Dec. I, 1897. J 
THE TROPICAL AGRICULTURIST. 
425 
the profits of the Company for those two years from 
all sources should be about £15,000 per annum, which 
will provide a satisfactory dividend on the called up 
capital. A large increase of profit may reasonably 
be expected when the young cultivation in Travan- 
core comes into bearing. This point should be 
reached in 1899. The encouraging prospects of this 
Company will be immediately recognised from the 
fact that it possesses a total area of 100 OCO acres 
or thereabouts of land, which, as will be seen from 
the Schedule, is practically Freehold, and a con- 
siderable protion of which is exceptionally rich, and 
suitable for the growth of tea, coffee, and other 
Eastern products. 
.THE SCOTCH TRUST AND LOAN 
COMPANY OF CEYLON, LTD. 
Capital . . . . . . £250,000 
First issue (fully subscribed) .. £1,50,000 
Of which paid up . . . . £45,000 
Reserve Fund . . . . £10,000 
Dibectobs. — James Haldane, Esq., C.A., Edinburgh 
John Wilson, Esq., of Messrs. Honeyinan & Wilson, 
Edinburgh ; Henry Johnstoir, Esq., Q.C., Advocate 
Edinburgh ; and J. H. Beilby, Esq., 10, Clarendon 
Crescent, Edinburgh. 
Seceetary. — Francis A. Bringloe, C.A., 123 George 
Street, Edinburgh. 
The following is the report by the Directors of the 
Scottish Trust and Loan Company of Ceylon, Ltd., 
to the Twentieth ordinary general meeting of share- 
holders, held within the Company’s Registered 
Office, No. 123 George Street, Edinburgh, on Wednes- 
day, the 27th of October. The Directors present 
their Twentieth Report, being for the year to 31st 
August, 1897. 
Estates in the Company's Possession.— The yield 
of tea from the estates continues satisfactory, both 
the crop and the net proceeds having been in ex- 
cess of those of last year. The adverse factors during 
the past season have been the rate of exchange, the 
enhanced cost of rice, and a slight fall in the price 
of tea. 
The coffee crop was slightly shorter than last year, 
but better prices made it equal in value. This pro- 
duct will be coming forward in diminished quantity, 
and the fields are by degrees being planted up in tea. 
The new clearings are well advanced, and further 
small extensions will be made during the coming 
season. 
Factobies, Buildings and Machineey.— Special at- 
tention has been devoted to these. The machinery is 
in efficient working order, and the buildings are 
maintained in thorough repair. The New Factory 
on Sarnia is almost finished and forms a valuable 
addition to that estate ; it has, however, cost more 
than was originally expected.. 
The Directors have pleasure in recording their ap- 
preciation of the work of the staff in Ceylon, who 
have been successful in arranging their labour sup- 
ply to suit the needs of the estates, with only a 
moderate increase in the advances to coolies. 
Mortgages held in Ceylon by the Company.— The 
loans have been increased during the year by the 
sum of £1,600 in a further purchase of Terminable 
debentures of the Tonacombe Estates Company of 
Ceylon, Limited, bearing interest at 6 per cent. A 
loan of £9,000 over Lawrence estate is to be repaid 
in November, and the proceeds will be applied in 
meeting debentures maturing at Martinmas, and in 
reducing the temporary advance from the Company’s 
bankers. 
Debenture Debt — The debentures have been re- 
duced by £2,300 during the year, and the directors 
propose to pay off at Martinmas the sum of £3,600 
falling due at that term. 
As the Company's debentures have now been practi- 
cally redeemed, the directors propose, in response to 
a very generally expressed feeling among the share- 
holders, to take the necessary steps to reduce the 
liability on the Company’s rhares by writing off £6 
per share of uncalled capital, thus making the shares 
£5 shares, with £3 paid. Before the Company can 
proceed to the matter of reduction of capital, it is 
necessary to alter the Articles of Association of the 
Company. The necessary motion to that effect will 
be submitted to an extraordinary general meeting to 
be held after the close of the Company’s annual 
general meeting. 
Accounts.— The balance at the credit of profit and 
loss account is .. .. ..£8,395 12 0 
And the Directors propose — 
To pay a dividend of 5 per 
cent per annum, free of 
Income Tax . . . . .£2,250 0 0 
Note . — Two and a half per 
cent of this was paid as 
an Interim dividend at 
Whitsunday 1807, 
And a Bonus of 7§ per cent 
free of Income Tax ..£3,375 0 0 £5,625 0 0 
Thus leaving .. ..£2,770 12 0 
to be carried forward to the next account. 
The directors desire to record an expression of 
their regret at the loss they and the Company have 
sustained by the death in December last of their 
valued colleague. Mr. Thomas Dickson, who, from 
the inception of the Company in 1878, occupied the 
important post of Managing Director, and since 1880 
that also of the Company’s Agent in London. The 
directors have appointed Mr. W. Bowden Smith 
of Colombo, who will shortly be resident in London 
as Agent there, in place of Mr. Dickson, and Mr. 
A. Gordon Dickson as Assistant Agent. Until Mr. 
Bowden Smith's return from Ceylon, the duties of 
London Agent are being discharged by Mr. W. Herbert 
Anderson. The late Mr. Dickson was, in ordinary 
course, the retiring director, but the Board do not 
recommend that the vacancy caused by his death 
be filled up. 
The Auditor for the current year falls to be ap- 
pointed. — By order of the Board. 
Francis A. Bringloe, Secretary. 
Edinburgh, 19th October, 1897. 
♦ 
PLANTING NOTES. 
Coconuts and Paddy at the Straits.— 
The District Officer, Kuala Selangor (Mr. A. 
Hale), reports 
A customary holder refused $200 for an acre of 
coconut trees, half in bearing, half too old or too 
young, at Jeram. I assessed a l®t of land at Dungun 
for Jeram people, who want to extend their coconut 
plantations. 
The Di.strict Officer, Ulu Selangor (Mr. E, C. 
Grey), reports: — 
The most important event of the month was the 
receipt of an application from Towkay Loke Yew for 
some’ thirty-two square miles of country in the Ulu 
Beinam district for the puipose of padi-planting. 
The Towkay came to see me on the subject on the 
9th, and we then discussed some of the details of his 
scheme. He intends to import an army of Chinese 
agriculturists, and he and his partners in the enter- 
prise are prepared to spend a large sum of money in 
irrigation. 1 have not yet visited the place as 
Towkay Loke Yew has not been able to accompany 
me, but as soon as we have had an opportunity of 
seeing the coun ry I shall be in a position to report 
more fully on the matter. In the meantime the 
scheme seems so commendable that I think every 
possible assis ance should be given to the Towkay. 
The greatest difficulty with which miners, and prob- 
at ly also planters, have at present to contend, is the 
high price of rice, and the most pressing want of 
the time is that rice planting should be under- 
taken on a really large scale. For these reasons the 
initiation of a scheme of this sort should rank 
among the most impoitant events of the history of the 
Native States. If the price of rice in the country 
were definitely reduced, labour would become cheaper, 
and probably more plentiful. 
