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THE TROPICAL AGRICULTURIST. 
[March i, 1898 . 
me— In no hostile spirit, I hope you will quite un- 
derstand — to ask a few questions about the Accounts. 
Would it not be advisable to open a special Develop- 
ment Account in the same way as it is generally 
opened in other industrial concerns— a Capital 
^connt, call it Development Account if you like 
—hut have it set out by itseif. Then there is 
another acoonnt that is also a very useful account, 
which I think may bo worthy of consideration, 
and that is a Revenue Account. I may be told 
that unless we make a profit or actually make a loss 
a Revenue Accounts is not of much value. I 
think it would be a satisfaction to the Shareholders if 
w« could see, and not have to wade through the 
accounts, what revenue is coming in each year. In 
the way of revenue there would bo of course the cof- 
lee that we sell; and then I understand either the 
Chairman or Mr. Shand to say that there was a good 
deal of timber cut upon the land that we are now 
beginning to cultivate. I should like to ask : is that 
timber saleable timber or is it not ? Of course one 
knows that there is a great deal of very valuable 
timber in Costa Rica, but at the same time one can 
quite understand that the timber may not be of a 
very valuable description. Then I should like to ask 
whether the sundry assets in Costa Rica, the live stock, 
the carts, the implements, were taken over with the 
property, or whether they were things that were 
bought afterwards, and whether that reaily belongs 
||3 the Development Account ? I understood the 
Chairman to say that he did not consider perishable 
things as part of the Development Account ? 
I understood the Chairman to say that he 
did not consider perishable things as part 
of the Development Account. Might I ask 
(I do not know whether it was that I did not fol- 
low it) whether the general expenses in Costa Rica, 
£396 lls 4 d., are abnormally, heavy, and if we could 
have some idea of what has constituted the amount 
of £396 lls 4d? I heard the statement that was made 
Rbout the Directors’ fees with a good deal of pleasure. 
Bud I want here to endorse, and fully endorse, the 
Chairman’s -remarks," that the Directors are worthy 
of remuneration.” I am sure that none of my 
brother Shareholders in this room would wish that 
the Directors’ should work for us for nothing. When 
I saw the accounts I noticed that the Directors 
fees were on both sides of the Account, 
but I was rather startled at the idea of out having to 
pay such a very large amount as £750 a year- but 
that has been explained by the Chairman, and I am 
sure that, speaking not only for myself but also for 
mv brother Shareholders, we appreciate extremely 
the feeling which has prompted the Board to re- 
fcognise what our situation is. uvi 
^Mr Whitbread:— Mr. Chairnuan, I should like to 
ask one question. Have the Directors been -able to 
^ake UP their minds or to forecast at all what it 
mSs pe? acre to bring this land under cultivation, 
and to what extent does the present capital of the 
iompany enable us to go in the way of coffee planting ? 
T quite agree with what the Chairman said ; it is 
Advisable at present to give our first attention to that. 
1 should also like an assurance (I suppose it is hardly 
necessary to ask it) that the assistant who goes out 
to the Meager in Costa Rica will devote his imme- 
liftte attention to getting the accounts in really 
*'qC^GH«JRW:-Gentlem first in answer to Mr- 
Phipps as to a special development account. 1 think 
the^ioard would probably like to confer with him. 
Tt is not very clear to my own mind at the moment 
what is intended. Capital account is always a little 
vaJue and for that reason we chose development 
*“oouAt, because we thought it best described item 
Kn 2 on the credit side; but these headings are 
always subject to extension and to further division. 
The Item in question is. as I before remarked, for 
fixed Pl”it; I think it will be dealt with and 
off bv depreciation year by year, and so 
rounht into revenL account." Item No. 3 (Sundry 
Aesetsi are what I ventured to call wasting assets, 
weft Uvo VtU. ca 5 ts,implomeatB,&c. IthinltU 
would be dealt with in rather a difierent way, when 
it is ascertained how much will be required by the 
company of this kind of material. When it is in 
full working, the stocks carried forward will be treated 
as capital, and so the year's purchases will roughly 
correspond with depreciation, and will pass the 
revenue account. I understand that is how it will 
be dealt with. 
Mr. Phipps : — Is it what was found on the ground- 
part of the vendor’s stock ? 
The Ch.aibman The whole of the goods under 
Item No 3 (live stock, carts, implements) are new and 
purchased by the company ; as far as I can under- 
stand we have taken over little or nothing of what 
was there before. I think I am right, Mr. Shand? 
Mr. Shand : — Yes. 
The Chaisman: — Mr. Phipps called attention to 
the abience of Revenue Account. There is no such 
Account, because up to the present there is on 
Revenue beyond £186 3s 6 d. The Revenue Account 
will be built up of Items Nos. 5,6, and 8 . No. 5 is 
produce in hand. No. 7 is old cultivation expenses, 
and No. 8 is new cultivation expenses ; and of those 
three, with drafts from the other accounts, will be 
built our Revenue Account. When we next have the 
pleasure of meeting you, we shall have, I hope, a 
Revenue Account, and shall present it in proper 
form. The question about the timber, whether it is 
saleable or not, comes next. In this country we 
have an idea of turning everything into money, and 
Timber, we think, is a very valuable thing if brought 
to market. In Costa Rica I understand (but Mr. 
Phipps knows better than I do) they have a different 
way of dealing with the Timber. They allow it to 
rot on the ground, and make the manure or fertili- 
sation for their coffee estates : and so extraordinary 
is the vitality of the vegetable and animal creatures 
that assist this fertilisation, that in a very short 
time these huge trees have become fertilising material 
and passed into the ground, so that it is a matter 
of consideration with the manager whether he can 
realise his timber as timber, or whether it is better 
to lay it along in lines on the gromd and leave 
nature to do the rest and bring it into the soil. I 
am not able to say whether we have any quantity of 
saleable timber;! should think we have not, but as 
soon as we have we shall sell it. The other question 
of Mr. Phipps related to the item “General Expenses,” 
which appeared as £396 lls 4d in Costa Rica. Isay 
candidly that the Directors have not all the dissec- 
tion of that item that they would like to have, but they 
have written for it, and it will come. At present it 
appears justified by the heavy expense the Company 
was at for translations and other preliminary work. 
The whole of this great body of Articles of Associa- 
tion had to be translated into Spanish and filed in the 
Government archives, costing a great deal of money ; 
and this and other preliminary expenses in Costa 
Rica account for the large figure. 
Mr. Phipps : — Might I ask one more question. Are 
we likely to be called on to expend very much more 
money on the roads ? 
The Chairman :— Mr. Shand has answered that as 
far as we can answer it. At present we know that 
the money is voted by the Chamber for the purpose 
of hardening our road, and all the influence we can 
bring to bear will be used in getting that money 
devoted promptly to the road. 
Mr. Phipps :— I take it 50,000 dollars will not cover 
it. We shall have to make up some ourselves. 
The Chairman : — £5,000 is a considerable amount. 
I am afraid we cannot tell you more at present. We 
shall do so as soon as we can. The sum that has 
already been expended on the road (which amounts to 
£32 in the account, it is £200 or £300 since the account) 
we feel certain we shall see back in a very short time. 
Mr. Shand : — The Government will repay us. 
The Chairman Mr. Whitbread asked three qnea- 
tions: as to the cultivation of the coffee, as to the 
acreage the Directors were intending to put under 
cultivation, and as to our new assistant. As regards 
cost of cultivation, I have Mr. Shand’s assurance 
that he sees ng reason to vary the figure he brought 
