494 
THE TROPICAL AGRICULTURIST, 
[Jan. I, 1898 . 
The Chairman, in moving the adoption of the 
Report and accounts, said— The accoums, duly 
certified by your Auditors, and the Kepoit, have 
been in your hands for some days, and have, 
no doubt, been carefully read by all interested 
in the Company. I trust, therefore, you will 
allow me to take them as read. In moving 
their adoption it is only necessary for me to say 
a few words , as the Report deals fully with 
everything, and states the causes of the differ- 
ences between the estimated and actual results 
of the season, and you will see that these are 
causes over which the Directors had no control. 
The crop turned out 829,000 lb. of tea and 
19 240 lb. of cardamoms, against our esti- 
mate of 880,000 lb. tea and 2U,600 lb. 
of cardamoms, or a shortage ot about 
5 per cent. This may be consitlered close and 
carWl estimating when you bear in mind the 
large acreage, the different ages of the tea fields, 
and the different aspects and climates, which 
had to be considered. At one time there was 
ever} reason to expect a considerable excess on 
the estimate, but the last tw'o months of the 
season were unpropitious, and very little crop 
■was hai vested. With regard to price, we based 
our estimate on the return of the two inevious 
seasons, but, in the case of tea, there was an 
unexpected fall, and we only realized 6 ^( 1 . per 
lb. again.st the estimate of 7d.; while, in the 
case of cardamoms, there was a substantial rise, 
but the extra amount obtained for the carda- 
moms did not, ot course, cover the ditieience 
in the price of the tea. Then we had exchange 
against us owing to the action of the Indian 
Government, and we also sustained a loss in rice, 
an advance in price being caused by the famine' 
in India. As far as rice is concerned the crop 
reports from India are favourable, so there should 
be a Recline in price soon, but about the course 
of exchange I can say nothing— high exchange is, 
of coafse, much against us, and I can only hope 
that the Indian Government will be unable to 
maintain its action. But, in spite of the circu m- 
stauces I have detailed, the Company has done 
well, and it says a great deal of our properties, 
and’ business that, last season, with leos than 
two-thirds of our tea in bearing, we are able to 
pay so good a dividend. With respect to our 
progress we have, as the Report tells you, ad- 
ded 200 acres to the acreage, opened 218 acres 
of new land, completed the Factory which is now 
able to deal w'ith the crops for some years to 
come, provided new line accommodation for the 
larger force of coolies required, erected a hospital 
and doctor’s bungalow, and, in fact, done, nearly 
everything necessary to make the estates complete. 
All this expenditure has added materially to the 
value of the properties and to your security. We 
spent £1,418 in manuring, which amount wa.s 
charged to current expenditure. Little or no bene- 
fit was derived from this last season, but it will 
be reaped in the future. This item alone repre- 
sents nearly 3 per cent, on the ordinary share 
capital. I only mention this to let you know 
that the properties are being thoroughly well 
cultivated and cared for. During the pre.sent 
season we are opening 422 acres of very fine land, 
and' we hope to have the tramway at work, and 
to complete all buildings in course of construc- 
tion. The capital expenditure after this season 
will' be small, as very nearly all this work is 
completed. The acreage in bearing and in ini- 
tial bearing this season is 2,047 acres of tea, from 
which we expect 1,026,000 lb. I leave it to you 
1,0 jnd"e what we are likely to get when the 
whole 2,774 acres in tea are in full bearing, and 
1 will only say that the larger quantity will, 
I believe, be produced at a smaller cost per lb. 
The Directors have not lost .siglit of the neces- 
sity of creating a reserve fund, but at present we 
are developing the properties, this being considered 
the best reserve that can be made, forming as it 
does a solid basis for future profits. With all 
the buildings completed and fully equipped, and 
with .so large an acreage of the best laud to come 
into bearing, the prospects in my opinion are de- 
cidedly cheerfirl, as the whole business is a sound 
working concern. 
Mr. Jonas, a shareholder, said tint in one 
sense the declaration of the final dividend of only 
two jier cent, on the ordinary shares was disap- 
[lointing, after an interm dividend of five per cent, 
as it could hardly be expected that such a large 
proportion would be declared for an interm pay- 
ment. The Chairman explained that , at the time 
it was considered by the Board to be fully justi- 
fied, and that there was every reason to antici- 
pate the payment of ten per cent, for the year, 
but, owing to the unforeseen circumstances already 
mentioned, the estimate had not been obtained. 
Mr. Low enquired if any allowance were made 
for depreciation, and what steps had been taken 
to maintain a fuel reserve. 
In reply, the Chairman stated that 
nothing had been written ofT this year 
for depreciation, most of the machinery 
being new, but that in future this important 
matter would be borne in mind ; as to fuel re- 
■serve there was a large acreage in timber in ad- 
dition to the belts of timber on the estate. 
The Chairman’s motion to adopt the Report 
was .seconded by Mr. Harwood, and unanimously 
carried. 
The Chairman also proposed the payment of 
a final dividend of two per cent, in respect of 
the 5,000 ordinary shares, and this being seconded 
by Mr. Evans, was agreed to, making a return 
of seven per cent, for the year. 
On the proposal of Mr. Low, seconded by Mr. 
Dunphie, Messrs. Fuller and Wise were duly 
elected Auditors. 
The proceedings closed with a vote of thanks 
to the Chairman. 
MADAGA.SCAR UNDER THE FRENCH.— From a 
commercial point of views this seeem tohavealready 
proved a very unfortunate matter for trade. The 
“ Tariff General” has been introduced and the 
result is (says the correspondent of the Bntish 
Trade Journal) that the whole trade of Tamatave is 
turned topsyturvey. Here are two instances of 
the troubles that have arisen : — 
Ten cases of tea arrive from Ceylon, each of which 
contains 150,j-lb. packets of tea packed in tin-foil. The 
Custom-house authorities exact that every packet be 
opened, the tea poured out in bulk, and the tinfoil 
weighed apart, as it pays a duty of 13»."per 100.1b., 
while the tea pays 2f. per 1001b. Result: the tea is 
virtually ruined. Morton’s goods, of which there is an 
enormous consumption in Madagascar, have to pay 
35 per cent, on invoice price. The other day a mer- 
chant presented his declaration as’ per invoice of three 
cases “ mixed pickles."’ Every case has to be opened, 
and amongst these mixed pickles were found several 
bottles of piccalilh. The underlings immediately 
drew up “ a court of accusation,” and condemned him 
to pay a fine of 351., because piccalilli contains curry 
powder, which pays 35^per.cent.,'althongb the saffrou 
root from which it is ground pays nething. 
