor  of  the  Comi»any  at 
a fee  of  a RIOO. 
A vote  of  thanks  to  the  Chairman  terminated 
the  proceedings. 
LONDON  REVIEW  OF  THE  TEA  MARKET. 
INDIAN. 
(From  Stentxing,  Inskij)p  A Co.’s  Indian 
Ceylon  Tea  Marhet  Review  for  1S9G  ) 
London  : — 14,  Mincing  Lane,  Jan.  1897. 
Position  and  Prospects. — A reference  to  the  figurea 
given  below  will  show  that  Imports  during  the  twelve 
months  ending  3lst  December  last,  mark  an  increase 
of  5,604,000  lb.,  and  the  deliveries  during  the  same 
period  an  increase  of  9,584,000  lb.,  compared  with 
1895.  The  total  imports  for  the  season  are  expected 
to  reach  about  127,000,000  lb.,  against  117,932,000 
lb.  last  season,  and  this  additional  quantity  should 
not  be  difficult  to  deal  with.  The  quality  of  the 
crop  generally  is  good,  and  as  the  range  of  prices  is 
extremely  moderate,  the  consumption,  which  last 
month  made  a great  stride,  may  be  expected  to  proceed 
at  a rate  that  will  absorb  tlie  extra  supply. 
On  the  whole,  the  season’s  results  to  producer 
should  prove  encouraging.  'I'hose  who  have  maintained 
a good  standard  of  quality  vvill  have  found  compeusa- 
