310 
THE TROPICAL AGRICULTURIST 
[Nov. I, 1897. 
excellent, and the cooly lines, where such are re- 
quired. are fair ; the checkrolls seem kept in a busi- 
ness-like way, and there ai'e no compl lints as to the 
non-payment of wages. The labour shifts — 24 hours 
— are too long for efficiency one would thint, yet the 
arrangement is popular with the men, who like to 
have a day on and a day off. Nearly all the pits are 
sunk by perpendicular shafts, which are the most eco- 
nomical to work and the safest to work in. Two fatal 
accidents were reported during the year: one from 
the falling in of earth in the only pit which consists 
of an open cutting, and one in hammering a blast. 
The output for 1896 is estimated at 1,516 tons, 
worth at the pit’s mouth R196,305. The following are 
the figures, which are b.ased on imperfect inform- 
ation, for the last four years 
Tons, 
Value. 
1893 
3,520 
. . E. 422,400 
1894 
1,875 
163,220 
1895 
2,254 
225.400 
1896 
1,516 
196,305 
MINOR 
PRODUCTS TRADE REPORT. 
Sept. 2. 
Cardamoms, 
, — The supply 
was again moderate 
and with an 
active demand ; 
the whole sold, on the 
average, at an advance of about 2d per lb. : good 
bold pale Ceylon- Mysore realised 3s 10 J per lb, ; 
medium ditto, 3s 4d per lb. ; small ditto, 3s per lb. ; 
medium splitting, 2s 9d to 2s lid per lb ; brown 
splits, 2s 7d per lb. Seed sold well at 3sldperlb; 
for good, down to 2s 9d to 2s lOd for pale. The 
arrivals last month were 160 cases, deliveries 303, 
and stock 862 cases, as against 426 same time last 
year. 
CiKCHONiNE. — Howards’ sulphate has been raised 
to 4Jd per oz. in bulk vials fijd for not less than 
25 oz. 
Coca-leaves.— At auction 20 bales of Truxillo and 
Bolivan were offered and bought in at 6d per lb. The 
following figures relate to the Java export of coca- 
leaves for the last four years from July 1st to J une 30th : 
—Bales 1896-7, 1,067 ; 1895-6, 1,105 ; 1894-5 , 1,121 ; 
1893 4 362. 
Ckoton-seed. — Seventeen bags were shown today at 
auction ; 10 of these, poor and dark mixed, were 
bought in, there being no bid at 30s. Of another 
lot of 7 bags, 4 sold at 50s per cwt, subject to appro- 
val the remaining 3 being bought in nominally at 80s 
per cwt. 
Oils (Essential). — There in a fair amount of business 
doing in essential oils this week, but there are no 
changes in price to report. Cassia is without alter- 
ation ; business has been done at 5s l^d per lb, c.i.f. 
terms, for 80 to 85 per cent. Oil of cubebs is offer- 
ing at 4s 3d per lb., 8 cases of Cinnamon oil were 
bought in at auction at 5d per lb. About 100 cases 
of Eucalyptus oil were offered today, but nothing 
was sold. For 17 cases, commercial quality, a bid of 
lOd is to be submitted ; 16 cases from the Macedon 
Eucalyptus Oil Distillery Company. Macedon, Vic- 
toria, were bought in at 2s Id per lb. Other lots 
were bought in at Is per lb for fair commercial qua- 
lity. Nutmeg oil ; Seventeen cases were offered, but 
nothing sold ; from 2Jd to 3id per oz. is asked. 
Quinine. — 9sd per oz. still remains the nominal 
quotation, though we hear that business has been re- 
fused at this figure for a speculative order of 10,000 
oz. Wholesale druggists’ orders are being filled on 
the spot at 9jd per oz. At acution today 1,000 oz. of 
Tailandier’s brand, in 100-oz tins, were offered at 9jd 
per oz, without finding a buyer. The arrivals last 
month were 2,686 lb, with deliveries 4,082 lb, and stock 
on August 31st, of 85,566 lb, as against 99,098 lb same 
tiine last year. 
Vanilla. — At auction, 153 packages were offered. Of 
these 120 sold, common foxy, 3J to 8 inches, 11s to 
21s 6d ; bad-keeping 6^d to 8i inches, 23s 6d to 26s; 
fair dull to good chocolate, 3^ to 8 inches, 21s 6d 
to 26s ; fine fresh chocolate, 6 to 8 inches, 26s to 27s 6d. 
— dhnmist and Di ufjfiist, Sept. 4. 
CEYLON TEA COMPANIES :-DIVIDENDS 
AND “KESEKVES.” 
We happened to be in Scotland when the City 
of Glasgow Bank came down, and witnessetl 
a scene of unexampled hnancial excitement and 
disturliance. We recall, too. the deliberate opinion 
of a .shrewd old private capitalist who had prolonged 
experience as an investor ami who was a great au- 
thority on share-lists. “ Of all home inve.stments” 
— he said — “my f.i vorite.s are Railway shaies. Rail- 
way Companies furnish their report.s and accounts 
in such a waj that each shareholder cannot fail to 
understand exactly his position at the end of the 
twelve months, and he gets such dividend as 
the earnings justify, no more and no les.s. 
There is never any question of keei)ing 
bad debts out of sight, any more than of 
laying by nest-eggs for the future.” 
We are reminded ot this praise of the 
accounts of British Railway Comiianies as, in 
their system of financing, models for all 
Limited Companies to follow, by the criticism 
in \i hich our evening couten.porary has once 
more chosen to indulge against the Directors of 
local Tea Plantation Companies, Limited. This 
criticism strangely enough is tlirceted against 
local Directors for following the example 
which was held up to us well-nigh twenty 
years ago by a shrewd financier as the 
Very best model that could be followed. But 
whether this be the best model or not, anj’ one 
who has thought on the subject must realize 
that there is a great difference between the case 
of shareholders resident and at work in Ceylon — 
as most of the holders of rupee shares are, — 
and the average of shareholders in home sterling 
Companies. Here, shareholders almost to a man do 
not want their money to lie in reserve ; they prefer 
to get a full share of what is earned, in order to 
utilise and, if jjossible, turn over such profit 
on their own account ; and we cannot therefore 
see any fault to he found with local Directors for 
doing as their shareholders desire. The latter 
know exactly how they stand and if they 
are wise, they take steps against the evil day of 
lower dividends — fully anticipated for some years 
in the face of the steady fall in the price of tea 
by further investments on their own account. 
But we are not trusting in this matter to our own 
inferences and authority : here is the opinion ot a 
leading Colombo merchant who has had as much 
to do with successful Tea Plantation Companies 
as any man in the jilace : — 
“With regal'd to forming Reserve funds for 
the equalization of dividends, I look upon 
‘H.H.C.’s’ ett'u.sions in the local “Times” as all 
‘ Tommy Rot ’ so far as Ceylon Companies are 
concerned. At home, ivhere many of the share- 
holders may be persons totally unacquainted with 
the working of tea properties and perhaps looking 
for a steady income from their investments. 
Directors are no doubt wise in exercising a 
maternal care for the interests of their clients. 
You will not find that, in such concerns as 
Railways, which the Biitish Public understand, 
this practice obtains. 8hareholders iti these Com- 
panies, I think, get as large dividends as can 
well be divided and consequently sull'er or 
gain according to the returns of the year, and 
the value of shares finctuates correspondingly. 
The origin of local Tea Conqranies was to 
enable people with a little spare c.ish and with 
faith in the future of tea, to take a limited 
interest in such ventures. A very large 
majority of the shareholders in local Companies 
