782 
THE TROPICAL AGRICULTURIST. 
[May 2, 1898. 
being in respect to the field outlay on the acreage 
not in bearing. He concluded his speech as usual 
with the remark that he would be glad to hear any 
remarks any shareholder miglit wish to make. 
Mr. W. Mackenzie rose and disclaiming any wish 
to cavil at the accounts or the j'e.ir’s results, asked, 
in connection with lire purchase of Dunkeld estate, 
what the borrow. ng powers of the directors vvere. 
He was informed they were up to half the purchase 
price of the pr iperties. He then remarked that he 
thought that the acquisition of estates in Ceylon 
should be submitted to the shareholders and receive 
their approval. That he thought TOO per acre for a 
property yielding 400 lb. p r acre was high, and he 
would be glad to know if the board contemplated 
any further purchase. The Chairman informed him 
that the board had no further purchase in view, and 
that the intended acauisi'.ion of Dunkeld was men- 
tioned in last year’s report. Mr. Mackenzie’s remarks 
met with some approval amongst those in the room, 
and he sat down expressing himself perfectly satis- 
fied with the replies he had received. 
Mr. E. M. RossiTEit, whom I was glad to see look- 
ing so tit and well, then made some remarks upon 
Coast Advances. The amount, £iJ,2S0 17.s Id., show- 
ing under this head in the balance-sheet, was a heavy 
one As an old Ceylon coffee planter he had been 
accustomed in his day to 10s per head. He did not 
know wh'.t labour force the Company employed, but 
he thought that this amount at 5 per cent, would 
yield something towards a dividend. [Mr. Rossiter 
had evidently not studied the Cej Ion papers in these 
latter days, or he would know that things have 
changed a great deal since his day.] 
TheCHAiKMAN suitably replied, and then Mr. Cokbett 
rose to second the adoption of the report and accounts. 
But Mr. Ri' HAUD Waue Jenki.ns, a shareholder, said 
he was anxious to make a few remarks upon an addi- 
tion to the board. On enquiry he was informed that 
the articles provided there should be not less than 
three nor more than five members of the board. He 
said he thought it would be to the advantage of the 
Company if a thoroughly practical man were added to 
the board, and he wished to propose that Mr. P. H. 
YVi gin be elected. He thought this a most advisable 
measure, for, as an instance, however much know- 
ledo-e Mr. Corbett might possess of Ceylon, he was 
not well acquainted with estate management. He 
suggested moreover that this addition to the board 
be''made without increasing Directors’ fees which he 
considered liberal. This class of reduction of e.x- 
penses immediately results are not so sc tisfactory is 
well-known, and more Uian one shareholder expressed 
his disapproval of the suggestion. The articles, how- 
ever provide that the Chairman takes £150 per an- 
num’ and the other Diioctors each £100 per aniuim, 
surely moderate enough remunenuim for a Coni- 
pany of the size and standing of the “Alliance. 
It was suj5^6sted to Ml*. Jenkins tlKht it was usual 
in a matter of this sort that notice should be given 
to enable all the sharehlodors to have a voice. But 
Mr. Jenkins persisted, and asked for the articles to 
be referred to. It was eventually decided that Mr. 
Jenkins should give the necessary notice. Mr. Ros- 
siter seconded Mr. Jenkins’ motion during the dis- 
cussion. , , U 
The Chairman closed the proceedings by saying 
it was no pleasant to come down from 10 to 6 per 
cent, but he hoped for better things next year.— 
Cor. of the local “ Times ’’ April 2G. 
. 
TRAVANCOKE TEA ESTATS COMPANY, 
LIMITED, 
The first ordinary general meeting of the share- 
holders of this company was held at the offices of 
the company, 20, Eastcheap, E.C., on Monday. The 
chair was occupied by Mv. W. Mackenzie, chainnnn 
of the board o'f directois. , , ,, 
The CHAIKMAN : — I presuL' ' will tnke the report 
and accounts as re-id. Th c ny of arcouiits sent 
to all of yon has told yon m : tlie directors have 
called this meeting in order to submit the general 
balance-sheet and profit and loss account to . end 
of September, 1897. Various reasons, the chief being 
difficulties in obtaining transfers of properties pur- 
chased since the company was formed, account for 
the delay in calling you together. Yon are aware that 
this company was formed essentially as a develop- 
ment company — to open up extensive areas of land 
in Trava.icore, and plant them with tea. The 
table, embodied in the report show.s you, that of a 
total of G,490 acres which we own, only 975 acres 
are in bearing, while 1,022 acres were planted in 189G 
and 1897, and we are endeavouring to plaut 1 90 ) 
acres this year. If we succeeded in getting this work 
done we shall have 3,297 acres of tea with almost 
as much more land for future extensions. Being a 
development company the ordinary shareholders are 
in the position of men who have j lined together to 
buy and open land as tea planters, and of course, 
must expect to wait some time for their profits. 
The directors, however, could liave paid a very fair 
dividend on the ordinary shares had thsy not been 
advised that the profits earned before registration, 
£1,150, were not available for dividend purposes. On 
£20,500 the amount p lid up during the six months to 
eudof September, £1,150 would pay 10 per cent. Yon 
will observe also that .£421 has been carried forwar 1, 
so that we begin the New Year with £1575 on hand, 
of which £1,150 has been placed to reserve. Another 
point you will observe is that, although only at end 
of our first year, there is nothing due for preliminary 
expenses, every penny being charged up and paid. 
In this you will see the conservative policy of the 
great company under whose auspices we were 
launched. We are further indebted to the directors 
of that company, who are also directois of this com- 
pany, in that they have waived all claims to direc- 
tors’ fees for this first year. I may mention that 
although subsequent purchases have given us 975 
acres in bearing our plucking area, last year, for 
which you have the report, was only 644 acres. About 
our future prospects I shall be in a better position to 
speak when I return from a visit I am to make imme- 
diately to our properties, but it is our hope and aim 
to bring into bearing and fully equip the 3,300 
acres which we expec*' to have planted this year at 
a cost of somewhat less than £30 an acre, and have the 
remaining 3,000 acres for nothing. The estates Taii- 
gakul, Granby, Tekkadi, Inji Cadu, and Blocks 13 
and 14, aggregating 2,293 acres, have been purchased 
since the prospectus was issued. I now move the 
adoption of the report and accounts. 
The resolution was seconded by Mr. David Reid and 
carried unanimously. 
On the motion of Mr. Haslam, seconded by 
Mr. R. B. Reid, Messrs. Harper Brothers, 
chartered accountants, were appointed auditors. 
The proceedings closed with a vote of thanks to 
the chairman, proposed by Mr. Pettit and seconded 
by Mr. Haslam. — 11. and 0. Mail, April 8. 
A Sharp Criticism,— “ The Rubber Estates of 
Para,” Ijiniited, is one of those companie.s which 
wise investors should (says the Daily Mail) leave 
alone. The capital is big, and tliere is no 
independent evidence as to tlie value of tlie 
property to be acquired. It is all a question of 
estimate. Tlie profit is estimated, tlie production 
Ls estimated, the revenue is estimated, and the 
extent of the estate itself is estimated. As the 
purchase price is to be £300,000, and as the estates 
are out in Brazil, sonielhing more than mere 
estimate is wanted to permit of an investor risk- 
ing his capital. The course taken at the end of 
tlie [irospectus in quoting an opinion from the 
Daily Mail on the rubber trade as being in 
favour of this particular company is not, we 
hope, likely to mislead many people ; but, in 
case it should, we hasten to announce that we 
regard the “ Rubber Estates of Para,” as a highly 
speculative and most unpromising undertaking. 
