Feb. I, 1898 ,] THE TROHCAL AGRICULTURIST. 
521 
last year’s report, pointing to a further reduction in 
values, have been realised beyond their expectations. 
The price secured in February for good yellowLiberian 
was 70s, but in September only 54s 6 d was obtain- 
able, and although it is satisfactory to your directors 
to report that these were extreme at the time they 
regret that prices have had a further decline, and 
the value now is about 42s per cwt. The prospect 
for this article is not promising, on account of the 
large increase in the production of other countries, 
especially of Brazil, and we have to refer to the 
years 1885 and 1886 for similar values. 
Acreages. — The following statement shows the 
approximate acreage of the company’s properties at 
date : — Tea, 2.232J ; cocoa, coffee, coconuts, etc., 
1,682 ; forest, grass, chena, abandoned, etc., 1,341J ; 
total acreage, 5,156^. 
The crop prospects for the season 1897-98 appear 
to be, so far, favourable, and according to the last 
reports received from the chairman — who is presently 
in the island — the estates were in excellent condition. 
Mr. William Keiller, by rotation, retires from the 
directorate, but, being eligible, offers himself for re- 
election. Mr. James B. Laurie, the auditor, also 
retires, but he is eligible, and offers himself for re- 
election . — H and C. Mail, Dec. 17. 
■ ♦ 
THE CEYLON PROSPECTING 
SYNDICATE LIMITED. 
10 ST. SWITHIN’S LANE, E.C. 
Report of the proceedings of the Annual Meeting, 
held at the Company’s OflSces, 10 St. Swithin's 
Lane, E.C., on Wednesday, 1st December, 1897, Mr. 
A. W. Lawder, M. Inst. C.E., F.G.S., in the Chair. 
The Secretary read the notice convening the 
Meeting. 
The Chairman said Gentlemen, In rising to ad- 
dress you today, I am sorry that I have to do so in 
place of Mr. Wallis, the Chairman of the Company. 
Unfortunately he has been summoned to attend a jury 
this morning, and is therefore unable to be with us. 
He expresses his great regret at this, ns 
he always has the interest of the Company at 
heart. The Directors’ Report and the Balance 
Sheet have been circulated and are in your hands, 
and in rising to move their adoption, I would like to 
make a few rerratks. Since the Statutory Meeting, 
held in this room, considerable progress has been 
made with the Company’s business. At that time 
we had acquired the option for certain lands in the 
Island of Ceylon, and the rights to the patents for 
machinery to work them. We have since then ex- 
ercised that option, and have become landed proprietors 
in the Island of Ceylon, being now in possession of 
191 acres of freehold property. We have also been 
busy in the exercise of our patent rights, and have 
had manufactured for us a large and powerful plant, 
capable of dealing with the alluvial gravels of the 
Island in a way they have never been dealt with 
before. The land we have is acknowledged on all 
hands to be good gemming land, and as we have 
made up our minds, I think wisely, to commence 
our woik on a large scale, and in a vigorous manner, 
there is no room to doubt that tbo operations of the 
Company must be successful. Our machinery has 
been on view and at work during the course of 
last month at Westbourne Park, and invitations to 
see it were issued to our shareholders, and to many 
other gentlemen interested in the subject, who were 
agreeably surprised at the power and suitability 
of the plant, and the efficiency with which it 
did its work. I may state that it has fully 
realised all expectations, and notices of a highly 
satisfactory nature have appeared in the technical 
journals. With regard to the Balance Sheet, there 
is not much in the way of explanation to be said. 
Y'ou have the figures and the Board will be very" 
pleased to hear any remarks, or to add any expla- 
nations on points arising that may suggest them- 
selves to the Shareholders. It will be noticed that 
we still have some shares to place, and I may say 
that it is the policy of the Board to obtain further 
subscriptions for these, rather than to make further 
calls at present on those already taken up. I may 
add that we have w'ith us to-day a Shareholder 
who knows; our property well, and being thoroughly 
conversant with the Gemming industry in Ceylon, 
I will ask him a little later to make a few remarks 
on the subject, I now. Gentlemen, beg to foimally 
move that the Report of the Directors and. the 
Balance Sheet be adopted. 
Captain H. L. Pilkington, a Director, said I rise 
to second the Resolution moved by the Chairman 
that the Report and Balance Sheet now before 
the meeting be adopted. I think we have done 
excellently when we consider the two great 
difficulties under which we have had to 
work ; the difficulcy of developing new machinery, aad 
that of taking np an industry that has not up to the 
present been successfully worked by an English com- 
pany. Should we prove successful in our work, we 
ought to have a very big thing indeed before us. The 
possibilities of the Gemming industry in Ceylon are 
almost unlimited, and as we have the sole right of 
using Mr. Lockhart’s machinery in the Island, I 
regard our position as most favourable. We have a 
first-class freehold property in Rakwana, the great 
gemming district of Ceylon, we have plenty of water, 
and, above all, we know, by the very successful work- 
ing of our machinery at the recent trials, that the 
ems in the alluvial to be treated by our plant will 
eyond doubt be secured, and that wo shall not be in 
the hands of the natives as other companies were. 
Mr. Arnold Francke, a shareholder, asked for in- 
formation as to the number of shares taken np, and 
the amounts paid on them, and some discussion on 
the subject ensued, the result of which was that the 
shareholders, with the desire to strengthen the hands 
of the Directors, expressed their opinion that any 
outstanding subscriptions should be energetically 
followed np and payment forthwith secured. 
Mr. Francke then said that his inspection of the 
plant the Company was sending out to Ceylon, had 
afforded him much pleasure ; he fully endorsed all the 
Chairman had said as to its efficiency and the strength 
and excellence of its manufacture, and he considered 
that with such a plant the Company had every prospect 
of success before it. He wished to lay particular em- 
phasis on the wisdom of the policy of the Directors in 
deciding to commence vigorous operations at once on 
a large scale. Past undertakings of a similar nalnrei 
both in Ceylon and elsewhere, had failed through the 
endeavour to work at first in a small and tentative 
manner with the mistaken idea that encouragement 
would be gained before facing the necessary outlay 
for plant adequate to ensure commercial results. 
He believed that encouraging results could never be 
obtained in this way, while expenses were all the 
time running on. It was far more prudent to com- 
mence with plant capable of making a return on the 
capital which would have, in any case, to be laid 
out, and thus put the success or failure of the entei- 
prise beyond the possibility of a doubt in a sl oit 
space of time. This course the Directors have 
decided to pursue. 
Mr. Leopold Davies spoke as to the necessity of 
all the shareholders loyally supporting the Directors 
in an enterprise of this nature, and in paying the 
calls on their shares promptly, so that the Directors 
might not be hampered in their use of the Company’s 
working capital, and that the burden of providing it 
might fall equally on all. He also put a question 
with regard to the Directors’ fees. 
Mr. Duncan Davidson, one of the Directors, in 
replying to the question as to the Directors’ fees 
ointed ont that they had not been drawn, but that 
e considered that Directors who gave their time 
and attention to the Company’s business, — and ho 
would like to say that this Company made very 
considerable demands in this way, which were cheer- 
fully and promptly responded to, — were fully entitled 
to at least the _ small sums provided for by the 
Articles of Association, and that, ns soon as the Com- 
pany’s finances warranted it, be was of opinion that 
the; ibonld be paidi 
