July i, 1897. 1 
THE TROPICAL AGRICULTURIST, 
39 
to £26,592 14s lOd., a profit of £3,425 16s. lOd. was 
reached. For season ending 30tb June, 1897, orders hare 
alread;/ been obtained to the amount of £42,000, from 
which, according to previous experience, a profit of 
£8,200 should be made. For season ending 30th 
June, 1898, it is confidently expected that the total 
sales will considerably exceed this figure ; but as- 
suming that no iuciLUse upon sales is attained, anl 
that the saving before referred to arising from t.ie 
Company manufacturing its own sheets, viz., £4,o00, 
is effected with sufficient expedition to make i'self 
appn ent next \ear, the total profit would, at the 
same rate as in the previous year, amount to 
£12,200, sufficient to pay 10 per cent, on the ordinary 
shares after making provision for the dividend of 6 
per cent, on the preference’shares. This is believed to 
be a moderate estimate based on past and present 
working, but if the business continues to prosper as 
it has done, and is doing, these figures may be 
largely exceeded. 
Finally,— 
The purchase price has been fixed at the sum of 
£112,500, payable as to £25,000 in Ordinary fully- 
paid shares, as to £25,000 in 6 per cent. Cumulative 
Preference fully-paid shares (being the largest por- 
portion allowed by the Rules of the Stock Exchange), 
and the balance of £62,.500 in cash. 
Mr. P. Stuart- Brown, F.C.S., continues to be 
Manager. 
POONAGALLA VALLEY (CEYLON) CO., 
LTD. 
The first annual ordinary meeting of this company 
was held at the ofiiee of the company, 16, Philpot 
Lane, E.C. on April 28th, Sir George A. Pilkington, 
chairman of the directors, presiding. 
Mr. J. F. Andebson (of Messrs. LyalT, Anderson* Co., 
the agents and secretaries) having read the notice 
convening the meeting. 
The Chairman said : — Gentlemen, it is my pleasure 
to move that the report and accounts as presented 
to the shareholders be received and adopted. The 
report and balance-sheet as you have it hero is so 
full and complete that to my mind there is very 
little that is necessary for the chairman to say upon 
it. I cannot help complimenting the secretaries upon 
the extremely able and explicit manner in which 
these accounts are presented. There seems to me 
little or no need to enlarge upon them, although at 
the same time I shall be extremely pleased to answer 
any question which any shareholders may put to 
me. Yon will see a considerable falling off in the 
estimate in the matter of coffee, and i am afraid 
in the future we must look for a still further falling 
off in that department of our produce. For years 
and years past the Island has suffered enormously 
from the falling away of coffee, and we in the 
Poonagalla Valley have held on longer than any other 
part of the Island. Eight years ago I was told that 
we must not look for a continuation of coffee for 
more than a year or two at the outside, but every 
\ ear we have had our rotation crops, and up to last 
year they have been a very considerable source of 
income. But it is a decaying source, getting worse 
and worse, and I am afraid we have now arrived at 
the time when we can can look for no income 
from that department. We have tried to take time 
by the forelock and have planted tea under all ex- 
isting coffee, so that by the time it is entirely done 
we shal hive tea taking its place. The great 
difficulty in Haputale is the want of roads. We 
have been fighting with the Government to get better 
roads thro' gbout the neighbourhood, and in a short 
time we shall be in a very much better position 
than we are in now. The Government have con- 
sented to construct a road and bridge which will 
lead right up to the very door of the Boom galla 
factory, and* by a system of wire shoots, which will 
extend all over the estate in time, the whole of the 
produce will be carried down to the factory by their 
means, and then by good cart roads and cart service 
right down to Poonagalla station. This will be a 
great boon, as the great difficulty all over the Island 
now is that of Coolie labour. The Coolie can now 
choose where he likes to go; he can get a good oapi 
tation grant, and have his debts paid by .any estate 
The work which he detests above all other labour 
is that of carrying produce on his head. If we can 
get our produced carried down by wire shoots to 
the factory, and from there by cart, we shall have 
less difficulty wi'h our Coolie labour than in the 
past. On the whole, we can congratulate ourselves 
on the first year’s working. We have fairly earned 
10 per cent, dividend, and we are paying 6 per cent 
and take the unusual proceeding rf paying the whole 
of our preliminary expenses in the first year, and 
we carry £362 to next year’s account. These figures 
show, I think, a very satisfactory result on the fii.st 
year’s working. Mr. Rettie, the manager of the 
Spring Valley Estate, and the original valuer of our 
estate, and whose brother is manager of the celebrated 
Ouvah Coffee Company, the largest estate in the 
Island, reports to us from time to time as to the 
general condition of the estate. He lias been here 
this morning. His reports are very favourable a'lid 
very hopeful for the future. I don’t think that I 
need say more but I shall be happy to answer any 
questions which may be put to me. I move that 
the report and accounts as presented to the share- 
holders be received and adopted. 
Mr. G. G. Anderson seconded the motion, which 
was carried unanimously. 
The Chairman then moved and Mr. Anderson 
seconded that a final dividend of 3 per cent, free of 
income tax, making in all 6 per cent, for the year 
be declared, payable forthwith.— Carried unanimously! 
Mr. Anderson proposed and Mr. L. F. Davies 
seconded that Sir George Pilkington be re-elected a 
director. — Carried. 
The auditor Messrs. Cape & Dalgleish, were re- 
appointed, on the motion of Mr. C. J. Scott seconfl<..d 
by Mr. A. Leslie. 
The Chairman proposed a vote of thanks to the 
staff in Ceylon and London for their efficient working 
of the company’s property and business. He said 
that as an almost annual visitor to the Island he 
could say that they had an extremely efficient manager 
—one of the most experienced, shrewdest, and hard- 
working men in that capacity he had ever met with. 
His conduct in the affairs of the company was very 
satisfactory. He had also a very good European 
assistant under him. The London staff also had shown 
an amount of interest in the work of the company 
that was beyond all praise. ^ ^ 
Mr. J. VicARY seconded the motion, which was 
carried. 
Mr. Donald Anderson proposed, and Mr. C. J. 
Scott seconded, and it was carried, that a vote of 
thanks be given to the Chairman for his able conduct 
in the chair, and to the directors for their careful 
guidance of the company's business. 
The Chairman, in responding, invited any of the 
shareholders, when on a holiday, to visit the estates. 
He observed that formerly the British tourist went 
to the Riviera, now they go to Cairo, and soon they 
will go to Colombo. If any of the shareholders 
would take that journey, he was sure that the pleasure 
that they would deriv-e from it would amply recom- 
pense them.— The proceedings then terminated.— 
Inoestors' Giiardian, May 1. 
THE TRAVaNCORE TEA ESTATES 
COMPANV. 
The following are additional particulars from the 
Prospectus of this Company:— In addiMon to the 
estates mentioned, 630 acres of forest I nd have been 
purchased direct from the Government of His Highness 
the Maharajah on the Company's behalf, by the ven- 
dors, and will be transferred at cost price. Cabel 
advice has been received of the purchase of Woolbed- 
ing estate, situate in close proximity to the above 
