858 
THE  TROPICAL  AGRICULTURIST. 
( June  i,  1897, 
1 Bhould  like  to  know  wluvt  the  Reserve  fund  is  in- 
vested in  ? 
The  CuAiKJiAN  ; — The  Reserve  Fund  has  been  used 
to  pay  oft  our  debts  and  is  invested  in  the  estates 
and  we  have  benefitted  by  it  by  saving  interest  and 
in  increased  profits.  Compare  the  cost  of  the  estates 
Jhe  balance  sheet  T75,0b0  with  the  paid-up  capital 
ii5G,tXX).  If  we  had  not  had  that  £7,500  we  should  have 
been  owing  pro  tuiito  more  on  Debentures  on  mort- 
gage or  something,  and  you  would  have  been  paying 
interest  on  it. 
A Bn-utEiioLUER  : — I see  the  price  of  the  St.  Leonards 
tea  was  higher  in  1895  than  in  18',)5 — was  the  quantity 
as  great? 
The  Chairman  ; — The  quantity  increased  also.  The 
Maskeliya  is  not  so  satisfactory,  as  we  had  an  in- 
creased quantity  and  a smaller  net  result  there. 
Mr.  Seton  : — 1 note,  Mr.  Chairman,  we  do  not 
see  details  of  actual  crops  gathered  in.  They  are 
not  mentioned  in  the  Report. 
The  Chairman  : — We  never  have  mentioned  it. 
Mr.  Seton  ; — Then  the  shareholders  have  not  the 
pleasure  of  seeing  whether  they  have  increased  or 
decreased  their  tea  crops. 
The  Chairman  ; — They  have  increased  very  steadily, 
indeed  you  can  see  that  the  large  proportion  of  our 
increase  is  in  tea.  The  crops  of  tea  were  502,000  this 
year,  572,000  last. 
The  Shareiioei>eu  Nothing  to  be  ashamed  of 
that  is  clear. 
The  Chairman  If  there  ia  no  other  shareholder 
who  wishes  to  ask  any  question  I beg  to  move  that 
the  report  and  accounts  be  adopted.  Those  in  favour 
— those  against. 
The  motion  was  carried  unanimously. 
The  Chairman  : — I propose  that  a dividend  of  ten 
per  cent  free  of  Income  Tax  on  the  .£55,000  paid- 
up  capital  be  declared,  which,  with  the  interim 
dividend  distributed  5th  August,  1895,  makes  15  per 
cent  for  the  year  1895  ; that  this  final  dividend 
be  payable  on  and  after  15th  April  ; that  £1,000  be 
written  off  for  depreciation;  that  £1,500  be  placed 
to  Reserve,  and  that  £800  7s  lid  be  carried  forw'ard 
to  the  year  1897. 
Mr.  Rod.o  : — I have  much  pieasuie  in  seconding 
that. 
The  CiiAiR.MAN  : — The  motion  has  been  proposed 
and  seconded,  those  in  favour — those  agninst.  The 
motion  w'as  earned  unanimously'. 
Mr.  Edwaru  S.  Grigson  : — I have  much  pleasure 
in  proposing  that  Mr.  Robert  Kay-Shuttleworth,  the 
retiring  director,  be  and  hereby  is  re-elected  a diiec- 
tor  of  this  Company. 
Mr.  Anderson  I beg  to  second  that. 
The  Chairman  : — It  is  proposed  that  Mr.  Robert 
Kay-Sultk worth  be  le-electert  fl  director.  Those  in 
favour — those  against.  The  motion  was  carried  una- 
nimously. 
The  Chairman  : — I have  a letter  from  him  ex- 
pressing very  great  regret  that  he  is  not  here  today. 
He  is  unfortunately  detained  by  severe  sickness  of 
hi.-i  wife,  in  San  Remo,  and  1 beg  to  thank  you  in 
his  name  for  your  re-election. 
A Shareholder:-!  beg  to  propose  that  Messrs. 
McAnliffe  and  Davis,  Chartered  Accountants,  be 
elected  Accountants  of  the  Company. 
A Shareholder  : — I have  much  pleasure  in  se- 
conding that. 
The  Chairman  : — It  has  been  proposed  and  seconded 
that  Messr.s.  McAnliffe  and  Davis  be  elected  Auditors 
of  the  Company. 
Those  in  favour  kindly  intimate  the  same  in  the 
usual  way. 
The  motion  was  carried  unanimously. 
'I  be  Chairman: — GcnllciiRii,  tbal  ends  tlic  bti-iiies.s 
of  our  ordinaiy  meeting:  and  we  now  become  an 
exlraordinaiy  general  incclin;;. 
F..X  1 UAORDINAtlV  general  MEr.IT.NO. 
The  Chairman  : — I propose  that  the  capital  of  the 
Company  be  increased  to  .£150,000  by  the  creation  of 
5,0(  ••  new  shares  of  £10  each. 
Mr.  W.  Rollu  : — I beg  to  second  iliat. 
