THE TROPICAL 
was in full bearing we should have earned 8 per 
cent last year. I think that sliows it is a wise 
investment (hear, hear.) If we can earn enough 
from our coconut estates to pay our preference 
dividends, then tlie whole of the tea properties 
belong to tlie ordinary slnireholilers (hear, hear.) 
Mr. Seton : — Wliat about the coconut pro- 
ducts ? 
The Chairman : — Well ; we don’t. sell many nuts 
as nuts ; we manutactnre the nut chieliy into 
copra, made chieliy into oil, for candle.s, soap, etc, 
The fibre is got not merely from our own estates ; 
we pnrcliase from native holdings at a low rate. 
Tl'.e motion was adopted unanimously. 
The Chairman proposed Mr. Henry Tod’s re- 
election as a director. 
Mr. David Reid seconded the propo.sition, which 
was carried unanimously, Mr. Tod brielty repljdng, 
Mr. Adame.S j)roposed a vote of thanks to the 
Cl’.airman and Directors. The 'demand for Ceylon 
tea was, he said, increasing allover the continent. 
The proposition was seconded by Ivlr. G. T. 
'SViiite, and carried unanimousiy, the proceedings 
closing with a vote of thanks to the Ceylon stall', 
proposed by Mr, Dangeefield in eulogistic terms, 
— - ■ » 
EASTERN PRODUCE AND ESTATES 
COMPANY, LIMITED. 
The eleventh ordinary general meeting of 
shareholders in this Company was held at 
'Winchester House, Old Broad Street, London, on 
April 29th, Mr. C. J. Lindsay Nicholson presiding. 
The Secretary (Mr. Douglas R. Smitli) having 
read the notice convening the meeting. 
The Chairman said In rising to propose 
formally that the reports and accounts be received 
and adopted — and which I shall ask you to take 
as read— I am almost tempted to ask you to ex- 
tend the courtsey and take the remarks I am 
about to make as said, for really there is .=o 
little that I can add to the fulness of this report. 
Indeed, as far as the sneceas of this Company lias 
gone, I am glad to say it is a mere twice-told tale. 
Still, in narrating the events of the Jubilee 
year, a year so full of rejoicings on Lliis side 
and so full of plague, pestilence, war and other 
troubles for Her Majesty’s Eastern dependencies, I 
can only s ty it is a subject of sincere congratulation 
tliat your diieetors, in the free of falling prices, 
of climatic inlluence.s which ha\'e reduced the 
crop, and other disadvantages .such as the rise 
in the price of rice, which is so important to 
this Company, are able on thi.s occasion to 
declare an increased dividend of 7 per cent, to 
imt a sum oi £5,000 to reserve, and to carry, 
over the very handsome sum of something like 
£11,000. We think you will congratulate us on 
thi.s. (Hear, hear.) At the same time I will 
not trouble you with a long dissertation upon it. 
It seems to mo that we are rich in advisers 
and reporters. The able circular.s of our neigh- 
bours in Mincing Lane am! the excellent articles 
which appear in the Investors' Magazine and in 
the Ceylon Observer, must give you Ceylon 
peo])le very full information of the rise and pro- 
gress of tea. d'liere is no doubt we have to 
combat increased production, hut as I liave said 
beiore, and as my colleagues who liave vi.sited 
Ceylon lat.ely h.ive said, you are served in Cey- 
lon hy an able, intelligent and assiduous body 
of men (hoa)', hear)— from Mr. Starey, our 
manager down to the youngest as.sistant ; and 
allhongh it is only such praise as tliis that can 
recompense them for their work I believe there 
AGRICULTURIST [June i, 1898. 
is no body of men more ready to practise 
economy and make this concern a complete suc- 
cess than our officers in Ceylon. The position et 
a planter or superintendent as to emolument 
is not bi'illiant but we find that most of our 
men a'e keen in desiring to see this old Com- 
pany a success. I need not trouble you on the 
subject of exchange. Abler men than I have 
told yon repeatedly ot the difficulties wliich 
have ari.^en from the artilicia! rupee. I believe 
there is some Commission coming forward in 
the House of Commons to do something for it : 
hut let \is hope that whatever is done will be 
linal, and not be ot such a character as to be 
still subject to \ icissitu'les (hear, hear). Wliile 
on the subject of this Company .and its future 
— it is very difficult to prophesy unless you know, 
ami dangerous — 1 was very mucli interested, and 
I dare say many of you were too, in listening 
to what the Chancellor of the Exchequer said 
in the course of his Bulget speech, when he 
alluded to his peculiar virtue in consuming 
neither tobacco nor tea, having left him per- 
plexed as to which of the two things should be 
relieved of taxation. He said be had care- 
fully thought the matter over, and had deter- 
mined to reduce the duty on tobacco. I cannot 
lielp thinking tliat it now seems probable that 
whoever is in the chair next year will be able 
to congratulate you, not only on the success 
of the Company, but on the fact that the 
cup tliat cheers, but that does not inebrirate lias 
been freed from taxation (hear, liear). We need 
not go tlirough the accounts. But I might re- 
fer to the item showing that debentures for 
£7,500 have been paid off. As we come towards 
tlie end of these we should not cle.?ire to pay 
off' such huge sums as we have done ; but at the 
present moment we draw for the debentures and 
pay them off. I mention this incidentally. We- 
liave written off a large sum for depreciation — 
by no means a necessity, though it adds to our 
safety and security. If any shareholder has any 
question to put, I shall be very glad to answer 
him. I now formally move : — “ That the report 
of the directors dated 13th April 1898 be received 
and adopted, and that a final dividend at the rate 
of per cent, on the capital paid up on the 
preferred shares and at the rate of 4^ per cent 
on the ordjnary shares for the year ending .31st 
December 1897, be declared and made payable 
on the 3rd May 1898.” 
Mr. B. A. Cameron (managing director): — I 
have nmch pleasure in seconding the proposition. 
This is the tenth year since the Company was 
formed, and every year up to now it lias been 
a progressive one as regards prolits. I do not 
call tnis year’s slight falling back a matter of 
anxiety at all. It has been due to causes entirely 
beyond our control. There is a considerable 
satisfaction, in speaking of this Company, tliat 
our iirolits are of such a varied character that 
we liave suU'ered much less than we might other- 
wise have done. No doubt conditions like the 
present require ns to be strict in economy and 
careful in manufacture ; bat as our chairman has 
said, the stall' are fully alive to tins, and you 
will j.iin with me in recognition of the praise 
due to them for the way they have answered to 
the necessities of the situation (applause). There 
are several encouraging features in the figures. 
The continued increase in consumption of Ceylon 
tea outside the United Kingdom is very encourag- 
ing. The figures show that in 1897, 29,000,000 
lb. of Ceylon tea went to parts of the world 
