838 
THE TRUPiCAL AGRICULTURIST. 
[JuXE I, 1898 
Notice convening tho meeting liaving been read 
tiie reiairt and account? v.'ere taicen as read. 
The Report is as follows: — 
Directors Sir Geo. A. I’ilkington, Bellevue, South- 
port (Chairman); Geo. G. Anderson, 1(5, Philpot Lane, 
E.G.; Robf. C. Bowie, Aldourie Estate, Agrapataria., 
Ceylon; R. Porter, Arnhall, Brechi:!, N.B. 
Agents in Ceylon ; — Lewi.s Brown & Co., Colombo. 
B inkers : — The Commercial Bank of Scotland, 
Limited, 02, Lombard Street, E.O. 
Secretaries and Oflioe Lyall, Anderson & Co., IG, 
Philpot Lane, E.C. 
Report of the Board of Directors to be presented 
to the Shareholders at their Second Annual Ordinary 
Meeting to held at the Office of the Company, 10, 
Philpot Lane, Loudon, E.C.,on Wednesday, 27th April. 
The Directors have now the pleasure to submit to 
the Shareholders the Rep rt and Accounts of dm 
Company for the year ending 31st December, 18',)7. 
The nett prolits for the year amount to £2,371 12s lid, 
which with £201 2s 5d brought 
forward from previous year, give 
a total to b3 dealt with of . . £2,575 15 0 
interim Dividend of 3| per 
cent (tree of Income Tax) 
paid in September, 1897, 
amounted to .. ..£1,120 0 0 
It is nsw proposed to pay a 
Final Dividend of 3J per- 
cent (also free of Income 
Tax), making 7 per cent for 
the year, absorbing .. 1,120 0 0 
And to write off the Balairce 
of Preliminary Expenses . . 260 0 0 
Leaving a balance to carry forward of £75 15 4 
Owint' to the unfortunate position of Exchange 
and the state of the Tea market, the nett profits 
for- the year fall short of those earned for 1896, bub 
the Directors are glad that, notwithstanding that fact, 
they are able to recommend a distribution to the 
Shareholders at the same rate as last year. 
The total crops secured for the year from Clrrystler’s 
Farm and Glenorohy Estates amounted to 220,205 lb., 
b“ina "about 385 lb. per bearing acre, shewing the 
satisfactory increases, of 25,185 lb. in the total and 
28 lb. in the average secured over previous year. 
The average price realized for- the whole crop was 
8’699d per lb., and the average rate of Exchange 1/3 
21/32uds. per- rupee, against 9T07d per lb. and 1/2 
5i/61lh per rupee for 1896. 
The Company's Visiting Agent, Mr. R. C. Grant, 
contirrues to send home very favourable reports on 
both properties, and under his advice, the Directors 
have sanctioned the clearing of 221,-. acres jungle on 
Chrystler’s Farm and 10 acres on Gleuorchy, both 
of which clearings will be planted up in Tea during 
current season. In accordance with Article No. 76 
of the Articles of Association, the Directors have 
since last meeting elected Mr. Robert Porter to a 
seat at the Board, and his valuable and long ex- 
perience as a Planter and Visiting Agent will prove 
of great service to the Company. As provided in the 
Articles of Association, Mr. G. G. Anderson retires 
from the Board and, being eligible, offers himself for 
re-election. The Shareholders will also be called upon 
to elect Auditors for tlie ensuing year, and Messrs. 
Cape A Dalgleish, C.A., again offer themselves for 
this post. 
The Clicainnan, in moving the adoption of the 
report, reminded tlie shareholders that last year 
at the annual meeting he expressed tho opinion 
that the result of the year’s working was not 
an imlication of the full earning powers of the 
property. He thouglit this .statement was borne 
out hy tlie fact that in spite of a year of very 
exceptional deiucssion they were able to show 
p, >vell-eariicd seven per cent dividend. The chief 
causes of depression were the b.igh rate of ex- 
cliange and the low prices realised for tea in 
the London market, both e.auses beyond the con- 
trol of the man igL'meiit. The high rate of ex- 
change and con-sequent lictitious value of the 
rupee was caused by the closing of tlie Indian 
Mints, and it seemed I 0 him that the interests 
of the tea imluslry, representing in India and 
Ceylon £40,' 08,001) of iuve..sted capital, were being 
sacriliced between the influence of Lancashire 
exporters and the exigencies of the Indian Go- 
vernment. So serious had the question become 
that strong agitation w.as being made in the 
island to bring the subject under the notice of 
the home .authoritio.s, and they would have to 
le.st ill the hope that before long something would 
be done to place the currency on an honest basis. 
With regard to the second cause, viz., low 
pri-es, lie was iifr.aid planters themselves were 
much to blame for advi.siug too ra)>id exten- 
•sion of tea cultivation, and sending to the home 
market an immense quantity of inferior tea. 
These two causes accounted tor a very consider- 
able falling off in the receipts as coinjiared with last 
year. They would observe that the directors had 
invited Mr. 11. Porter to take a .seat on the board. 
This was owing to the fact that one of their col- 
leagues had gone to the island for an indefinite 
period, and t' e board felt .it essential to have 
amongst them a practical planter to whom they 
could from time to time refer on matters re- 
quiring the opinion of an expert. In Mr. Porter- 
the board felt it had secured an ideal director ; 
not only was he one of the most ex perienced 
and successful planters on his own behalf, but 
his large experience as a visiting agent had given 
him exceptional facilities for acquiring know- 
ledge of the tea industry. 
Mr. K. Porter seconded the motion “ That the 
report and accounts as [iresented to the share- 
bo'ders be received and adopted.” Carried un- 
animously. 
The following resolutions were also put to the 
meeting ami carried unanimously. 
Proposed by the Chairman, seconded by Mr. 
Geo. G, Anderson “ That a final dividend of 
per cent (free of income-tax), making in. all 
7 per cent for the year, bo declared, payable 
forthwith.” 
Proposed by Sir Geo. A. Pilkington, seconded 
by Mr. K. Porter That Mr. Geo. G. Andesron 
be re-elected a director of the Company.” 
Proposed by Sir Geo. A. Pilkington, seconded 
by Mr. Geo. G. Anderson “ That the ordinary 
meeting of the Company be held at such time 
in the month of April or May and at such 
place as the directors may from time to time 
determiue.” 
Proposed by Mr. J. W. Stocks, seconded by 
Mr. C. J. Scott : — “ That Messrs. Cape ana 
Dalglolsli, C.A., be re-elected auditors for the en- 
suing year.” 
Proposed by Sir George A. Pilkington, seconded 
by Mr. J. W. Stocks: — “That a vote of thanks 
be given to the Ceylon and London staffs for their 
efficient working of tlie Company's property and 
business.” 
Pi'opo.sed by Mr. D. Andrew, seconded by Mr. 
H. Fraser : — “ That a vote of thanks be and is 
liereby given to the Cliairinan and directors of the 
Company,” 
The proceedings then terminated. 
—11. and C. Mail. 