The  Chairman  — Geutlemeu,  it  looks  a little  bit  in 
consistent,  after  my  remarks  to  the  shareholders,  that 
we  should  propose  to  increase  our  capital  at  the  time 
when  w'e  intinic.ted  we  saw’  no  iuiin-fdiate  use  for  money, 
and  the  only  estates  we  have  lately  bought  we  paid 
for  in  duly  paid  shares.  AVk  think,  however,  that  times 
may  change,  and  it  might  be  better  to  he  authorised 
to  leave  the  optiou  of  this  extra  capital. 
The  motion  was  put  to  the  meeting  and  carried  un- 
animously. 
The  Chairman  : — This,  gentlemen,  concludes  our 
business. 
Mr.  R.  A.  Rosanquet  :— Before  we  close  this  meeting 
I should  like  to  be  allowed  to  say  a few  words.  I am 
sure  it  is  quite  a pleasure  to  hear  this  favourable 
report;  sometimes  tilings  look  all  coulcur-dc-ro.^e  and 
sometimes  we  see  clouds  ahead.  I h-.we  listened  with 
much  interest  to  Mr.  Norman  Grieve,  and  it  has  made 
me  wish  that  I too  might  visit  Ceylon  again  ; but, 
perhaps,  sometimes  it  is  as  well  not  to  got  too  close  to 
these  difficulties.  I wish  to  propose  a vote  of  thanks 
to  the  Chairman  and  directors  and  to  couple  with  it 
that  of  the  eminent  Agents  in  Ceylon  wliose  services  to 
the  Company  are  and  have  been  great,  Messrs.  Geo. 
Steuart  & Co.,  and  I have  no  objection  also  to  include 
the  estate  managers. 
Mr.  I.  Mackintosh  Smith  : — I have  much  pleasure 
in  seconding  this. 
The  motion  was  put  to  the  meeting  and  carried 
unanimously. 
The  Chairman  : — I thank  you  for  myself  and  my 
colleagues,  the  estate  superintendents  and  for  Messrs. 
George  Steuart  A Co.,  but  there  is  c.  gentleman  here, 
Mr.  Thomas  Grigson,  who  can  more  appropriately 
reply  for  the  last. 
Mr.  Grigson  : — After  all  that  has  been  said  it  is  not 
necessary  I should  occupy  your  lime  beyond  thanking 
you  very  much  for  the  Resolution  you  have  passed. 
To  hear  of  Mr.  Grieve’s  visit  to  Ceylon  shows  a favor- 
able prospect  for  the  operations  of  the  Company  in  the 
future. 
The  proceedings  then  terminated. 

THE  EDERAPOLA  TEA  COMPANY  OF 
CEYLON,  LIMITED. 
The  first  annual  ordinary  meeting  of  the  Edera- 
polla  Tea  Company  of  Ceylon,  Limited,  was  held  at 
the  office  of  the  company,  15,  Philpot,  Lane,  E.C., 
on  Tuesday,  April  13th,  1897,  at  2 o’clock  p.m.,  Mr. 
G.  W.  W.  Paine  (chairman),  pvesi  ling. 
Notice  convening  the  meeting  having  been  read  by 
the  secretary,  the  chairman  said  he  supposed  they  could 
take  the  report  and  accounts  as  read.  He  had  very 
little  inforinalioii  to  give  the  shart’holders  on  this 
occasion,  it  being  their  first  goncuU  meeting  since 
the  formation  of  the  company.  They  had  had 
sundry  tempting  offei  s made  to  them  to  purchase  land 
recently  developed,  but  they  preferred  to  purchase 
virgin  soil  and  develop  gradually  for  themselves.  As 
the  shareholders  would  notice  in  Ih  i report  they  had 
already  purchased  some  native  lands  adjoining  their 
properties,  and  they  intended,  as  opportunity  arose, 
to  extend  their  boundaries  by  the  acquisition  of  any 
suitable  native  or  Crown  lands  that  might  be  for  sale 
in  their  vicinity. 
The  chairman  considered  the  dividend  of  10  per  cent 
a very  good  one  for  the  first  year’s  working,  consider- 
ing the  rate  of  exchangehad  been  again- 1 them.  With  a 
more  favourable  rate  of  exchange  and  abetter  lea  mar- 
ket they  would  hope  for  an  improving  dividend.  The 
quality  of  the  tea  had  much  inqn-oved  since  the 
company  had  taken  over  the  estates,  and  great 
credit  was  due  to  Mr.  Watt  fur  his  continual  and 
successful  exertion  to  improve  I be  quality  of  the 
tea.  Mr.  Paine  then  gave  particulars  as  to  the  new 
< 'raringH,  and  irj  (juestioiis  being  forthcoming  the 
lullu'vjng  re-olntioiis  wore  put  to  the  meeting  and 
eaiT'ied  uuanimuusly. 
Proposed  by  Mr.  G.  1’aj.vi;,  secoiid<.d  by  Hr.  Pokier: 
— •' That  the  reports  and  accounts  as  presented  to  the 
ehareholderf!  ho  loceived  and  adopted.” 
Pioi>osed  by  Mr.  Paine,  seconded  by  Mr. 
MacMartjn  :— Tiiat  a final  dividend  ot  5 pev 
