June i, 1898.] THE TROPICAL 
other than this country, as coinpaiecl with 
23,500,000 lbs. in tire previons year, tlie total ot 
Indian and Ceylon having been 51,000,000 IL as 
against 42,500,000 lb in the previous year. That 
all means substantial relief to the niarkeb lieie. 
We must lose no opportunity of improving the 
position. There are several new methods and 
ways undertaken in various quarters to promote 
this, such as direct siiipuients to Russia ana over- 
side shipments to America. All tliis we have 
endeavoured to keep up and to support as much 
as we could ; and the elForts have been profita- 
ble in nearly every case. Our _ agency busine.ss 
continues to give every satisfaction, ^^ e handled 
14 500,000 lbs of tea this last year, the largest 
amount we have ever handled, (applause) As to 
the charges for buildings and machinery, you will 
notice in the account tha,t a larger sum has 
been spent this year ; but it was a necessity, 
for our 6fU’ly provision in i-his^ respect has not 
been anything like adequate for the enormous 
amount ' of tea now produced. So it is neces- 
sary now to very largely augment our equip- 
ment in this direction. We always write on the 
whole cost of these buildings in five years and 
of the machinery in three years, and I might 
point out that the £12,000 in the accounts re- 
presents no machinery of later date than six 
years, and in time that will disappear, though 
other expenditure may take its place. None of 
us can venture to make forecasts as to ex- 
change. Bat taking the whole circumstances of 
our Company into account and the undeniably 
sound position we are in, and keeping in mind 
our policy of cautious distribution of duideiuls, 
there is no need for discouragement or 
apprehension on our part (applause). 
The motion was carried unanimously. 
The Chairman ^formally move, “ That Mr. 
Norman W. Grieve and Mr. David Reid be re- 
elected directors of the Company. 
Mr. W.AHAC seconded the proposition, and it 
was carried unanimously. 
Mr. Norman W. Grieve I heg to thank yon, 
gentlemen, on behalf of my colleague and mysel). 
The present position of affairs in the industry is 
brief, and it really .affords some encouragement. 
As some of you may be aware, the recent drop 
in p'rices of tea, and the bad times generally we 
have gone through in Ceylon, have had^one veiy 
good and encouraging effect, and I think may 
have a very considerable influence on expenses in 
management there. The tea seed, which wasr^ 
cently at a very great premium, has now ceased 
to a very large extent to be in strong demand. 
That points out clearly that we shall not see 
an enormously increased acreage of tea in the 
near future — a very liopeful feature (heai, lieai). 
It Avill have a considerable effect on the labour 
market. Owing to the abnormal riisli to new land 
there has been an abnormal rush for the labour 
force, and prices have naturally gone up. I hope 
tlie stopper put on the extension of tea has had 
a good effect on our labour question. We may, 
I think, look for a coiisidcrahle reduction in coast 
advances for coolies and for a more settled 
of the labour market. I hope the coo ies will be 
ill a more comfortable condition, and that our 
able managers will be able to get from tliem 
even more work than in the past (hear, hear.) 
Itwaspropdsed by Mr. Robertson, seconded by Mr. 
Lowe, and agreed, ‘ “That Messrs. Welton Jonesand 
Company be re-elected auditors ot the Company for 
the ensuing year at a remuneration of £50.” 
This closed the proceedings. 
AGRICULTURIST. 837 
THE POONAGALLA VALLEY N) 
LIMITED. 
The second ordinary general meeting of the 
shareholders of the Poonagalla Valley (Ceylon) 
Comiiany, Limited, was held at the offices of tlie 
Company, 16, Philpot Lane. E.C., on April 27. 
The ciiair was occii))ied by !Sir Geoige A. Pil- 
kington. 
The Secretary read the notice convening the 
meeting. 
The Chairman, in moving tlie adoption of the 
report and accounts, expressed regret that the 
results of the second year's working of llie Clompany 
showed such a considerable falling-olf in the receipts 
as compared with the first year. 'I'he re.asoiis for 
tins falling-off' in tlie profits were the same as those 
applying to nearly all other similar enterprises, viz. 
high exchange and low prices, both of which subjects 
he had, he remarked, just alluded to at the meet- 
ing of the Highland Company, but in addition to 
these two troubles tliey had had to contend with 
almost total failure of the coffee crop. The report 
showed that they only obtained 163 bushels as 
again.«t 1,651 last year — a ^ ery serious drop ; these 
three causes accounted for a deficit of £1,432 as 
against last year. He was glad to say this year 
promises better as regards the coffee crop, and much 
of the young tea will soon be coming into hearing. 
The directors were giving their great attention to 
schemes foiTessening the cost of working the estates 
and hope by means of a system of wire shoots and 
by concentrating the maimtactnre of tea in one 
factory at the bottom of the valley to save a great 
deal in the cost of transit, and to remove some grie- 
vances whieli liave had a tendency to unsettle 
the labour force. The hoard had been much 
strengthened by the adtiition of Mr. Porter. He 
had recently visited and reported on the estates, 
and had made many valuable suggestions, which 
would, he (fclie chairman) hoped, tend to eco- 
nomise working, and to tlie attainment of liigher 
prices at home. They had a very valuable property 
acquired at a very low rate per acre, and under 
more favourable outside circumstances might 
confidently look f 01 ward to better results in the 
tutnre. 
The re.solution w’as seconded by Mr. G. G. Ander- 
son, and carried unanimously. 
The Chairman then propo.sed “ That a dividend 
of 3 per cent (free of income tax) for the year be de- 
clared, payable forthwith.” 
The resolution was seconded by Mr. R. Porter 
and carried unanimously. 
The re-election of Mr. G. G. Anderson, the re- 
tiring Director, was proposed by the Chairman, 
seconded by Mr. R. Porter, and unanimously 
adopted. 
On the motion of Mr. Stocks, seconded by Mr. 
L. F. Davis, the auditors of the Company, Messrs. 
Cape ajid Dalglei.sh, were re elected. 
The proceedings closed with annatiimous vote of 
tliank.s to the Chairman, jiroposcd by Mr. D. Andrew 
and seconded by Mr, P. Cowan, 
— 11. and C. Blail, 
THE HIGHLAND TEA COMPANY OP 
CEYLON, LIMITED. 
The second annual ordinary meeting of the 
Highland Tea Company of Ceylon, Liinited, was 
held on Wednesday, April 27, at the offices of 
the Company, 16, Philpot Lane, E.C., Sir George 
A- Pilkington in the cliair, 
